Virtus Investment Partners, Inc. (NASDAQ:VRTS) was upgraded by investment analysts at Bank of America Corporation from an “underperform” rating to a “neutral” rating in a research report issued on Monday, October 9th, MarketBeat reports. The brokerage currently has a $130.00 target price on the closed-end fund’s stock, up from their prior target price of $112.00. Bank of America Corporation’s price objective points to a potential upside of 4.63% from the company’s current price.
Several other research analysts have also recently issued reports on the stock. Morgan Stanley set a $110.00 target price on shares of Virtus Investment Partners and gave the stock a “hold” rating in a report on Monday, July 17th. Credit Suisse Group raised shares of Virtus Investment Partners from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $141.00 to $147.00 in a report on Monday, July 31st. Barclays PLC began coverage on shares of Virtus Investment Partners in a report on Friday, September 8th. They set an “equal weight” rating and a $113.00 price objective for the company. BidaskClub raised shares of Virtus Investment Partners from a “hold” rating to a “buy” rating in a report on Sunday, July 16th. Finally, ValuEngine cut shares of Virtus Investment Partners from a “buy” rating to a “hold” rating in a report on Friday, September 1st. One equities research analyst has rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. Virtus Investment Partners presently has a consensus rating of “Hold” and an average price target of $129.33.
Virtus Investment Partners (NASDAQ VRTS) opened at 124.25 on Monday. Virtus Investment Partners has a 1-year low of $92.80 and a 1-year high of $128.10. The stock has a 50 day moving average price of $115.43 and a 200-day moving average price of $110.21. The firm has a market cap of $896.71 million, a P/E ratio of 24.18 and a beta of 1.76.
Virtus Investment Partners (NASDAQ:VRTS) last issued 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). The firm had revenue of $94.10 million during the quarter, compared to analysts’ expectations of $91.78 million. Virtus Investment Partners had a return on equity of 11.35% and a net margin of 12.13%. The firm’s quarterly revenue was up 17.5% on a year-over-year basis. During the same period last year, the firm posted $1.24 earnings per share. Equities research analysts forecast that Virtus Investment Partners will post $7.63 EPS for the current year.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. grew its position in Virtus Investment Partners by 8.3% during the second quarter. BlackRock Inc. now owns 825,955 shares of the closed-end fund’s stock valued at $91,638,000 after buying an additional 63,155 shares during the period. Vanguard Group Inc. grew its position in Virtus Investment Partners by 8.6% during the second quarter. Vanguard Group Inc. now owns 703,488 shares of the closed-end fund’s stock valued at $78,051,000 after buying an additional 55,871 shares during the period. Dimensional Fund Advisors LP grew its position in Virtus Investment Partners by 23.6% during the first quarter. Dimensional Fund Advisors LP now owns 472,922 shares of the closed-end fund’s stock valued at $50,082,000 after buying an additional 90,422 shares during the period. Huber Capital Management LLC boosted its position in shares of Virtus Investment Partners by 10.3% in the second quarter. Huber Capital Management LLC now owns 437,985 shares of the closed-end fund’s stock worth $48,594,000 after purchasing an additional 40,924 shares during the period. Finally, Royal Bank of Canada boosted its position in shares of Virtus Investment Partners by 9.5% in the second quarter. Royal Bank of Canada now owns 245,109 shares of the closed-end fund’s stock worth $27,195,000 after purchasing an additional 21,362 shares during the period. Institutional investors own 95.86% of the company’s stock.
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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