Key Points
- Director W. Morris sold 435 Virtus Investment Partners shares at an average price of $138.59, for total proceeds of approximately $60,287.
- Virtus increased its quarterly dividend to $2.45 per share, equivalent to $9.80 annually and a 7.1% yield; its payout ratio is 55.84%.
- Analysts maintain a cautious outlook, with an average “Reduce” rating and a $145.50 price target. The stock recently traded near $137.38, below its 52-week high of $196.24.
Virtus Investment Partners, Inc. (NASDAQ:VRTS - Get Free Report) Director W. Morris sold 435 shares of the firm's stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $138.59, for a total value of $60,286.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.
Virtus Investment Partners Price Performance
Virtus Investment Partners stock opened at $137.38 on Wednesday. Virtus Investment Partners, Inc. has a 52-week low of $121.61 and a 52-week high of $196.24. The firm has a market capitalization of $909.83 million, a price-to-earnings ratio of 8.13 and a beta of 1.35. The company has a fifty day simple moving average of $162.71 and a 200-day simple moving average of $147.69. The company has a quick ratio of 11.86, a current ratio of 11.86 and a debt-to-equity ratio of 0.27.
Virtus Investment Partners Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, October 30th will be given a dividend of $2.45 per share. The ex-dividend date is Friday, October 30th. This is a boost from Virtus Investment Partners's previous quarterly dividend of $2.40. This represents a $9.80 dividend on an annualized basis and a yield of 7.1%. Virtus Investment Partners's dividend payout ratio (DPR) is presently 55.84%.
Institutional Trading of Virtus Investment Partners
Several institutional investors and hedge funds have recently bought and sold shares of VRTS. International Assets Investment Management LLC acquired a new position in Virtus Investment Partners in the first quarter valued at about $26,000. IFP Advisors Inc increased its position in shares of Virtus Investment Partners by 158.6% during the second quarter. IFP Advisors Inc now owns 181 shares of the closed-end fund's stock valued at $26,000 after acquiring an additional 111 shares during the last quarter. Caitlin John LLC acquired a new stake in shares of Virtus Investment Partners during the second quarter valued at about $35,000. Assetmark Inc. purchased a new stake in shares of Virtus Investment Partners in the 1st quarter valued at approximately $36,000. Finally, GAMMA Investing LLC raised its stake in shares of Virtus Investment Partners by 86.2% in the 2nd quarter. GAMMA Investing LLC now owns 270 shares of the closed-end fund's stock valued at $39,000 after acquiring an additional 125 shares during the period. 80.52% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of analysts have commented on the stock. Morgan Stanley reiterated an "underweight" rating and issued a $130.00 price objective on shares of Virtus Investment Partners in a report on Wednesday, July 29th. TD Cowen boosted their price objective on Virtus Investment Partners from $136.00 to $147.00 and gave the stock a "hold" rating in a research note on Monday, July 20th. Finally, Barclays lowered their price objective on Virtus Investment Partners from $141.00 to $135.00 and set an "underweight" rating on the stock in a research note on Friday, July 31st. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, Virtus Investment Partners has an average rating of "Reduce" and an average target price of $145.50.
Read Our Latest Research Report on VRTS
About Virtus Investment Partners
(
Get Free Report)
Virtus Investment Partners, Inc is an asset management company that operates through a multi-boutique platform of affiliated investment managers. The company provides investment strategies across a range of asset classes, including equities, fixed income, alternatives and multi-asset portfolios.
Its products and services include mutual funds, exchange-traded funds, closed-end funds, variable insurance funds, separately managed accounts and institutional investment strategies. Virtus distributes its offerings through financial advisors, broker-dealers, retirement platforms and other intermediaries, while also serving institutional investors and individual clients.
The company was established as an independent public asset manager in 2008 following its separation from The Phoenix Companies, continuing the investment management business formerly associated with Phoenix Investment Partners.
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