Virtus Investment Partners (NASDAQ:VRTS) Director W Howard Morris Sells 435 Shares of Stock
by Doug Wharley · The Cerbat GemVirtus Investment Partners, Inc. (NASDAQ:VRTS – Get Free Report) Director W. Morris sold 435 shares of the firm’s stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $138.59, for a total transaction of $60,286.65. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.
Virtus Investment Partners Stock Performance
Shares of NASDAQ VRTS opened at $137.38 on Wednesday. The company has a 50 day simple moving average of $162.71 and a two-hundred day simple moving average of $147.69. The stock has a market cap of $909.83 million, a price-to-earnings ratio of 8.13 and a beta of 1.35. The company has a current ratio of 11.86, a quick ratio of 11.86 and a debt-to-equity ratio of 0.27. Virtus Investment Partners, Inc. has a 12 month low of $121.61 and a 12 month high of $196.24.
Virtus Investment Partners Increases Dividend
The firm also recently announced 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. 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%. The ex-dividend date is Friday, October 30th. Virtus Investment Partners’s payout ratio is presently 55.84%.
Analysts Set New Price Targets
Several equities research analysts have weighed in on the company. TD Cowen increased their price target on Virtus Investment Partners from $136.00 to $147.00 and gave the stock a “hold” rating in a research report on Monday, July 20th. Morgan Stanley reissued an “underweight” rating and issued a $130.00 price objective on shares of Virtus Investment Partners in a report on Wednesday, July 29th. Finally, Barclays lowered their target price 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 research analyst has rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Virtus Investment Partners has an average rating of “Reduce” and an average price target of $145.50.
Read Our Latest Report on VRTS
Institutional Trading of Virtus Investment Partners
A number of institutional investors and hedge funds have recently modified their holdings of VRTS. BlackRock Inc. acquired a new stake in Virtus Investment Partners in the 2nd quarter worth about $151,624,000. Dimensional Fund Advisors LP increased its stake in Virtus Investment Partners by 2.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 305,115 shares of the closed-end fund’s stock worth $40,990,000 after buying an additional 7,987 shares in the last quarter. Algert Global LLC raised its holdings in shares of Virtus Investment Partners by 1.1% during the second quarter. Algert Global LLC now owns 77,962 shares of the closed-end fund’s stock valued at $11,188,000 after acquiring an additional 864 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Virtus Investment Partners during the second quarter valued at approximately $10,148,000. Finally, First Trust Advisors LP lifted its position in shares of Virtus Investment Partners by 38.1% in the first quarter. First Trust Advisors LP now owns 52,930 shares of the closed-end fund’s stock valued at $7,111,000 after acquiring an additional 14,600 shares in the last quarter. Hedge funds and other institutional investors own 80.52% of the company’s stock.
About Virtus Investment Partners
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.