Virtus Investment Partners (NASDAQ:VRTS) Announces Quarterly Earnings Results

Key Points

• Virtus Investment Partners reported a quarterly earnings per share of $6.25, exceeding estimates by $0.08, with a return on equity of 21.56%.
• The company announced a quarterly dividend of $2.25 per share, representing an annual yield of 4.55%.
• Analysts have varied outlooks on the stock, with price targets ranging from $150.00 to $234.00, and a consensus rating of "Hold."

Virtus Investment Partners (NASDAQ:VRTS - Get Free Report) posted its quarterly earnings data on Friday. The closed-end fund reported $6.25 earnings per share for the quarter, beating the consensus estimate of $6.17 by $0.08, RTT News reports. Virtus Investment Partners had a return on equity of 21.56% and a net margin of 13.42%. During the same quarter in the previous year, the business posted $6.53 EPS.

Virtus Investment Partners Stock Performance

Shares of NASDAQ VRTS traded down $15.65 during midday trading on Friday, hitting $198.00. 93,003 shares of the stock traded hands, compared to its average volume of 70,304. The firm has a 50-day moving average of $185.28 and a two-hundred day moving average of $180.43. The firm has a market capitalization of $1.37 billion, a P/E ratio of 11.72 and a beta of 1.44. The company has a debt-to-equity ratio of 0.27, a quick ratio of 11.86 and a current ratio of 11.86. Virtus Investment Partners has a one year low of $142.18 and a one year high of $252.82.

Virtus Investment Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 31st will be paid a dividend of $2.25 per share. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $9.00 annualized dividend and a yield of 4.55%. Virtus Investment Partners's dividend payout ratio is 53.41%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Barclays boosted their price target on Virtus Investment Partners from $150.00 to $190.00 and gave the stock an "underweight" rating in a research report on Wednesday, July 16th. Morgan Stanley set a $171.00 price target on Virtus Investment Partners and gave the stock an "underweight" rating in a research report on Wednesday, July 2nd. Piper Sandler boosted their price target on Virtus Investment Partners from $211.00 to $234.00 and gave the stock an "overweight" rating in a research report on Monday, July 21st. TD Cowen dropped their price target on Virtus Investment Partners from $220.00 to $158.00 and set a "hold" rating on the stock in a research report on Wednesday, April 9th. Finally, Wall Street Zen raised Virtus Investment Partners from a "hold" rating to a "buy" rating in a research report on Monday, May 19th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $188.25.

Hedge Funds Weigh In On Virtus Investment Partners

Hedge funds and other institutional investors have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Virtus Investment Partners by 2.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,952 shares of the closed-end fund's stock worth $681,000 after purchasing an additional 103 shares during the period. Intech Investment Management LLC raised its holdings in Virtus Investment Partners by 20.8% in the 1st quarter. Intech Investment Management LLC now owns 6,587 shares of the closed-end fund's stock worth $1,135,000 after purchasing an additional 1,134 shares during the period. Jane Street Group LLC raised its holdings in Virtus Investment Partners by 57.4% in the 1st quarter. Jane Street Group LLC now owns 15,543 shares of the closed-end fund's stock worth $2,679,000 after purchasing an additional 5,671 shares during the period. Finally, Millennium Management LLC raised its holdings in Virtus Investment Partners by 10.8% in the 1st quarter. Millennium Management LLC now owns 58,788 shares of the closed-end fund's stock worth $10,133,000 after purchasing an additional 5,734 shares during the period. 80.52% of the stock is owned by 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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