Millennium Management LLC Increases Stake in Virtus Investment Partners, Inc. (NASDAQ:VRTS)

Millennium Management LLC has increased its shares in Virtus Investment Partners, Inc. (NASDAQ:VRTS) by 14.6% during the second quarter of the year, as reported in their latest 13F filing with the SEC. After purchasing an additional 3,589 shares, the fund now holds a total of 28,113 shares of the closed-end fund’s stock, which represents about 0.39% of Virtus Investment Partners, valued at approximately $6,349,000.

Several other significant investors have also recently adjusted their positions in Virtus Investment Partners. For instance, Lombard Odier Asset Management Europe Ltd has acquired a new position during the second quarter valued at $6,776,000. AQR Capital Management LLC has notably increased its stake by 78.1% during the same period, bringing its total to 50,952 shares, currently worth about $11,508,000 after adding 22,344 shares. Additionally, Meritage Portfolio Management took a position worth $4,145,000 in the first quarter, while SG Americas Securities LLC acquired shares worth $2,553,000 during the second quarter. Quadrature Capital Ltd has also increased its investment by 80.2% in the first quarter, owning 23,506 shares valued at $5,825,000 after purchasing an extra 10,461 shares. Collectively, hedge funds and other institutional investors control 80.52% of the company's stock.

Changes in Analyst Ratings

Various research firms have updated their ratings on Virtus Investment Partners recently. TD Cowen reduced their price target from $250.00 to $247.00 and assigned a "hold" rating. Piper Sandler, on the other hand, slightly lowered their target from $267.00 to $264.00, maintaining an "overweight" rating. Barclays initiated coverage with an "underweight" rating and set a price objective at $206.00. Similarly, Morgan Stanley reduced their price target from $213.00 to $208.00, also applying an "underweight" rating. Market analysts track two sell ratings, two hold ratings, and one buy rating for the stock, giving it an average rating of "Hold" and a consensus target price of $231.25.

Virtus Investment Partners' Price and Performance

As of Friday, shares of NASDAQ VRTS opened at $206.12. The company has a market capitalization of $1.46 billion, a price-to-earnings ratio of 12.42, and a beta of 1.46. The stock has reached a low of $168.78 and a high of $263.39 over the last year. Its 50-day moving average is $204.72, while the 200-day moving average stands at $220.91. The company exhibits a current ratio and quick ratio of 15.18 each, indicating healthy financial stability, along with a low debt-to-equity ratio of 0.28.

In its recent earnings report on July 26th, Virtus Investment Partners posted earnings per share (EPS) of $6.53, falling short of analysts' estimates of $6.61 by $0.08. The company generated revenue of $203.02 million, compared to the estimated $204.71 million, yielding a net margin of 12.41% and a return on equity of 20.35%. Analysts project that Virtus Investment Partners will achieve earnings of $25.9 per share for this fiscal year.

Dividend Announcements

Virtus Investment Partners has declared a quarterly dividend that is set to be paid on Wednesday, November 13th. Shareholders recorded by Thursday, October 31st, will receive a dividend of $2.25. This marks an increase from the earlier quarterly dividend of $1.90, resulting in an annualized dividend amount of $9.00 and a yield of 4.37%. The ex-dividend date is also scheduled for October 31st, with the company's dividend payout ratio standing at 45.78%.

About Virtus Investment Partners

Virtus Investment Partners, Inc. is a publicly traded investment management firm that focuses on providing services to both individual and institutional clients. The company specializes in launching tailored equity and fixed-income portfolios, alongside managing a variety of mutual funds.

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