Millennium Management LLC Expands Investment in Virtus Investment Partners, Inc.

Millennium Management LLC has increased its investment in Virtus Investment Partners, Inc. (NASDAQ:VRTS) by 14.6% during the second quarter of the fiscal year. This announcement comes from the firm's latest 13F filing with the Securities and Exchange Commission (SEC). After acquiring an additional 3,589 shares, Millennium Management now holds a total of 28,113 shares in the closed-end fund.

As per the most recent filing, Millennium Management's stake in Virtus Investment Partners is valued at approximately $6,349,000, which constitutes about 0.39% of the company’s overall stock.

In addition to Millennium Management, several other significant investors have also adjusted their positions in Virtus Investment Partners recently. Lombard Odier Asset Management Europe Ltd has initiated a new investment in the company during the second quarter, amounting to approximately $6,776,000. Meanwhile, AQR Capital Management LLC grew its stake in Virtus Investment Partners by an impressive 78.1%, now holding 50,952 shares valued at about $11,508,000 after acquiring 22,344 shares during the same period.

Meritage Portfolio Management made a new investment in the first quarter worth around $4,145,000, while SG Americas Securities LLC also started a fresh position during the second quarter, amounting to $2,553,000. Quadrature Capital Ltd increased its investment by 80.2% in the first quarter, now controlling 23,506 shares valued at around $5,825,000 after adding 10,461 shares.

Overall, hedge funds and institutional investors own a significant portion of Virtus Investment Partners' stock, totaling around 80.52% of the company.

Changes in Analyst Ratings

Investment research firms have recently provided updates on their ratings for Virtus Investment Partners. Notably, TD Cowen reduced their price target for the shares from $250.00 to $247.00, classifying them with a “hold” rating. In a similar vein, Piper Sandler adjusted their price target from $267.00 to $264.00, maintaining an “overweight” rating.

Barclays has begun coverage of Virtus Investment Partners, giving it an “underweight” rating along with a price target set at $206.00. Additionally, Morgan Stanley decreased their price target from $213.00 to $208.00 and assigned an “underweight” rating.

The current consensus among analysts shows that there are two sell ratings, two hold ratings, and one buy rating for the stock. According to MarketBeat.com, Virtus Investment Partners currently holds an average rating of “Hold” with a consensus price target of $231.25.

Performance Overview of Virtus Investment Partners

As of the latest trading session, shares of NASDAQ VRTS opened at $206.12. The company boasts a market capitalization of $1.46 billion, a price-to-earnings ratio of 12.42, and a beta of 1.46. For reference, Virtus Investment Partners has seen a 52-week low of $168.78 and a high of $263.39. The company also has a 50-day moving average of $204.72 and a 200-day moving average of $220.91. Its current ratio stands at 15.18, with a quick ratio also at 15.18 and a debt-to-equity ratio of 0.28.

Recently, Virtus Investment Partners reported its quarterly earnings on July 26. The closed-end fund recorded an earnings per share (EPS) of $6.53 for the quarter, which fell short of analysts’ expectations of $6.61 by $0.08. The revenue for the period reached $203.02 million, slightly below the estimated $204.71 million. The company reported a net margin of 12.41% and a return on equity of 20.35%. Analysts currently forecast that Virtus Investment Partners will achieve earnings of $25.90 per share for the current fiscal year.

Dividend Announcement by Virtus Investment Partners

The company has also announced a quarterly dividend set to be paid on November 13. Shareholders who are on record by October 31 will receive a dividend of $2.25 per share, which translates to an annualized dividend of $9.00 and a yield of 4.37%. This increase marks a positive change from the previous quarterly dividend of $1.90. The ex-dividend date for this upcoming payment is October 31, and Virtus Investment Partners has a dividend payout ratio of 45.78%.

Overview of Virtus Investment Partners

Virtus Investment Partners, Inc. operates as a publicly traded investment manager, focusing on providing services to both individual and institutional clients. The firm specializes in launching separate client-focused equity and fixed income portfolios, as well as offering equity, fixed income, and balanced mutual funds for investors.

Investment, Shares, Funds