Virtus Investment Partners (NASDAQ:VRTS) Rating Increased to Hold at Zacks Investment Research

Virtus Investment Partners (NASDAQ:VRTS) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Thursday, Zacks.com reports.

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. “

Shares of VRTS stock opened at $284.30 on Thursday. The company has a current ratio of 15.51, a quick ratio of 15.51 and a debt-to-equity ratio of 0.32. Virtus Investment Partners has a 1 year low of $200.94 and a 1 year high of $338.80. The firm’s fifty day moving average price is $300.60 and its two-hundred day moving average price is $299.85. The firm has a market capitalization of $2.16 billion, a P/E ratio of 11.30 and a beta of 1.52.

Virtus Investment Partners (NASDAQ:VRTS) last issued its quarterly earnings results on Wednesday, October 27th. The closed-end fund reported $9.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.61 by $0.10. Virtus Investment Partners had a net margin of 22.79% and a return on equity of 32.07%. The firm had revenue of $217.67 million for the quarter, compared to analyst estimates of $219.35 million. During the same period in the previous year, the business earned $4.49 EPS. As a group, equities research analysts forecast that Virtus Investment Partners will post 35.53 EPS for the current fiscal year.

In other news, EVP Barry M. Mandinach sold 5,210 shares of Virtus Investment Partners stock in a transaction dated Tuesday, December 14th. The shares were sold at an average price of $286.25, for a total value of $1,491,362.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP William Patrick Bradley III sold 300 shares of Virtus Investment Partners stock in a transaction dated Friday, November 5th. The shares were sold at an average price of $333.75, for a total transaction of $100,125.00. The disclosure for this sale can be found here. In the last three months, insiders sold 5,969 shares of company stock valued at $1,741,805. Insiders own 5.50% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. First Quadrant L P CA bought a new stake in shares of Virtus Investment Partners during the 3rd quarter worth about $36,000. Steward Partners Investment Advisory LLC boosted its holdings in shares of Virtus Investment Partners by 145.7% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 258 shares of the closed-end fund’s stock worth $72,000 after buying an additional 153 shares during the period. O Shaughnessy Asset Management LLC boosted its holdings in shares of Virtus Investment Partners by 453.4% during the 3rd quarter. O Shaughnessy Asset Management LLC now owns 404 shares of the closed-end fund’s stock worth $126,000 after buying an additional 331 shares during the period. GSA Capital Partners LLP bought a new stake in shares of Virtus Investment Partners during the 3rd quarter worth about $204,000. Finally, 6 Meridian bought a new stake in shares of Virtus Investment Partners during the 3rd quarter worth about $206,000. 84.32% of the stock is owned by institutional investors and hedge funds.

About Virtus Investment Partners

Virtus Investment Partners, Inc is an asset management company, which engages in the provision of investment management and related services to individuals and institutions. It offers financial solutions and products such as mutual funds, managed accounts, institutional, closed-end funds, Virtus variable insurance trust funds, and other portfolio.

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