Virtus Investment Partners (NASDAQ:VRTS) was upgraded by Zacks Investment Research from a "hold" rating to a "strong-buy" rating in a research report issued to clients and investors on Wednesday, Zacks.com reports. The brokerage presently has a $288.00 price target on the closed-end fund's stock. Zacks Investment Research's price objective suggests a potential upside of 9.74% from the company's previous close.
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. "
Separately, Morgan Stanley reduced their price target on shares of Virtus Investment Partners from $334.00 to $331.00 and set an "equal weight" rating for the company in a research report on Monday.
NASDAQ:VRTS traded up $4.22 during mid-day trading on Wednesday, reaching $262.43. The stock had a trading volume of 330 shares, compared to its average volume of 54,789. The company has a quick ratio of 23.31, a current ratio of 23.31 and a debt-to-equity ratio of 0.26. The stock has a market cap of $2.01 billion, a price-to-earnings ratio of 17.40 and a beta of 1.57. Virtus Investment Partners has a twelve month low of $128.46 and a twelve month high of $300.54. The firm's 50 day moving average price is $276.56.
Virtus Investment Partners (NASDAQ:VRTS) last announced its quarterly earnings data on Wednesday, April 28th. The closed-end fund reported $6.78 EPS for the quarter, beating the Zacks' consensus estimate of $5.44 by $1.34. The firm had revenue of $187.28 million during the quarter, compared to the consensus estimate of $182.41 million. Virtus Investment Partners had a net margin of 17.87% and a return on equity of 22.38%. On average, equities research analysts forecast that Virtus Investment Partners will post 32.85 earnings per share for the current year.
In other news, EVP William Patrick Bradley III sold 3,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 18th. The shares were sold at an average price of $278.33, for a total transaction of $834,990.00. Following the completion of the transaction, the executive vice president now directly owns 13,076 shares of the company's stock, valued at approximately $3,639,443.08. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 5.50% of the company's stock.
A number of hedge funds have recently added to or reduced their stakes in the business. State of Alaska Department of Revenue grew its stake in Virtus Investment Partners by 3.1% in the 2nd quarter. State of Alaska Department of Revenue now owns 4,974 shares of the closed-end fund's stock worth $1,381,000 after acquiring an additional 150 shares during the period. Schroder Investment Management Group grew its stake in Virtus Investment Partners by 127.2% in the 1st quarter. Schroder Investment Management Group now owns 16,303 shares of the closed-end fund's stock worth $3,840,000 after acquiring an additional 9,128 shares during the period. Principal Financial Group Inc. grew its stake in shares of Virtus Investment Partners by 0.8% during the 1st quarter. Principal Financial Group Inc. now owns 58,282 shares of the closed-end fund's stock valued at $13,725,000 after buying an additional 468 shares during the period. Teachers Retirement System of The State of Kentucky grew its stake in shares of Virtus Investment Partners by 24.3% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 2,044 shares of the closed-end fund's stock valued at $481,000 after buying an additional 400 shares during the period. Finally, Gillson Capital LP grew its stake in shares of Virtus Investment Partners by 25.1% during the 1st quarter. Gillson Capital LP now owns 19,116 shares of the closed-end fund's stock valued at $4,502,000 after buying an additional 3,836 shares during the period. 81.21% of the stock is owned by hedge funds and other institutional investors.
Virtus Investment Partners Company Profile
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.
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