BUZZ-TD Cowen says Virtus Investment's delay in releasing its Q3 financial report may put pressure on its stock price

October 29 - ** Boutique investment management company Virtus Investment Partners (VRTS.N) announced on Wednesday evening that it will delay the release of its third quarter financial results (link) from October 30 to November 9, stating that more time is needed to complete quarter-end financial reporting procedures.

** TD Cowen analysts said the announcement is somewhat unusual and may add uncertainty, thereby putting pressure on the stock price.

** While it is not uncommon for companies to adjust earnings release dates or subsequent conference calls to avoid scheduling conflicts, TD Cowen said: “This postponement seems somewhat perplexing.”

** Of four brokerages, one has a “buy” rating, one has a “hold” rating, and two have a “sell” rating; the median target price is $128 — LSEG data.

** As of the previous trading session’s close, VRTS shares are down 24.6% year-to-date.

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