Virtus Investment Partners Inc: VRTS Model Refresh 1Q26

Research evidence excerpt

Virtus Investment Partners Inc: VRTS Model Refresh 1Q26

Update

May 18, 2026 08:05 PM GMT

Morgan Stanley & Co. LLCMVirtus Investment Partners Inc | North America Michael J. Cyprys, CFA, CPA

Equity Analyst

VRTS Model Refresh 1Q26 Michael.Cyprys@morganstanley.comAnnalei E Davis +1 212 761-7619

Research Associate

What’s Changed Annalei.Davis@morganstanley.com +1 212 761-1736

Joseph Tumillo, CFA

Virtus Investment Partners Inc (VRTS.N) From To Research Associate

Price Target $128.00 $112.00 Joseph.Tumillo@morganstanley.com +1 212 761-2144

Virtus Investment Partners Inc (VRTS.N, VRTS UN)

Reaction to earnings

Brokers, Asset Managers & Exchanges | United States of

AmericaStrengthens our thesis Modest shortfall Meaningful revision lower

Impact to our thesis Financial results versus consensus Direction of next 12-month Stock Rating Underweight

consensus EPS Industry View In-Line

Source: Company data, Morgan Stanley Research Price target $112.00

Shr price, close (May 15, 2026) $138.02

Mkt cap, curr (mm) $938

2Q26e Adj EPS -9.6% to $5.76 (from $6.37) due to a higher 52-Week Range $214.56-122.65

sharecount from lower buybacks and higher comp ratio. 2026e Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

Adj. EPS -9.1% to $23.53 and ‘27e -12.6% to $23.81 due to lower EPS ($)** 27.79 23.53 23.81 24.91

Prior EPS ($)** - 25.89 27.23 28.40

buybacks as the company prioritizes debt repayment. PT down - P/E 5.9 5.9 5.8 5.5

Div yld (%) 5.7 7.1 7.5 7.9

12.5% to $112 from $128 on 5.0x target EV/EBITDA.

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

Check out other recent reports: ** = Based on consensus methodology

e = Morgan Stanley Research estimates

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