Virtus Investment Partners Inc (NASDAQ:VRTS) declared a quarterly dividend on Thursday, August 15th, Zacks reports. Stockholders of record on Thursday, October 31st will be paid a dividend of 0.67 per share by the closed-end fund on Friday, November 15th. This represents a $2.68 annualized dividend and a dividend yield of 2.79%. The ex-dividend date of this dividend is Wednesday, October 30th. This is an increase from Virtus Investment Partners’s previous quarterly dividend of $0.55.
Virtus Investment Partners has raised its dividend payment by an average of 1.8% annually over the last three years. Virtus Investment Partners has a payout ratio of 17.8% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Virtus Investment Partners to earn $14.30 per share next year, which means the company should continue to be able to cover its $2.20 annual dividend with an expected future payout ratio of 15.4%.
Shares of NASDAQ:VRTS opened at $95.96 on Friday. The company has a market cap of $667.68 million, a price-to-earnings ratio of 7.83, a price-to-earnings-growth ratio of 1.38 and a beta of 1.64. The company has a 50-day moving average price of $105.06 and a 200-day moving average price of $106.24. The company has a current ratio of 27.91, a quick ratio of 27.91 and a debt-to-equity ratio of 0.55. Virtus Investment Partners has a 12 month low of $70.00 and a 12 month high of $132.55.
Virtus Investment Partners (NASDAQ:VRTS) last issued its quarterly earnings data on Friday, July 26th. The closed-end fund reported $3.63 EPS for the quarter, beating the consensus estimate of $3.41 by $0.22. The firm had revenue of $140.49 million during the quarter, compared to the consensus estimate of $144.92 million. Virtus Investment Partners had a net margin of 13.86% and a return on equity of 21.29%. The company’s quarterly revenue was up 5.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.73 earnings per share. As a group, research analysts forecast that Virtus Investment Partners will post 13.84 EPS for the current fiscal year.
Several equities analysts have recently commented on the stock. ValuEngine downgraded shares of Virtus Investment Partners from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 1st. Bank of America reaffirmed a “neutral” rating and set a $118.00 price objective (down from $130.00) on shares of Virtus Investment Partners in a research note on Thursday, June 6th. Morgan Stanley lowered their price objective on shares of Virtus Investment Partners from $118.00 to $108.00 and set an “equal weight” rating for the company in a research note on Monday, August 5th. Zacks Investment Research upgraded shares of Virtus Investment Partners from a “hold” rating to a “strong-buy” rating and set a $122.00 price target on the stock in a research report on Saturday, July 13th. Finally, BidaskClub cut shares of Virtus Investment Partners from a “hold” rating to a “sell” rating in a research report on Thursday, August 8th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $108.33.
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.
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