Virtus Investment Partners (NASDAQ:VRTS) Issues Quarterly Earnings Results, Meets Estimates

Virtus Investment Partners (NASDAQ:VRTS) issued its quarterly earnings results on Friday. The closed-end fund reported $5.41 earnings per share (EPS) for the quarter, meeting the consensus estimate of $5.41, reports. Virtus Investment Partners had a return on equity of 18.83% and a net margin of 15.45%. The firm had revenue of $200.24 million for the quarter, compared to analyst estimates of $203.54 million.

Virtus Investment Partners Price Performance

Shares of VRTS opened at $227.58 on Friday. The company has a market capitalization of $1.63 billion, a P/E ratio of 13.71 and a beta of 1.52. Virtus Investment Partners has a one year low of $165.00 and a one year high of $263.39. The business’s 50 day simple moving average is $235.74 and its 200-day simple moving average is $221.72.

Virtus Investment Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be issued a $1.90 dividend. This represents a $7.60 annualized dividend and a dividend yield of 3.34%. The ex-dividend date of this dividend is Monday, April 29th. Virtus Investment Partners’s payout ratio is currently 45.78%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp boosted its holdings in shares of Virtus Investment Partners by 0.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 104,720 shares of the closed-end fund’s stock worth $21,152,000 after acquiring an additional 557 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Virtus Investment Partners by 1.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 96,081 shares of the closed-end fund’s stock worth $23,229,000 after acquiring an additional 1,715 shares in the last quarter. Brown Advisory Inc. boosted its holdings in shares of Virtus Investment Partners by 3.3% in the 3rd quarter. Brown Advisory Inc. now owns 89,496 shares of the closed-end fund’s stock worth $18,077,000 after acquiring an additional 2,836 shares in the last quarter. Norges Bank acquired a new position in shares of Virtus Investment Partners in the 4th quarter worth approximately $14,649,000. Finally, American Century Companies Inc. boosted its holdings in shares of Virtus Investment Partners by 3.6% in the 3rd quarter. American Century Companies Inc. now owns 59,190 shares of the closed-end fund’s stock worth $11,956,000 after acquiring an additional 2,048 shares in the last quarter. 80.52% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently issued reports on VRTS. Piper Sandler boosted their price target on Virtus Investment Partners from $264.00 to $275.00 and gave the company an “overweight” rating in a research note on Wednesday, March 27th. Morgan Stanley lifted their price objective on Virtus Investment Partners from $211.00 to $224.00 and gave the company an “underweight” rating in a report on Wednesday, April 17th. StockNews.com downgraded Virtus Investment Partners from a “buy” rating to a “hold” rating in a report on Tuesday, April 9th. Finally, TD Cowen downgraded Virtus Investment Partners from a “buy” rating to a “hold” rating and decreased their price objective for the company from $285.00 to $264.00 in a report on Monday, April 8th.

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.