Virtus Investment Partners (NASDAQ:VRTS) Shares Gap Up on Strong Earnings

Virtus Investment Partners, Inc. (NASDAQ:VRTS) shares gapped up prior to trading on Friday following a stronger than expected earnings report. The stock had previously closed at $212.95, but opened at $223.61. Virtus Investment Partners shares last traded at $223.60, with a volume of 786 shares.

The closed-end fund reported $6.92 EPS for the quarter, beating analysts’ consensus estimates of $6.81 by $0.11. Virtus Investment Partners had a net margin of 12.41% and a return on equity of 20.35%. The business had revenue of $205.13 million for the quarter, compared to the consensus estimate of $207.73 million.

Virtus Investment Partners Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 13th. Stockholders of record on Thursday, October 31st will be issued a $2.25 dividend. The ex-dividend date is Thursday, October 31st. This is an increase from Virtus Investment Partners’s previous quarterly dividend of $1.90. This represents a $9.00 dividend on an annualized basis and a dividend yield of 4.21%. Virtus Investment Partners’s dividend payout ratio (DPR) is currently 50.90%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Barclays started coverage on shares of Virtus Investment Partners in a research report on Tuesday, August 27th. They issued an “underweight” rating and a $206.00 price objective on the stock. Piper Sandler cut their price target on shares of Virtus Investment Partners from $267.00 to $264.00 and set an “overweight” rating on the stock in a report on Wednesday, July 10th. TD Cowen decreased their price objective on Virtus Investment Partners from $250.00 to $247.00 and set a “hold” rating for the company in a report on Monday, July 8th. Finally, Morgan Stanley raised their price objective on Virtus Investment Partners from $208.00 to $217.00 and gave the stock an “underweight” rating in a research report on Friday, October 18th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, Virtus Investment Partners has an average rating of “Hold” and a consensus price target of $233.50.

Institutional Trading of Virtus Investment Partners

Several large investors have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Virtus Investment Partners by 11.1% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,085 shares of the closed-end fund’s stock worth $849,000 after buying an additional 408 shares during the last quarter. Blue Trust Inc. increased its position in shares of Virtus Investment Partners by 138.3% in the 3rd quarter. Blue Trust Inc. now owns 317 shares of the closed-end fund’s stock valued at $72,000 after acquiring an additional 184 shares during the period. nVerses Capital LLC purchased a new position in Virtus Investment Partners in the 3rd quarter worth $42,000. Exchange Traded Concepts LLC lifted its position in Virtus Investment Partners by 25.7% during the 3rd quarter. Exchange Traded Concepts LLC now owns 4,830 shares of the closed-end fund’s stock worth $1,012,000 after acquiring an additional 989 shares during the period. Finally, City Center Advisors LLC purchased a new stake in Virtus Investment Partners during the 3rd quarter valued at about $316,000. Hedge funds and other institutional investors own 80.52% of the company’s stock.

Virtus Investment Partners Stock Up 0.4 %

The firm has a market capitalization of $1.51 billion, a price-to-earnings ratio of 14.32 and a beta of 1.46. The company has a debt-to-equity ratio of 0.28, a current ratio of 15.18 and a quick ratio of 15.18. The business has a fifty day moving average price of $208.26 and a two-hundred day moving average price of $218.70.

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.