HARTFORD, Conn., Aug. 15, 2018 /PRNewswire/ -- Virtus Investment Partners, Inc. (NASDAQ: VRTS), which operates a multi-manager asset management business, today announced that its Board of Directors has declared a quarterly cash dividend on its common stock of $0.55 per share, which represents a 22 percent increase from the previous quarterly dividend level of $0.45 per share. This is the first increase since the company initiated a quarterly dividend in May 2014.
"We are pleased to increase our common stock dividend, which reflects our commitment to returning value to our shareholders as part of our overall capital strategy that also includes balancing investing in the business and maintaining appropriate debt levels," said George R. Aylward, president and chief executive officer.
The common stock dividend will be paid on November 15, 2018 to shareholders of record at the close of business on October 31, 2018.
The board also declared a quarterly cash dividend of $1.8125 per share on the company's 7.25% Series D Mandatory Convertible Preferred Stock (NASDAQ: VRTSP). The dividend will be paid on November 1, 2018 to shareholders of record at the close of business on October 16, 2018.
Future declarations of dividends will be subject to the approval of the Board of Directors.
About Virtus Investment Partners
Virtus Investment Partners (NASDAQ: VRTS) is a distinctive partnership of boutique investment managers singularly committed to the long-term success of individual and institutional investors. The company provides investment management products and services through its affiliated managers and select subadvisers, each with a distinct investment style, autonomous investment process, and individual brand. Virtus Investment Partners offers access to a variety of investment styles across multiple disciplines to meet a wide array of investor needs. Its affiliates include Ceredex Value Advisors, Duff & Phelps Investment Management, Kayne Anderson Rudnick Investment Management, Newfleet Asset Management, Rampart Investment Management, Seix Investment Advisors, Silvant Capital Management, Sustainable Growth Advisers, and Virtus ETF Advisers. Additional information can be found at virtus.com.
This press release contains statements that are, or may be considered to be, forward-looking statements. All statements that are not historical facts, including statements about our beliefs or expectations, are "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. These statements may be identified by such forward-looking terminology as "expect," "estimate," "plan," "intend," "believe," "anticipate," "may," "will," "should," "could," "continue," "project," or similar statements or variations of such terms. Our forward-looking statements are based on a series of expectations, assumptions and projections about our company, are not guarantees of future results or performance, and involve substantial risks and uncertainty, including assumptions and projections concerning our assets under management, cash inflows and outflows, operating cash flows, our ability to expand distribution and product offerings, and future credit facilities, for all forward periods. All of our forward-looking statements are as of the date of this release only. The company can give no assurance that such expectations or forward-looking statements will prove to be correct. Actual results may differ materially.
SOURCE Virtus Investment Partners, Inc.