Zacks Investment Research upgraded shares of Virtus Investment Partners Inc (NASDAQ:VRTS) from a sell rating to a hold rating in a report published on Friday, April 14th. Zacks Investment Research currently has $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 commented on VRTS. Bank of America Corp initiated coverage on shares of Virtus Investment Partners in a report on Tuesday, January 31st. They issued an underperform rating and a $110.00 target price on the stock. Jefferies Group LLC restated a hold rating and set a $124.00 target price on shares of Virtus Investment Partners in a research report on Wednesday, January 11th. Finally, TheStreet lowered shares of Virtus Investment Partners from a buy rating to a hold rating in a research report on Monday, December 19th. One investment analyst has rated the stock with a sell rating and four have issued a hold rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $113.00.
Shares of Virtus Investment Partners (NASDAQ:VRTS) traded up 2.18% during midday trading on Friday, hitting $103.25. 25,484 shares of the company traded hands. Virtus Investment Partners has a 52 week low of $69.59 and a 52 week high of $128.10. The company has a 50-day moving average price of $105.74 and a 200-day moving average price of $111.08. The stock has a market capitalization of $721.61 million, a P/E ratio of 16.19 and a beta of 1.84.
Virtus Investment Partners (NASDAQ:VRTS) last issued its quarterly earnings data on Friday, April 28th. The closed-end fund reported $1.16 earnings per share for the quarter, missing the consensus estimate of $1.62 by $0.46. The company had revenue of $79.78 million for the quarter, compared to analysts’ expectations of $80.67 million. Virtus Investment Partners had a return on equity of 9.22% and a net margin of 15.04%. The firm’s quarterly revenue was down .6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.12 EPS. Analysts anticipate that Virtus Investment Partners will post $7.41 earnings per share for the current fiscal year.
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Several institutional investors have recently added to or reduced their stakes in the stock. Systematic Financial Management LP acquired a new position in Virtus Investment Partners during the fourth quarter valued at approximately $2,813,000. JPMorgan Chase & Co. boosted its position in Virtus Investment Partners by 1,853.2% in the third quarter. JPMorgan Chase & Co. now owns 28,400 shares of the closed-end fund’s stock valued at $2,779,000 after buying an additional 26,946 shares during the period. Norges Bank acquired a new position in Virtus Investment Partners during the fourth quarter valued at approximately $5,237,000. Barrow Hanley Mewhinney & Strauss LLC boosted its position in Virtus Investment Partners by 184.5% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 32,553 shares of the closed-end fund’s stock valued at $3,843,000 after buying an additional 21,109 shares during the period. Finally, Comerica Bank boosted its position in Virtus Investment Partners by 2.9% in the fourth quarter. Comerica Bank now owns 5,920 shares of the closed-end fund’s stock valued at $729,000 after buying an additional 167 shares during the period. Institutional investors own 85.07% of the company’s stock.
Virtus Investment Partners Company Profile
Virtus Investment Partners, Inc (Virtus) 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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