Loading...
Docoh

Virtus Investment Partners (VRTS)

Virtus Investment Partners is a distinctive partnership of boutique investment managers singularly committed to the long-term success of individual and institutional investors. The company provides investment management products and services through its affiliated managers and select subadvisers, each with a distinct investment style, autonomous investment process, and individual brand. Virtus Investment Partners offers access to a variety of investment styles across multiple disciplines to meet a wide array of investor needs. Its affiliates include Ceredex Value Advisors, Duff & Phelps Investment Management, Kayne Anderson Rudnick Investment Management, Newfleet Asset Management, Seix Investment Advisors, Silvant Capital Management, Sustainable Growth Advisers, and Virtus ETF Solutions.

Company profile

Ticker
VRTS
Exchange
Website
CEO
George Aylward
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
DUFF & PHELPS CORP, PHOENIX DUFF & PHELPS CORP, PHOENIX INVESTMENT PARTNERS LTD/CT
SEC CIK
Subsidiaries
Ceredex Value Advisors LLC • Duff & Phelps Investment Management Co. • ETFis Holdings LLC • Kayne Anderson Rudnick Investment Management, LLC • Newfleet Asset Management, LLC • NFJ Investment Group, LLC • Rampart Investment Management Company, LLC • Seix Investment Advisors LLC • SGIA, LLC • Silvant Capital Management LLC ...
IRS number
954191764

VRTS stock data

Analyst ratings and price targets

Last 3 months
Current price
Average target
$246.00
Low target
$203.00
High target
$289.00
Piper Sandler
Maintains
Overweight
$289.00
16 Jun 22
Morgan Stanley
Maintains
Underweight
$203.00
2 May 22

Calendar

10 May 22
26 Jun 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 335.96M 335.96M 335.96M 335.96M 335.96M 335.96M
Cash burn (monthly) 83.39M 5.31M (no burn) (no burn) 27.26M (no burn)
Cash used (since last report) 239.79M 15.28M n/a n/a 78.38M n/a
Cash remaining 96.17M 320.68M n/a n/a 257.58M n/a
Runway (months of cash) 1.2 60.4 n/a n/a 9.4 n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
27 May 22 W Howard Morris Common Stock Sell Dispose S No No 192.093 151 29.01K 738
18 May 22 Bain Peter L Common Stock Grant Acquire A No No 175 585 102.38K 2,344
18 May 22 Greig Paul G Common Stock Grant Acquire A No No 175 614 107.45K 2,399
18 May 22 Fleming Susan S. Common Stock Grant Acquire A No No 175 621 108.68K 15,262
18 May 22 W Howard Morris Common Stock Grant Acquire A No No 175 585 102.38K 889
82.7% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 183 198 -7.6%
Opened positions 23 30 -23.3%
Closed positions 38 30 +26.7%
Increased positions 80 50 +60.0%
Reduced positions 47 75 -37.3%
13F shares Current Prev Q Change
Total value 1.48B 1.89B -21.4%
Total shares 6.18M 6.35M -2.7%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
BLK Blackrock 1.19M $285.23M +2.3%
Vanguard 896.63K $215.18M +5.7%
TROW T. Rowe Price 529K $126.95M +1.3%
Vulcan Value Partners 368.25K $88.38M +8.6%
Dimensional Fund Advisors 264K $63.36M +0.1%
STT State Street 253.4K $60.81M -1.7%
BAC Bank Of America 173.9K $41.74M -39.7%
Brown Advisory 161.27K $38.96M +4.6%
FMR 142.71K $34.25M +8.7%
RY Royal Bank Of Canada 139.8K $33.55M +0.6%
Largest transactions Shares Bought/sold Change
BAC Bank Of America 173.9K -114.7K -39.7%
Basswood Capital Management, L.L.C. 19.63K -73.15K -78.8%
Norges Bank 0 -67.66K EXIT
Epoch Investment Partners 0 -56.56K EXIT
Vanguard 896.63K +48.67K +5.7%
GS Goldman Sachs 35.02K -48.14K -57.9%
Millennium Management 80.04K +42.4K +112.6%
Steamboat Capital Partners 135.98K +41.52K +44.0%
DB Deutsche Bank AG - Registered Shares 42.45K +37.36K +733.2%
Hillcrest Asset Management 0 -35.89K EXIT

Financial report summary

?
Risks
  • We earn substantially all of our revenues based on assets under management, which fluctuate based on many factors, including market conditions, investment performance and client withdrawals, and any reduction would reduce our revenues and profitability.
  • We may engage in significant transactions that may not achieve the expected benefits or could expose us to additional or increased risks.
  • Our business, results of operations and financial condition could be negatively affected by the effects of the ongoing COVID-19 pandemic and associated global economic disruption and uncertainty.
  • Our investment advisory agreements are subject to renegotiation or termination on short notice, which could negatively impact our business.
  • Our business could be harmed by any damage to our reputation and lead to a reduction in our revenues and profitability.
  • Our debt agreements contain covenants, required principal repayments and other provisions that could adversely affect our financial position or results of operations.
  • Our business relies on the ability to attract and retain key employees, and the loss of such employees could negatively affect our financial performance.
  • We operate in a highly competitive industry that may require us to reduce our fees, or increase amounts paid to financial intermediaries, which could result in a reduction of our revenues and profitability.
  • We utilize unaffiliated firms to provide investment management services, and any matters that adversely impact them, or any change in our relationships with them, could lead to a reduction in assets under management, which would adversely affect our revenues and profitability.
  • We distribute our products through intermediaries and changes in key distribution relationships could reduce our revenues, increase our costs and adversely affect our profitability.
  • We and our third-party service providers rely on numerous technology systems, and any temporary business interruption, security breach or system failure could negatively impact our business and profitability.
  • We have significant Company assets invested in marketable securities, which exposes us to earnings volatility as the value of these investments fluctuate, as well as risk of capital loss.
  • We may need to obtain additional capital in the future that may not be available to us in sufficient amounts or on acceptable terms, which could have an adverse impact on our business.
  • We are subject to an extensive and complex regulatory environment, and changes in regulations or failure to comply with them could adversely affect our revenues and profitability.
  • We manage assets under agreements that have investment guidelines or other contractual requirements and failure to comply could result in claims, losses or regulatory sanctions, which could negatively impact our revenues and profitability.
  • We could be subject to civil litigation and government investigations or proceedings, which could adversely affect our business.
  • We are subject to multiple tax jurisdictions and any changes in tax laws or unanticipated tax obligations could have an adverse impact on our financial condition, results of operations and cash flow.
  • We have a large amount of our common stock concentrated with a small number of shareholders, which could increase the volatility in our stock trading and affect our share price.
  • We have corporate governance provisions that may make an acquisition of us more difficult.
  • Our insurance policies may not cover all losses and costs to which we may be exposed.
  • We have goodwill and intangible assets on our balance sheet that could become impaired.
Management Discussion
  • A discussion of our results of operations for the year ended December 31, 2020 compared to the year ended December 31, 2019 may be found in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of our Form 10-K for the fiscal year ended December 31, 2020, which specific discussion is incorporated herein by reference.
  • Investment management fees are earned based on a percentage of assets under management and are paid pursuant to the terms of the respective investment management contracts, which generally require monthly or quarterly payments. Investment management fees increased by $276.2 million, or 54.7%, for the year ended December 31, 2021, due to an increase in average assets under management of $63.3 billion, or 57.8%, primarily as a result of the AGI relationship and market performance.
  • services. Distribution and service fees increased by $52.1 million, or 135.7%, for the year ended December 31, 2021, primarily due to higher average assets for open-end funds primarily as a result of market performance and the AGI relationship.

Content analysis

?
Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. freshman Avg
New words: allocated, allocation, assistance, currency, deductible, firm, foreign, preliminary, premier, Qualifying, remeasured, replacement, royalty, select, software, specialty, translation
Removed: acquire, amending, capitalized, clarifying, collection, conform, connection, conversion, convertible, creating, customary, deposit, derivative, dislocation, economy, enacted, energy, entered, entering, existing, FASB, finalize, forward, guidance, Hedging, immaterial, impacted, interaction, Joint, June, magnitude, mandatory, margin, marketable, offshore, pledge, pledged, position, positive, presentation, recast, recovery, recur, removing, reset, responded, restricting, Simplifying, social, sponsoring, standard, strategy, subtracted, sustainability, thematic, timing, uncertain, varying, world