The Virtus Investment Partners Inc. (VRTS) Downgraded by Zacks Investment Research

The Virtus Investment Partners Inc. (VRTS) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Virtus Investment Partners Inc. (NASDAQ:VRTS) from a strong-buy rating to a hold rating in a research report released on Tuesday morning.

According to Zacks, “Virtus Investment Partners, Inc., headquartered in Hartford, Connecticut, provides investment management products and services to individuals and institutions in the United States. . It operates a multi-manager asset management business, comprising a number of individual affiliated managers, each with a distinct investment style, autonomous investment process and individual brand. Investors have an array of needs and Virtus Investment Partners offers a variety of investment styles and multiple disciplines to meet those needs. The Company provides its products in a number of forms and through multiple distribution channels. Its retail products include open-end mutual funds, closed-end funds and separately managed accounts. The Company manages institutional accounts for corporations, multi-employer retirement funds and foundations, endowments, special purpose funds and other types of institutions. “

VRTS has been the topic of several other reports. Credit Suisse Group AG set a $104.00 price objective on shares of Virtus Investment Partners and gave the stock a buy rating in a research report on Monday, September 19th. Jefferies Group boosted their price objective on shares of Virtus Investment Partners from $74.00 to $87.00 and gave the stock a hold rating in a research report on Monday, August 8th.

Virtus Investment Partners (NASDAQ:VRTS) opened at 96.25 on Tuesday. The stock has a market cap of $742.86 million, a price-to-earnings ratio of 31.35 and a beta of 1.79. Virtus Investment Partners has a 1-year low of $66.12 and a 1-year high of $141.97. The stock has a 50 day moving average of $94.47 and a 200 day moving average of $82.70.

Virtus Investment Partners (NASDAQ:VRTS) last released its quarterly earnings data on Friday, July 29th. The closed-end fund reported $1.24 EPS for the quarter, missing the consensus estimate of $1.32 by $0.08. Virtus Investment Partners had a return on equity of 9.37% and a net margin of 7.80%. The business earned $80.10 million during the quarter, compared to analysts’ expectations of $78.86 million. During the same quarter in the prior year, the firm earned $2.21 earnings per share. Virtus Investment Partners’s quarterly revenue was down 19.6% on a year-over-year basis. Equities analysts expect that Virtus Investment Partners will post $5.25 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, November 11th. Shareholders of record on Monday, October 31st will be issued a $0.45 dividend. The ex-dividend date is Thursday, October 27th. This represents a $1.80 dividend on an annualized basis and a yield of 1.87%. Virtus Investment Partners’s dividend payout ratio (DPR) is 57.88%.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of Montreal Can purchased a new position in Virtus Investment Partners during the second quarter worth about $124,561,000. Marcato Capital Management LP raised its position in Virtus Investment Partners by 28.6% in the first quarter. Marcato Capital Management LP now owns 59,305 shares of the closed-end fund’s stock worth $4,632,000 after buying an additional 13,200 shares during the period. Franklin Resources Inc. raised its position in Virtus Investment Partners by 1.0% in the first quarter. Franklin Resources Inc. now owns 337,319 shares of the closed-end fund’s stock worth $26,348,000 after buying an additional 3,275 shares during the period. Brown Advisory Inc. purchased a new position in Virtus Investment Partners during the second quarter worth about $24,967,000. Finally, Prudential Financial Inc. raised its position in Virtus Investment Partners by 1.9% in the first quarter. Prudential Financial Inc. now owns 16,308 shares of the closed-end fund’s stock worth $1,274,000 after buying an additional 300 shares during the period. Institutional investors own 96.23% of the company’s stock.

About Virtus Investment Partners

Virtus Investment Partners, Inc is a provider of investment management and related services to individuals and institutions. The Company provides its products in various forms and through multiple distribution channels. Its retail products include open-end mutual funds, closed-end funds, exchange traded funds, variable insurance funds, undertakings for collective investments in transferable securities (UCITS) and separately managed accounts.

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