Morgan Stanley Trims Virtus Investment Partners (NASDAQ:VRTS) Target Price to $108.00

Virtus Investment Partners (NASDAQ:VRTS) had its price target lowered by research analysts at Morgan Stanley from $118.00 to $108.00 in a research note issued on Monday, BenzingaRatingsTable reports. The firm currently has an “equal weight” rating on the closed-end fund’s stock. Morgan Stanley’s target price suggests a potential upside of 14.78% from the stock’s current price.

A number of other analysts have also issued reports on the stock. ValuEngine lowered shares of Virtus Investment Partners from a “sell” rating to a “strong sell” rating in a research note on Thursday. Bank of America restated a “neutral” rating and issued a $118.00 price target (down previously from $130.00) on shares of Virtus Investment Partners in a research note on Thursday, June 6th. BidaskClub upgraded shares of Virtus Investment Partners from a “sell” rating to a “hold” rating in a research note on Friday, June 28th. TheStreet lowered shares of Virtus Investment Partners from a “b-” rating to a “c+” rating in a research note on Thursday, May 16th. Finally, Zacks Investment Research upgraded shares of Virtus Investment Partners from a “hold” rating to a “strong-buy” rating and set a $122.00 price target for the company in a research note on Saturday, July 13th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $108.33.

Shares of VRTS traded down $6.92 during mid-day trading on Monday, reaching $94.09. 4,476 shares of the stock traded hands, compared to its average volume of 79,005. The stock has a market cap of $705.79 million, a price-to-earnings ratio of 7.69, a price-to-earnings-growth ratio of 1.48 and a beta of 1.64. The firm has a fifty day moving average of $107.08. Virtus Investment Partners has a 12-month low of $70.00 and a 12-month high of $132.80.

Virtus Investment Partners (NASDAQ:VRTS) last issued its quarterly earnings results on Friday, July 26th. The closed-end fund reported $3.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.41 by $0.22. The business had revenue of $140.49 million during the quarter, compared to analyst estimates of $144.92 million. Virtus Investment Partners had a net margin of 13.86% and a return on equity of 21.42%. The business’s revenue was up 5.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.73 earnings per share. As a group, analysts predict that Virtus Investment Partners will post 13.57 EPS for the current year.

A number of institutional investors have recently added to or reduced their stakes in the business. Stevens Capital Management LP acquired a new position in Virtus Investment Partners in the second quarter worth $302,000. Aperio Group LLC boosted its holdings in Virtus Investment Partners by 1.9% in the second quarter. Aperio Group LLC now owns 8,396 shares of the closed-end fund’s stock worth $902,000 after purchasing an additional 155 shares during the period. Clark Capital Management Group Inc. acquired a new position in Virtus Investment Partners in the second quarter worth $3,410,000. GYL Financial Synergies LLC acquired a new position in Virtus Investment Partners in the first quarter worth $979,000. Finally, Marshall Wace LLP acquired a new position in Virtus Investment Partners in the first quarter worth $1,817,000. 94.19% of the stock is owned by hedge funds and other institutional investors.

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.

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Analyst Recommendations for Virtus Investment Partners (NASDAQ:VRTS)

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