Virtus Investment Partners (NASDAQ:VRTS) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued on Saturday, Zacks.com reports. The firm currently has a $122.00 price objective on the closed-end fund’s stock. Zacks Investment Research‘s target price suggests a potential upside of 9.78% from the company’s current price.
According to Zacks, “Virtus Investment Partners, Inc., headquartered in Hartford, Connecticut, provides investment management products and services to individuals and institutions in the United States. . It operates a multi-manager asset management business, comprising a number of individual affiliated managers, each with a distinct investment style, autonomous investment process and individual brand. Investors have an array of needs and Virtus Investment Partners offers a variety of investment styles and multiple disciplines to meet those needs. The Company provides its products in a number of forms and through multiple distribution channels. Its retail products include open-end mutual funds, closed-end funds and separately managed accounts. The Company manages institutional accounts for corporations, multi-employer retirement funds and foundations, endowments, special purpose funds and other types of institutions. “
A number of other research firms also recently issued reports on VRTS. Morgan Stanley cut their target price on shares of Virtus Investment Partners from $121.00 to $118.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Bank of America set a $20.00 target price on shares of Fiat Chrysler Automobiles and gave the company a “hold” rating in a research report on Thursday, June 6th. BidaskClub upgraded shares of Zai Lab from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 28th. TheStreet upgraded shares of ZTO Express (Cayman) from a “c+” rating to a “b” rating in a research report on Thursday, May 16th. Finally, ValuEngine upgraded shares of Valmont Industries from a “sell” rating to a “hold” rating in a research report on Friday. One analyst has rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Virtus Investment Partners presently has an average rating of “Hold” and an average price target of $110.00.
NASDAQ VRTS traded down $0.02 on Friday, hitting $111.13. 71,207 shares of the company were exchanged, compared to its average volume of 60,228. The firm’s 50 day simple moving average is $106.07. The company has a market cap of $776.64 million, a P/E ratio of 9.06, a P/E/G ratio of 2.12 and a beta of 1.63. Virtus Investment Partners has a 1-year low of $70.00 and a 1-year high of $134.25.
Virtus Investment Partners (NASDAQ:VRTS) last released its earnings results on Friday, April 26th. The closed-end fund reported $2.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.31 by $0.42. Virtus Investment Partners had a net margin of 13.35% and a return on equity of 20.19%. The company had revenue of $130.70 million for the quarter, compared to the consensus estimate of $131.64 million. During the same period in the prior year, the company posted $2.59 EPS. The company’s revenue was up 1.3% compared to the same quarter last year. Equities research analysts anticipate that Virtus Investment Partners will post 13.19 earnings per share for the current fiscal year.
Hedge funds have recently made changes to their positions in the company. Neuburgh Advisers LLC increased its stake in shares of Virtus Investment Partners by 14.8% in the 4th quarter. Neuburgh Advisers LLC now owns 992 shares of the closed-end fund’s stock valued at $79,000 after acquiring an additional 128 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Virtus Investment Partners by 11.0% in the 4th quarter. Bank of New York Mellon Corp now owns 104,923 shares of the closed-end fund’s stock valued at $8,334,000 after acquiring an additional 10,410 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of Virtus Investment Partners by 0.3% in the 4th quarter. Principal Financial Group Inc. now owns 58,025 shares of the closed-end fund’s stock valued at $4,609,000 after acquiring an additional 164 shares during the last quarter. GYL Financial Synergies LLC bought a new stake in shares of Virtus Investment Partners in the 1st quarter valued at about $979,000. Finally, Thrivent Financial for Lutherans increased its stake in shares of Virtus Investment Partners by 2.2% in the 4th quarter. Thrivent Financial for Lutherans now owns 5,154 shares of the closed-end fund’s stock valued at $409,000 after acquiring an additional 113 shares during the last quarter. 93.80% of the stock is owned by institutional investors.
Virtus Investment Partners Company Profile
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.
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