Virtus Investment Partners, Inc. (VRTS) Raised to Neutral at Bank of America Corporation

Bank of America Corporation upgraded shares of Virtus Investment Partners, Inc. (NASDAQ:VRTS) from an underperform rating to a neutral rating in a report published on Monday, Marketbeat reports. Bank of America Corporation currently has $130.00 price target on the closed-end fund’s stock, up from their previous price target of $112.00.

VRTS has been the subject of several other reports. BidaskClub downgraded shares of Virtus Investment Partners from a hold rating to a sell rating in a research report on Monday, August 14th. Barclays PLC assumed coverage on shares of Virtus Investment Partners in a research report on Friday, September 8th. They issued an equal weight rating and a $113.00 target price for the company. Credit Suisse Group raised shares of Virtus Investment Partners from a neutral rating to an outperform rating and boosted their target price for the stock from $141.00 to $147.00 in a research report on Monday, July 31st. Morgan Stanley set a $123.00 target price on shares of Virtus Investment Partners and gave the stock an equal weight rating in a research report on Thursday, October 5th. Finally, Zacks Investment Research raised shares of Virtus Investment Partners from a hold rating to a strong-buy rating and set a $133.00 target price for the company in a research report on Thursday, September 28th. One research analyst has rated the stock with a sell rating and eight have given a hold rating to the company. Virtus Investment Partners has an average rating of Hold and a consensus target price of $129.33.

Virtus Investment Partners (NASDAQ:VRTS) opened at 122.00 on Monday. The firm has a 50 day moving average of $112.52 and a 200-day moving average of $109.42. Virtus Investment Partners has a one year low of $92.80 and a one year high of $128.10. The firm has a market cap of $880.47 million, a price-to-earnings ratio of 23.74 and a beta of 1.76.

Virtus Investment Partners (NASDAQ:VRTS) last released its quarterly earnings data on Friday, July 28th. The closed-end fund reported $1.61 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.66 by ($0.05). The company had revenue of $94.10 million during the quarter, compared to analyst estimates of $91.78 million. Virtus Investment Partners had a net margin of 12.13% and a return on equity of 11.35%. The firm’s quarterly revenue was up 17.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.24 EPS. Equities research analysts forecast that Virtus Investment Partners will post $7.68 EPS for the current fiscal year.

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The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Tuesday, October 31st will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 1.48%. The ex-dividend date of this dividend is Monday, October 30th. Virtus Investment Partners’s dividend payout ratio is 35.02%.

A number of hedge funds have recently bought and sold shares of VRTS. Citadel Advisors LLC bought a new stake in shares of Virtus Investment Partners during the 1st quarter worth $18,618,000. Vanguard Group Inc. boosted its holdings in shares of Virtus Investment Partners by 26.5% during the 1st quarter. Vanguard Group Inc. now owns 647,617 shares of the closed-end fund’s stock worth $68,583,000 after buying an additional 135,509 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Virtus Investment Partners by 23.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 472,922 shares of the closed-end fund’s stock worth $50,082,000 after buying an additional 90,422 shares during the period. California Public Employees Retirement System boosted its holdings in shares of Virtus Investment Partners by 356.1% during the 1st quarter. California Public Employees Retirement System now owns 87,112 shares of the closed-end fund’s stock worth $9,225,000 after buying an additional 68,012 shares during the period. Finally, BlackRock Inc. boosted its holdings in shares of Virtus Investment Partners by 8.3% during the 2nd quarter. BlackRock Inc. now owns 825,955 shares of the closed-end fund’s stock worth $91,638,000 after buying an additional 63,155 shares during the period. 95.86% of the stock is owned by institutional investors.

Virtus Investment Partners Company Profile

Virtus Investment Partners, Inc (Virtus) is a provider of investment management and related services to individuals and institutions. The Company provides its products in various forms and through multiple distribution channels. Its retail products include open-end mutual funds, closed-end funds, exchange traded funds, variable insurance funds, undertakings for collective investments in transferable securities (UCITS) and separately managed accounts.

Analyst Recommendations for Virtus Investment Partners (NASDAQ:VRTS)

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