Virtus Investment Partners, Inc. (NASDAQ:VRTS) Plans Quarterly Dividend of $1.90

Virtus Investment Partners, Inc. (NASDAQ:VRTSGet Free Report) announced a quarterly dividend on Friday, May 17th, Wall Street Journal reports. Shareholders of record on Wednesday, July 31st will be given a dividend of 1.90 per share by the closed-end fund on Thursday, August 15th. This represents a $7.60 annualized dividend and a yield of 3.26%. The ex-dividend date of this dividend is Wednesday, July 31st.

Virtus Investment Partners has increased its dividend payment by an average of 34.3% per year over the last three years and has raised its dividend annually for the last 6 consecutive years. Virtus Investment Partners has a dividend payout ratio of 26.4% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Virtus Investment Partners to earn $28.77 per share next year, which means the company should continue to be able to cover its $7.60 annual dividend with an expected future payout ratio of 26.4%.

Virtus Investment Partners Price Performance

Shares of VRTS stock opened at $233.34 on Friday. The firm’s 50-day simple moving average is $233.88 and its 200-day simple moving average is $227.04. Virtus Investment Partners has a 1-year low of $168.78 and a 1-year high of $263.39. The firm has a market cap of $1.66 billion, a P/E ratio of 10.08 and a beta of 1.50.

Virtus Investment Partners (NASDAQ:VRTSGet Free Report) last posted its quarterly earnings results on Friday, April 26th. The closed-end fund reported $5.41 earnings per share for the quarter, hitting analysts’ consensus estimates of $5.41. The company had revenue of $200.24 million for the quarter, compared to the consensus estimate of $203.54 million. Virtus Investment Partners had a net margin of 14.02% and a return on equity of 19.61%. Analysts expect that Virtus Investment Partners will post 26.43 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently weighed in on VRTS. TD Cowen lifted their target price on Virtus Investment Partners from $245.00 to $250.00 and gave the company a “hold” rating in a report on Monday, April 29th. Morgan Stanley lifted their price objective on Virtus Investment Partners from $211.00 to $224.00 and gave the company an “underweight” rating in a research note on Wednesday, April 17th. StockNews.com downgraded shares of Virtus Investment Partners from a “buy” rating to a “hold” rating in a research report on Tuesday, April 9th. Finally, Piper Sandler reduced their price target on shares of Virtus Investment Partners from $275.00 to $265.00 and set an “overweight” rating on the stock in a research report on Monday, April 29th.

View Our Latest Report on VRTS

About Virtus Investment Partners

(Get Free Report)

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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Dividend History for Virtus Investment Partners (NASDAQ:VRTS)

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