Virtus Investment Partners (NASDAQ:VRTS) Shares Gap Up – Still a Buy?

Virtus Investment Partners, Inc. (NASDAQ:VRTS)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $125.00, but opened at $131.29. Virtus Investment Partners shares last traded at $130.7350, with a volume of 12,150 shares changing hands.

Analysts Set New Price Targets

A number of research analysts have recently commented on VRTS shares. Barclays lowered their target price on Virtus Investment Partners from $141.00 to $135.00 and set an “underweight” rating for the company in a research note on Friday, July 31st. Morgan Stanley restated an “underweight” rating and set a $130.00 price target on shares of Virtus Investment Partners in a report on Wednesday, July 29th. Finally, TD Cowen upped their price objective on Virtus Investment Partners from $136.00 to $147.00 and gave the company a “hold” rating in a research report on Monday, July 20th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average target price of $145.50.

Virtus Investment Partners Stock Performance

The firm has a market cap of $851.35 million, a P/E ratio of 7.61 and a beta of 1.35. The company has a debt-to-equity ratio of 0.27, a quick ratio of 11.86 and a current ratio of 11.86. The business’s 50-day simple moving average is $160.43 and its 200 day simple moving average is $147.35.

Virtus Investment Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, October 30th will be issued a $2.45 dividend. The ex-dividend date of this dividend is Friday, October 30th. This is an increase from Virtus Investment Partners’s previous quarterly dividend of $2.40. This represents a $9.80 annualized dividend and a dividend yield of 7.6%. Virtus Investment Partners’s dividend payout ratio is presently 55.84%.

Insider Buying and Selling at Virtus Investment Partners

In related news, EVP Michael Angerthal sold 14,975 shares of the company’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $167.34, for a total transaction of $2,505,916.50. Following the completion of the sale, the executive vice president owned 63,461 shares in the company, valued at approximately $10,619,563.74. This represents a 19.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director W. Morris sold 435 shares of the stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $138.59, for a total value of $60,286.65. The SEC filing for this sale provides additional information. Insiders own 6.40% of the company’s stock.

Hedge Funds Weigh In On Virtus Investment Partners

A number of institutional investors and hedge funds have recently made changes to their positions in VRTS. Integrated Wealth Concepts LLC purchased a new stake in Virtus Investment Partners during the second quarter valued at approximately $129,000. IFP Advisors Inc raised its position in Virtus Investment Partners by 158.6% in the second quarter. IFP Advisors Inc now owns 181 shares of the closed-end fund’s stock worth $26,000 after acquiring an additional 111 shares during the period. Allworth Financial LP boosted its stake in shares of Virtus Investment Partners by 274.6% during the 2nd quarter. Allworth Financial LP now owns 648 shares of the closed-end fund’s stock worth $93,000 after acquiring an additional 475 shares during the last quarter. Corient Private Wealth LP purchased a new position in shares of Virtus Investment Partners during the 2nd quarter worth $217,000. Finally, BTG Pactual Asset Management US LLC grew its position in shares of Virtus Investment Partners by 62.6% during the 2nd quarter. BTG Pactual Asset Management US LLC now owns 2,599 shares of the closed-end fund’s stock valued at $373,000 after acquiring an additional 1,001 shares during the period. Hedge funds and other institutional investors own 80.52% of the company’s stock.

Virtus Investment Partners Company Profile

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.