UPDATE: Bank Of America Reiterates On Virtus Investment Partners On Solid Quarter, Healthy Outlook

In a report published Tuesday, Bank of America analyst Michael Carrier reiterated a Neutral rating on Virtus Investment Partners VRTS, and raised the price target from $220.00 to $225.00. In the report, Bank of America noted, “Virtus reported adjusted EPS of $2.77 (excluding closed end fund launch costs of $0.67, but including $0.16 in other items) above consensus and our estimate of $2.58, driven by higher than expected non-op gains partially offset by several non-recurring expense items. Revenue growth was strong as expected, net flows turned positive, and mgmt. resumed buybacks. Overall a solid quarter, and, in our view, the outlook at VRTS is healthy, given AUM growth, improving flows, and an upward trending fee rate and margin, though at current valuation we maintain our Neutral rating.” Virtus Investment Partners closed on Monday at $208.60.
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Posted In: Analyst ColorPrice TargetAnalyst RatingsBank of AmericaMichael Carrier
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