Virtus Investmen Stock Price, News & Analysis

Virtus Investment Partners reported strong financial results for Q4 2020, with revenues of $171.6 million, a 17% increase year-over-year. Operating income grew by 35% to $50.9 million, and net income nearly doubled to $43.3 million, leading to a diluted EPS of $5.40, up 91%. Assets under management rose to $132.2 billion, a 21% increase from the previous year. The company also announced a strategic acquisition of Westchester Capital Management and completed a partnership with Allianz Global Investors, enhancing its investment offerings.

Virtus Investment Partners (NASDAQ: VRTS) announced its agreement to acquire Westchester Capital Management, a firm managing approximately $4.3 billion in assets, including $3.6 billion in The Merger Fund. The acquisition aims to enhance Virtus’ portfolio with non-correlated investment strategies focusing on mergers, acquisitions, and corporate reorganizations. Key personnel from Westchester will continue their roles post-acquisition, reinvesting a portion of the proceeds into their strategies. The transaction is expected to close in the second half of 2021, pending customary approvals.

Virtus Investment Partners (NASDAQ: VRTS) has completed its strategic partnership with Allianz Global Investors, gaining client approvals to manage $29.3 billion in assets and an additional $3.6 billion of fee-earning assets. Through this partnership, Virtus expands its offerings with 25 open-end mutual funds, 7 closed-end funds, and a variety of retail separate accounts in diverse investment strategies. NFJ Investment Group, now affiliated with Virtus, manages $8.2 billion in global value equity strategies, utilizing a disciplined value-oriented approach.

DNP Select Income Fund Inc. (DNP) provided answers to shareholder questions regarding its proposed merger with Duff & Phelps Utility and Corporate Bond Trust Inc. (DUC) on January 29, 2021. Notably, shareholders are not required to vote on the merger. DNP aims to achieve long-term income growth through a diversified portfolio, particularly in public utilities. The fund is advised by Duff & Phelps Investment Management, a subsidiary of Virtus Investment Partners (VRTS), managing $116.5 billion in assets as of September 30, 2020.

Virtus Investment Partners (NASDAQ: VRTS) will announce its fourth-quarter 2020 financial results on February 2, 2021, before the market opens. A conference call with key executives, including CEO George R. Aylward and CFO Michael A. Angerthal, is scheduled for 10:00 a.m. Eastern. Investors can access the call via webcast or telephone. A replay will be available until February 9, 2021. This conference call is a key opportunity for investors to gain insights into the company's performance and outlook.

Virtus Investment Partners reported preliminary assets under management (AUM) as of December 31, 2020, totaling $132.2 billion, an increase from $126.068 billion in November 2020. Long-term AUM reached $130.7 billion, driven by market appreciation and positive net flows, including inflows in retail separate accounts and exchange traded funds. The company reported liquidity assets of $1.5 billion. Overall, the figures indicate robust growth and a diversified product offering amidst the investment landscape.

DTF Tax-Free Income Inc. (NYSE: DTF) announced the final results of its recent issuer tender offer for up to 17.5% of its outstanding shares at 98% of the Fund's net asset value (NAV) as of January 8, 2021. The offer expired on January 7, 2021, with 4,335,961 shares tendered, exceeding the 1,491,119 shares available, resulting in an oversubscription. The proration factor for the offer is 34.39%, with the purchase price set at $15.77 per share. Payment for the tendered shares is expected on January 11, 2021.

DTF Tax-Free Income Inc. announced the preliminary results of its tender offer for 17.5% of its outstanding shares at 98% of the net asset value (NAV) as of January 8, 2021. The offer expired on January 7, 2021, with approximately 4,335,961 shares tendered, exceeding the 1,491,119 shares available, resulting in an oversubscription. Shares will be purchased on a pro rata basis, with payments expected around January 11, 2021. The Fund aims to provide tax-exempt income and is managed by Duff & Phelps Investment Management. Virtus Investment Partners, with $116.5 billion under management, is the parent company.

On January 4, 2021, Virtus Total Return Fund Inc. (NYSE: ZTR) announced a monthly distribution of $0.08 per share. The distribution is set for payment on January 11, 2021, following a record date of December 31, 2020, and an ex-date of January 6, 2021. Under its Managed Distribution Plan, the fund aims to maintain a constant distribution level, which may include returns of shareholder capital if net investment income falls short. The fund's December 2020 distribution was comprised of 34.1% net investment income and 65.9% return of capital.