Virtus Investment Partners Inc. (NASDAQ:VRTS) – Research analysts at Jefferies Group increased their Q3 2016 earnings estimates for Virtus Investment Partners in a research note issued on Tuesday. Jefferies Group analyst S. Thind now forecasts that the brokerage will earn $1.51 per share for the quarter, up from their previous forecast of $1.47. Jefferies Group currently has a “Hold” rating and a $97.00 target price on the stock. Jefferies Group also issued estimates for Virtus Investment Partners’ Q4 2016 earnings at $1.53 EPS, FY2016 earnings at $5.37 EPS and FY2017 earnings at $6.25 EPS.
Virtus Investment Partners (NASDAQ:VRTS) last announced its quarterly earnings results on Friday, July 29th. The closed-end fund reported $1.24 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.32 by $0.08. Virtus Investment Partners had a return on equity of 9.37% and a net margin of 7.80%. The company had revenue of $80.10 million for the quarter, compared to the consensus estimate of $78.86 million. During the same quarter last year, the company posted $2.21 EPS. The company’s quarterly revenue was down 19.6% compared to the same quarter last year.
VRTS has been the topic of a number of other reports. Credit Suisse Group AG set a $104.00 price objective on Virtus Investment Partners and gave the stock a “buy” rating in a research report on Monday, September 19th. Zacks Investment Research lowered Virtus Investment Partners from a “strong-buy” rating to a “hold” rating in a research report on Tuesday.
Shares of Virtus Investment Partners (NASDAQ:VRTS) opened at 98.16 on Wednesday. Virtus Investment Partners has a one year low of $66.12 and a one year high of $141.97. The company’s 50-day moving average price is $94.27 and its 200 day moving average price is $82.61. The company has a market cap of $757.60 million, a P/E ratio of 31.97 and a beta of 1.79.
The company also recently announced a quarterly dividend, which will be paid on Friday, November 11th. Stockholders of record on Monday, October 31st will be paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.83%. The ex-dividend date is Thursday, October 27th. Virtus Investment Partners’s payout ratio is presently 57.88%.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of Montreal Can purchased a new position in Virtus Investment Partners during the second quarter worth approximately $124,561,000. Brown Advisory Inc. bought a new position in shares of Virtus Investment Partners during the second quarter worth about $24,967,000. Vulcan Value Partners LLC boosted its position in shares of Virtus Investment Partners by 15.5% in the second quarter. Vulcan Value Partners LLC now owns 953,626 shares of the closed-end fund’s stock worth $67,879,000 after buying an additional 127,895 shares during the last quarter. FMR LLC boosted its position in shares of Virtus Investment Partners by 38.9% in the second quarter. FMR LLC now owns 285,895 shares of the closed-end fund’s stock worth $20,350,000 after buying an additional 79,995 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its position in shares of Virtus Investment Partners by 17.9% in the second quarter. Victory Capital Management Inc. now owns 457,275 shares of the closed-end fund’s stock worth $32,549,000 after buying an additional 69,575 shares during the last quarter. Institutional investors own 96.23% of the company’s stock.
About Virtus Investment Partners
Virtus Investment Partners, Inc 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.
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