Virtus Investment Partners (NASDAQ:VRTS) Hits New 52-Week High at $323.40

Virtus Investment Partners, Inc. (NASDAQ:VRTS) shares hit a new 52-week high on Wednesday . The company traded as high as $323.40 and last traded at $323.40, with a volume of 211 shares trading hands. The stock had previously closed at $315.53.

A number of equities research analysts have weighed in on VRTS shares. Zacks Investment Research upgraded shares of Virtus Investment Partners from a “hold” rating to a “strong-buy” rating and set a $288.00 target price for the company in a research note on Wednesday, July 21st. Morgan Stanley raised shares of Virtus Investment Partners from an “equal weight” rating to an “overweight” rating and set a $400.00 price objective on the stock in a report on Thursday, August 5th.

The company’s 50 day moving average price is $296.21 and its two-hundred day moving average price is $276.00. The firm has a market cap of $2.49 billion, a PE ratio of 15.13 and a beta of 1.56. The company has a current ratio of 19.39, a quick ratio of 19.39 and a debt-to-equity ratio of 0.24.

Virtus Investment Partners (NASDAQ:VRTS) last released its quarterly earnings results on Wednesday, July 28th. The closed-end fund reported $9.07 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $8.10 by $0.97. Virtus Investment Partners had a return on equity of 27.86% and a net margin of 21.91%. The business had revenue of $210.33 million during the quarter, compared to analyst estimates of $203.34 million. Equities research analysts expect that Virtus Investment Partners, Inc. will post 35.76 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, November 12th. Investors of record on Friday, October 29th will be issued a $0.82 dividend. This represents a $3.28 annualized dividend and a yield of 1.01%. The ex-dividend date of this dividend is Thursday, October 28th. Virtus Investment Partners’s dividend payout ratio is 20.25%.

In other Virtus Investment Partners news, Director Stephen T. Zarrilli sold 1,808 shares of the company’s stock in a transaction that occurred on Tuesday, August 3rd. The stock was sold at an average price of $280.55, for a total value of $507,234.40. Following the completion of the transaction, the director now directly owns 4,512 shares in the company, valued at approximately $1,265,841.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP William Patrick Bradley III sold 175 shares of Virtus Investment Partners stock in a transaction on Friday, August 13th. The shares were sold at an average price of $315.00, for a total transaction of $55,125.00. The disclosure for this sale can be found here. Corporate insiders own 5.50% of the company’s stock.

Several hedge funds have recently modified their holdings of VRTS. Bank of America Corp DE boosted its stake in Virtus Investment Partners by 38.8% during the second quarter. Bank of America Corp DE now owns 318,906 shares of the closed-end fund’s stock valued at $88,584,000 after buying an additional 89,161 shares during the last quarter. Basswood Capital Management L.L.C. purchased a new stake in shares of Virtus Investment Partners during the 2nd quarter worth approximately $24,016,000. BlackRock Inc. boosted its position in shares of Virtus Investment Partners by 5.1% during the 1st quarter. BlackRock Inc. now owns 1,276,141 shares of the closed-end fund’s stock valued at $300,532,000 after acquiring an additional 61,750 shares during the last quarter. Hillcrest Asset Management LLC purchased a new position in shares of Virtus Investment Partners in the second quarter valued at $11,882,000. Finally, Goldman Sachs Group Inc. increased its position in Virtus Investment Partners by 132.8% in the first quarter. Goldman Sachs Group Inc. now owns 66,472 shares of the closed-end fund’s stock worth $15,654,000 after purchasing an additional 37,917 shares during the last quarter. 82.13% of the stock is currently owned by hedge funds and other institutional investors.

About Virtus Investment Partners (NASDAQ:VRTS)

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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