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NEW YORK - On Friday, Virtus Investment Partners (NYSE:VRTS) reported third-quarter adjusted earnings of $6.69 per share, slightly missing analyst expectations of $6.83, while revenue of $216.4 million significantly exceeded the consensus estimate of $198.82 million.
The company’s shares rose 1.58% in pre-market trading following the announcement.
The investment management firm reported total sales of $6.3 billion for the quarter, a 12% increase from $5.6 billion in the previous quarter. However, the company experienced net outflows of $3.9 billion, unchanged from the second quarter.
Total assets under management stood at $169.3 billion at the end of September, down 8% from $183.7 billion a year earlier and slightly below the $170.7 billion reported at the end of June. Market performance and positive net flows in exchange-traded funds were offset by outflows in other products.
Operating income, as adjusted, rose to $65.0 million with a margin of 33.0%, up from $59.8 million and 31.3% in the prior quarter. The improvement was attributed to higher revenues and controlled expenses.
During the quarter, Virtus completed a refinancing of its credit arrangement with a new $400 million senior secured loan and $250 million revolving credit facility. The company also increased its quarterly dividend by 7% to $2.40 per share.
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