American International Group Inc. cut its position in shares of Virtus Investment Partners, Inc. (NASDAQ:VRTS) by 30.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,120 shares of the closed-end fund’s stock after selling 1,360 shares during the period. American International Group Inc.’s holdings in Virtus Investment Partners were worth $330,000 as of its most recent filing with the SEC.
Several other large investors have also modified their holdings of VRTS. Comerica Bank increased its stake in shares of Virtus Investment Partners by 2.9% in the fourth quarter. Comerica Bank now owns 5,920 shares of the closed-end fund’s stock worth $729,000 after buying an additional 167 shares in the last quarter. State Street Corp increased its stake in Virtus Investment Partners by 1.1% in the fourth quarter. State Street Corp now owns 123,883 shares of the closed-end fund’s stock valued at $14,622,000 after buying an additional 1,320 shares during the period. Thrivent Financial for Lutherans increased its stake in Virtus Investment Partners by 5.9% in the fourth quarter. Thrivent Financial for Lutherans now owns 3,040 shares of the closed-end fund’s stock valued at $359,000 after buying an additional 170 shares during the period. Norges Bank purchased a new stake in Virtus Investment Partners during the fourth quarter valued at $5,237,000. Finally, Peregrine Capital Management LLC increased its stake in Virtus Investment Partners by 7.4% in the first quarter. Peregrine Capital Management LLC now owns 176,231 shares of the closed-end fund’s stock valued at $18,284,000 after buying an additional 12,089 shares during the period. 94.51% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Virtus Investment Partners, Inc. (VRTS) traded down 2.35% on Wednesday, reaching $110.20. The company had a trading volume of 68,840 shares. The company’s 50-day moving average is $113.85 and its 200-day moving average is $108.51. Virtus Investment Partners, Inc. has a one year low of $87.03 and a one year high of $128.10. The company has a market capitalization of $795.31 million, a PE ratio of 21.44 and a beta of 1.72.
Virtus Investment Partners (NASDAQ:VRTS) last announced its earnings results on Friday, July 28th. The closed-end fund reported $1.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.66 by $0.05. Virtus Investment Partners had a return on equity of 11.35% and a net margin of 12.13%. The company had revenue of $94.10 million during the quarter, compared to analysts’ expectations of $91.78 million. During the same quarter last year, the firm posted $1.24 earnings per share. The firm’s revenue was up 17.5% on a year-over-year basis. Equities research analysts predict that Virtus Investment Partners, Inc. will post $7.62 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, August 14th. Shareholders of record on Monday, July 31st were given a dividend of $0.45 per share. The ex-dividend date was Thursday, July 27th. This represents a $1.80 annualized dividend and a yield of 1.63%. Virtus Investment Partners’s payout ratio is 35.02%.
Several research firms recently weighed in on VRTS. BidaskClub raised Virtus Investment Partners from a “hold” rating to a “buy” rating in a report on Sunday, July 16th. Credit Suisse Group raised their price objective on Virtus Investment Partners from $141.00 to $147.00 and gave the company a “neutral” rating in a report on Tuesday, August 8th. Morgan Stanley set a $110.00 price objective on Virtus Investment Partners and gave the company a “hold” rating in a report on Monday, July 17th. Zacks Investment Research downgraded Virtus Investment Partners from a “buy” rating to a “hold” rating in a report on Wednesday, June 14th. Finally, Jefferies Group LLC set a $110.00 price objective on Virtus Investment Partners and gave the company a “hold” rating in a report on Sunday, April 30th. Two analysts have rated the stock with a sell rating and five have given a hold rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $119.80.
About Virtus Investment Partners
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.
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