Virtus Investment Partners Inc (NASDAQ:VRTS) announced a quarterly dividend on Friday, May 17th, Wall Street Journal reports. Stockholders of record on Wednesday, July 31st will be paid a dividend of 0.55 per share by the closed-end fund on Thursday, August 15th. This represents a $2.20 annualized dividend and a dividend yield of 1.93%. The ex-dividend date is Tuesday, July 30th.
Virtus Investment Partners has increased its dividend payment by an average of 1.8% per year over the last three years. Virtus Investment Partners has a payout ratio of 17.8% meaning its dividend is sufficiently covered by earnings. Analysts expect Virtus Investment Partners to earn $13.53 per share next year, which means the company should continue to be able to cover its $2.20 annual dividend with an expected future payout ratio of 16.3%.
NASDAQ:VRTS traded down $2.89 during mid-day trading on Friday, hitting $114.10. The stock had a trading volume of 72,854 shares, compared to its average volume of 77,882. The stock has a market cap of $822.96 million, a price-to-earnings ratio of 9.31, a price-to-earnings-growth ratio of 3.25 and a beta of 1.63. Virtus Investment Partners has a twelve month low of $70.00 and a twelve month high of $138.02.
Virtus Investment Partners (NASDAQ:VRTS) last issued its earnings results on Friday, April 26th. The closed-end fund reported $2.73 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.31 by $0.42. The firm had revenue of $130.70 million for the quarter, compared to analysts’ expectations of $131.64 million. Virtus Investment Partners had a net margin of 13.35% and a return on equity of 20.19%. The firm’s revenue was up 1.3% compared to the same quarter last year. During the same quarter last year, the company earned $2.59 earnings per share. On average, research analysts predict that Virtus Investment Partners will post 13.13 EPS for the current fiscal year.
Several analysts recently weighed in on the stock. Bank of America set a $119.00 target price on shares of Virtus Investment Partners and gave the company a “hold” rating in a report on Tuesday, April 9th. ValuEngine raised shares of Virtus Investment Partners from a “sell” rating to a “hold” rating in a report on Friday, April 26th. BidaskClub cut shares of Virtus Investment Partners from a “buy” rating to a “hold” rating in a report on Wednesday, March 6th. Zacks Investment Research cut shares of Virtus Investment Partners from a “hold” rating to a “sell” rating and set a $128.00 target price on the stock. in a report on Friday, April 12th. Finally, Morgan Stanley set a $121.00 target price on shares of Virtus Investment Partners and gave the company a “hold” rating in a report on Thursday, May 2nd. One analyst has rated the stock with a sell rating, four have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $112.67.
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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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