Zacks Investment Research upgraded shares of Virtus Investment Partners (NASDAQ:VRTS) from a hold rating to a strong-buy rating in a research note released on Saturday, Zacks.com reports. They currently have $122.00 price target on the closed-end fund’s stock.
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. “
A number of other brokerages have also recently issued reports on VRTS. Bank of America set a $20.00 price objective on Fiat Chrysler Automobiles and gave the company a hold rating in a research note on Thursday, June 6th. BidaskClub upgraded Zai Lab from a buy rating to a strong-buy rating in a research note on Friday, June 28th. ValuEngine upgraded Valmont Industries from a sell rating to a hold rating in a research note on Friday. TheStreet upgraded ZTO Express (Cayman) from a c+ rating to a b rating in a research note on Thursday, May 16th. Finally, Morgan Stanley lowered their price objective on Virtus Investment Partners from $121.00 to $118.00 and set an equal weight rating on the stock in a research note on Tuesday, July 9th. One analyst has rated the stock with a sell rating, four have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $110.00.
Virtus Investment Partners (NASDAQ:VRTS) last announced its quarterly earnings data on Friday, April 26th. The closed-end fund reported $2.73 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.31 by $0.42. Virtus Investment Partners had a return on equity of 20.19% and a net margin of 13.35%. The business had revenue of $130.70 million for the quarter, compared to analysts’ expectations of $131.64 million. During the same period in the previous year, the business posted $2.59 EPS. The firm’s quarterly revenue was up 1.3% compared to the same quarter last year. As a group, analysts anticipate that Virtus Investment Partners will post 13.44 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st will be given a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 1.98%. The ex-dividend date is Tuesday, July 30th. Virtus Investment Partners’s dividend payout ratio is presently 17.94%.
Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. increased its position in shares of Virtus Investment Partners by 1.9% during the fourth quarter. BlackRock Inc. now owns 1,075,246 shares of the closed-end fund’s stock valued at $85,407,000 after buying an additional 19,717 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Virtus Investment Partners by 5.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 562,751 shares of the closed-end fund’s stock valued at $44,700,000 after buying an additional 29,871 shares during the period. WCM Investment Management LLC increased its position in shares of Virtus Investment Partners by 70.0% during the first quarter. WCM Investment Management LLC now owns 125,198 shares of the closed-end fund’s stock valued at $12,213,000 after buying an additional 51,542 shares during the period. Bank of New York Mellon Corp increased its position in shares of Virtus Investment Partners by 11.0% during the fourth quarter. Bank of New York Mellon Corp now owns 104,923 shares of the closed-end fund’s stock valued at $8,334,000 after buying an additional 10,410 shares during the period. Finally, Norges Bank bought a new stake in shares of Virtus Investment Partners during the fourth quarter valued at about $6,569,000. Hedge funds and other institutional investors own 93.80% of the company’s stock.
About Virtus Investment Partners
Virtus Investment Partners, Inc is a publicly owned investment manager. The firm primarily provides its services to individual and institutional clients. It launches separate client focused equity and fixed income portfolios. The firm launches equity, fixed income, and balanced mutual funds for its clients.
Featured Story: Net Margin
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Virtus Investment Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Virtus Investment Partners and related companies with MarketBeat.com's FREE daily email newsletter.