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Virtus Investment Partners Q3 adjusted EPS beats estimates

By Reuters News


Overview

  • US asset manager's Q3 adjusted EPS beat analyst expectations

  • Revenue fell 9% yr/yr; assets under management down 16% to $141.4 bln

  • Company repurchased $10 mln in shares and raised dividend by 2%


Outlook

  • Virtus Investment Partners did not provide specific guidance for the current or future periods in its press release


Result Drivers

  • NET OUTFLOWS - Co said net outflows in retail separate accounts, institutional accounts, US retail funds, and global funds reduced assets under management

  • LOWER SALES - Institutional and retail separate account sales declined from prior quarter, with institutional sales dropping due to absence of a large mandate seen previously

  • EMPLOYMENT EXPENSES - Lower employment expenses, including absence of a discrete expense item from prior quarter, supported operating income


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Revenue

$197.6 mln

$181.36 mln (1 Analyst)

Q3 Adjusted EPS

Beat

$5.86

$5.78 (4 Analysts)

Q3 EPS

$3.26

Q3 Net Income

$22.1 mln


Analyst Coverage

  • The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "hold" and 2 "sell" or "strong sell"

  • The average consensus recommendation for the investment management & fund operators peer group is "buy."

  • Wall Street's median 12-month price target for Virtus Investment Partners, Inc. is $128.00, about 0.5% above its November 6 closing price of $127.35

  • The stock recently traded at 6 times the next 12-month earnings vs. a P/E of 7 three months ago


Reuters Recommended Reads

  • Nov 6 - Brookfield Asset Management Q3 fee-related earnings rise on Oaktree acquisition

  • Nov 6 - Franklin Resources prelim Q4 operating revenue beats estimates on record AUM

  • Nov 9 - KKR profit hits record as asset sales, fees surge


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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