Virtus Investment Partners, Inc. (NASDAQ:VRTS – Get Free Report)’s share price gapped up before the market opened 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 traded.
The closed-end fund reported $6.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.81 by $0.11. The company had revenue of $205.13 million for the quarter, compared to analysts’ expectations 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 company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 13th. Investors of record on Thursday, October 31st will be issued a $2.25 dividend. This is a positive change from Virtus Investment Partners’s previous quarterly dividend of $1.90. This represents a $9.00 dividend on an annualized basis and a yield of 4.21%. The ex-dividend date is Thursday, October 31st. Virtus Investment Partners’s payout ratio is presently 50.90%.
Analysts Set New Price Targets
Read Our Latest Research Report on Virtus Investment Partners
Institutional Trading of Virtus Investment Partners
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Blue Trust Inc. grew its position in shares of Virtus Investment Partners by 6,550.0% during the 2nd quarter. Blue Trust Inc. now owns 133 shares of the closed-end fund’s stock valued at $33,000 after acquiring an additional 131 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Virtus Investment Partners in the second quarter worth about $42,000. nVerses Capital LLC bought a new position in shares of Virtus Investment Partners in the third quarter worth about $42,000. Bessemer Group Inc. purchased a new position in shares of Virtus Investment Partners during the 1st quarter valued at about $57,000. Finally, EntryPoint Capital LLC grew its stake in shares of Virtus Investment Partners by 625.6% during the 1st quarter. EntryPoint Capital LLC now owns 312 shares of the closed-end fund’s stock valued at $77,000 after acquiring an additional 269 shares during the period. 80.52% of the stock is owned by hedge funds and other institutional investors.
Virtus Investment Partners Stock Up 0.4 %
The company has a market capitalization of $1.51 billion, a PE ratio of 14.32 and a beta of 1.46. The company’s fifty day moving average is $208.26 and its 200-day moving average is $218.70. The company has a debt-to-equity ratio of 0.28, a quick ratio of 15.18 and a current ratio of 15.18.
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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