Every material Form 8-K Virtus Investment Partners filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Virtus Investment Partners appointed John C. Weisenseel, former chief financial officer of AllianceBernstein LP, as a director effective December 9, 2024, and as a member of the Board's Audit Committee. He will receive a pro rata portion of the annual cash retainer for the rest of the 2024 board service year under the company's non-employee director compensation program.
Appointment effective December 9, 2024, to the Board and Audit Committee
Weisenseel was CFO of AllianceBernstein LP from 2012 to 2021 and CFO of Standard & Poor's from 2007 to 2012
Will receive a pro rata portion of the annual cash retainer for the remainder of the 2024 service year and enter the standard director indemnity agreement
Virtus Investment Partners reported third-quarter 2024 results for the quarter ended September 30, 2024, with GAAP diluted earnings per share of $5.71, up from $4.19 a year earlier, and revenue of $227.0 million, up 4% from a year earlier. Assets under management reached $183.7 billion, up 13% from a year earlier, while net outflows were $1.7 billion, and the company raised its quarterly dividend 18% to $2.25 per share.
GAAP diluted EPS was $5.71 versus $4.19 a year earlier and $2.43 in the prior quarter; diluted EPS as adjusted was $6.92, up 11% year over year.
Revenue was $227.0 million, up 4% year over year and 1% sequentially; GAAP operating income was $55.3 million, up 23% year over year.
Ending assets under management were $183.7 billion at September 30, 2024, and net flows were ($1.7) billion, improved from ($2.6) billion in the second quarter.
The quarterly dividend was increased 18% to $2.25 per share, and the company repurchased 72,850 shares for $14.9 million during the quarter.
Virtus Investment Partners reported results for the quarter ended June 30, 2024, in a press release furnished as Exhibit 99.1 to its July 26, 2024 Form 8-K. Revenue rose 5% year over year to $224.4 million, but GAAP diluted earnings per share fell 41% to $2.43, with net investment losses and other items weighing on results, while adjusted diluted EPS rose 20% to $6.53. Assets under management fell 3% to $173.6 billion, with net outflows of $2.6 billion, which matters to shareholders because it reflects the asset base that generates the company's fees.
Revenues of $224.4 million, up 5% from $213.5 million a year earlier and up 1% from $222.0 million in the first quarter of 2024.
GAAP diluted EPS of $2.43, down from $4.10 a year earlier; adjusted diluted EPS of $6.53, up from $5.43.
Net outflows of $2.6 billion and total sales of $6.1 billion; ending assets under management of $173.6 billion, down 3% from $179.3 billion at March 31, 2024.
The company repurchased 55,099 shares for $12.5 million and repaid $5.7 million of debt during the quarter.
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