Virtus Investment Partners (NASDAQ:VRTS) Shares Gap Up on Strong Earnings

Virtus Investment Partners, Inc. (NASDAQ:VRTS) gapped up prior to trading on Friday following a better than expected earnings announcement. The stock had previously closed at $212.95, but opened at $223.61. Virtus Investment Partners shares last traded at $223.60, with a volume of 786 shares changing hands.

The closed-end fund reported $6.92 earnings per share for the quarter, beating the consensus estimate of $6.81 by $0.11. The business had revenue of $205.13 million for the quarter, compared to the consensus estimate of $207.73 million. Virtus Investment Partners had a net margin of 12.41% and a return on equity of 20.35%.

Virtus Investment Partners Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 13th. Shareholders of record on Thursday, October 31st will be paid a $2.25 dividend. This represents a $9.00 dividend on an annualized basis and a yield of 4.21%. The ex-dividend date of this dividend is Thursday, October 31st. This is a positive change from Virtus Investment Partners’s previous quarterly dividend of $1.90. Virtus Investment Partners’s dividend payout ratio is presently 50.90%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on VRTS. Morgan Stanley upped their price objective on Virtus Investment Partners from $208.00 to $217.00 and gave the stock an “underweight” rating in a research note on Friday, October 18th. Piper Sandler dropped their target price on shares of Virtus Investment Partners from $267.00 to $264.00 and set an “overweight” rating for the company in a research report on Wednesday, July 10th. TD Cowen cut their target price on shares of Virtus Investment Partners from $250.00 to $247.00 and set a “hold” rating for the company in a research note on Monday, July 8th. Finally, Barclays assumed coverage on shares of Virtus Investment Partners in a research note on Tuesday, August 27th. They issued an “underweight” rating and a $206.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $233.50.

Hedge Funds Weigh In On Virtus Investment Partners

Hedge funds have recently added to or reduced their stakes in the company. Blue Trust Inc. boosted its position in shares of Virtus Investment Partners by 6,550.0% during the second quarter. Blue Trust Inc. now owns 133 shares of the closed-end fund’s stock valued at $33,000 after buying an additional 131 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Virtus Investment Partners during the 2nd quarter worth approximately $42,000. nVerses Capital LLC purchased a new position in Virtus Investment Partners during the 3rd quarter valued at $42,000. Bessemer Group Inc. bought a new position in Virtus Investment Partners in the 1st quarter valued at $57,000. Finally, EntryPoint Capital LLC increased its stake in Virtus Investment Partners by 625.6% in the first quarter. EntryPoint Capital LLC now owns 312 shares of the closed-end fund’s stock worth $77,000 after purchasing an additional 269 shares during the period. 80.52% of the stock is currently owned by institutional investors.

Virtus Investment Partners Stock Performance

The firm has a market capitalization of $1.51 billion, a P/E ratio of 14.32 and a beta of 1.46. The company has a debt-to-equity ratio of 0.28, a current ratio of 15.18 and a quick ratio of 15.18. The firm has a 50-day moving average price of $208.26 and a two-hundred day moving average price of $218.70.

About Virtus Investment Partners

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.