Overview

* Virtus Q3 revenue beat analyst expectations despite a 5% yr/yr decline

* Adjusted EPS for Q3 missed consensus, reflecting operational challenges

* Company reported net outflows of $3.9 bln in Q3, impacting AUM

Outlook

* Virtus Investment Partners ( VRTS ) did not provide specific future guidance

Result Drivers

* INSTITUTIONAL SALES - Institutional sales rose to $2.0 bln, including a $0.4 bln CLO issuance

* ETF NET FLOWS - Positive net flows in ETFs reached $0.9 bln, the highest quarterly level

* NET OUTFLOWS - Net outflows of $3.9 bln were unchanged from the prior quarter, driven by equity strategy outflows

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Beat $216.40 $198.82

Revenue mln mln (1

Analyst)

Q3 Miss $6.69 $6.77 (4

Adjusted Analysts

EPS )

Q3 EPS $4.65

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 ( VRTS ) is $185.50, about 4.3% above its October 23 closing price of $177.44

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

Press Release:

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(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.)