Virtus Investmen Stock Price, News & Analysis

Virtus Investment Partners reported preliminary assets under management (AUM) of $177.3 billion as of September 30, 2021, reflecting a decrease from $183.3 billion on June 30, 2021. The decline was attributed to market performance and net outflows from open-end funds, although it was partially offset by positive net flows in retail separate accounts, exchange-traded funds, and institutional accounts. Additionally, the firm managed $3.7 billion in other fee-earning assets not included in AUM.

Virtus Total Return Fund Inc. (NYSE: ZTR) announced a monthly distribution of $0.08 per share, with key dates set for October 8, 2021 (Ex-Date), October 12, 2021 (Record Date), and October 19, 2021 (Payable Date). Due to its Managed Distribution Plan, the Fund may distribute amounts derived from net investment income and realized capital gains, along with a return of capital if net income falls short. For September 2021, the distribution sources included $0.020 from net investment income (25.1% of total distribution) and $0.060 as a return of capital (74.9%).

Virtus Global Multi-Sector Income Fund (NYSE: VGI) announced a monthly distribution of $0.08 on October 19, 2021, with an ex-date of October 8, 2021 and record date of October 12, 2021. The Fund, adhering to its Managed Distribution Plan, aims to maintain consistent distribution levels, which may include returns of capital if net investment income is insufficient. Recent data indicates 54.9% of the September distribution is from return of capital, reflecting an ongoing trend of distributing more than income and capital gains. Current fiscal year-to-date distribution rate stands at 7.99%.

Virtus Investment Partners (NASDAQ: VRTS) has successfully completed its acquisition of Westchester Capital Management, which has over $5.0 billion in assets under management. This acquisition aims to diversify Virtus' investment offerings by integrating Westchester's unique, non-correlated event-driven strategies, focusing on mergers and acquisitions. Westchester, with a history of more than 30 years, will continue to be managed by its co-presidents, Roy Behren and Michael Shannon. The deal is anticipated to enhance Virtus' distribution capabilities and support Westchester's growth.

Virtus Investment Partners, Inc. (NASDAQ: VRTS) announced the completion of a $275 million senior secured term loan and a $175 million revolving credit facility refinancing. This new arrangement extends the debt maturity profile and provides improved terms, including a lower cost of capital.

The term loan matures in 2028 with interest at LIBOR plus 225 basis points, replacing an existing loan bearing a higher interest rate. Funds will be utilized to pay off an existing $194 million term loan and for general corporate needs.

On October 22, 2021, Duff & Phelps Utility and Infrastructure Fund (NYSE: DPG) will redeem all outstanding Floating Rate Mandatory Redeemable Preferred Shares, Series B. The redemption, funded by a $40 million loan from a commercial bank, aims to optimize leverage management. The redemption price is $25.00 per share plus any unpaid dividends. Following the redemption, the preferred shares will no longer be active, and rights associated with them will cease. The fund focuses on generating high current income through investments in utility and infrastructure sectors.

The Board of Directors of Duff & Phelps Utility and Infrastructure Fund authorized a dividend payment of 35 cents per share. The payment is scheduled for December 31, 2021, with the ex-date on December 14, 2021 and the record date on December 15, 2021. The Fund operates under a Managed Distribution Plan, aiming to maintain this distribution rate by distributing available investment income. If insufficient income exists, it will distribute capital gains or returns of capital. For the September 2021 quarter, net investment income was reported at 4.4 cents.

The Board of Directors of DTF Tax-Free Income Inc. (NYSE: DTF) has announced a dividend payment of $0.0325 per share, which is a $0.0075 decrease from the previous $0.04 monthly distribution. The dividends will be distributed on the following dates: October 29, 2021, November 30, 2021, and December 31, 2021. This adjustment is made in response to an extended environment of low interest rates affecting the Fund's earnings capacity, particularly impacting its ability to reinvest at competitive rates.

DNP Select Income Fund has declared a monthly dividend of 6.5 cents per share, payable on November 10, 2021. This dividend follows a consistent payout plan initiated in 2007, which aims to distribute all available investment income to shareholders. If sufficient income isn't available, the fund will utilize long-term capital gains or return of capital to maintain the distribution level. For fiscal year-to-date, cumulative distributions amount to $0.650 per share, with 18.95% cumulative total return on NAV.