Virtus Investment Partners (NASDAQ:VRTS) Sees Large Volume Increase – Here’s What Happened

Virtus Investment Partners, Inc. (NASDAQ:VRTS) saw unusually-high trading volume on Tuesday. 96,473 shares traded hands during trading, a decline of 17% from the previous session’s volume of 116,442 shares. The stock last traded at $128.1310 and had previously closed at $130.51.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on VRTS. Barclays decreased their price objective on shares of Virtus Investment Partners from $141.00 to $135.00 and set an “underweight” rating for the company in a report on Friday, July 31st. Morgan Stanley cut their target price on Virtus Investment Partners from $130.00 to $120.00 and set an “underweight” rating on the stock in a research note on Friday, September 25th. Finally, TD Cowen reduced their target price on Virtus Investment Partners from $155.00 to $136.00 and set a “hold” rating for the company in a report on Monday. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $140.25.

Virtus Investment Partners Price Performance

The company has a debt-to-equity ratio of 0.27, a current ratio of 11.86 and a quick ratio of 11.86. The business’s 50 day moving average price is $150.16 and its 200 day moving average price is $147.36. The stock has a market capitalization of $844.88 million, a P/E ratio of 7.54 and a beta of 1.41.

Virtus Investment Partners Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Friday, October 30th will be issued a dividend of $2.45 per share. This represents a $9.80 annualized dividend and a dividend yield of 7.7%. The ex-dividend date of this dividend is Friday, October 30th. This is a positive change from Virtus Investment Partners’s previous quarterly dividend of $2.40. Virtus Investment Partners’s payout ratio is currently 55.84%.

Insiders Place Their Bets

In other Virtus Investment Partners news, Director W. Morris sold 435 shares of the stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $138.59, for a total value of $60,286.65. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Michael A. Angerthal sold 14,975 shares of the business’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $167.34, for a total value of $2,505,916.50. Following the sale, the executive vice president owned 63,461 shares of the company’s stock, valued at approximately $10,619,563.74. This represents a 19.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 6.40% of the company’s stock.

Institutional Investors Weigh In On Virtus Investment Partners

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its stake in Virtus Investment Partners by 51.5% during the 3rd quarter. GAMMA Investing LLC now owns 409 shares of the closed-end fund’s stock valued at $54,000 after purchasing an additional 139 shares during the period. Integrated Wealth Concepts LLC bought a new position in Virtus Investment Partners in the 2nd quarter worth approximately $129,000. IFP Advisors Inc grew its holdings in Virtus Investment Partners by 158.6% during the 2nd quarter. IFP Advisors Inc now owns 181 shares of the closed-end fund’s stock valued at $26,000 after buying an additional 111 shares in the last quarter. Allworth Financial LP grew its holdings in Virtus Investment Partners by 274.6% during the 2nd quarter. Allworth Financial LP now owns 648 shares of the closed-end fund’s stock valued at $93,000 after buying an additional 475 shares in the last quarter. Finally, Corient Private Wealth LP bought a new stake in shares of Virtus Investment Partners during the second quarter valued at approximately $217,000. 80.52% of the stock is owned by hedge funds and other institutional investors.

Virtus Investment Partners Company Profile

Virtus Investment Partners, Inc is a U.S.-based asset management company that operates as a multi-manager investment platform. Through a collection of affiliated investment managers, the company provides investment strategies designed to address a range of investor objectives and risk profiles.

Virtus offers mutual funds, exchange-traded funds, separately managed accounts, institutional mandates and alternative investment solutions. Its affiliated managers provide expertise across domestic and international equities, fixed income, multi-asset strategies, alternatives and other specialized investment approaches.

The company traces its roots to 1995 and was previously associated with Phoenix Investment Partners before adopting the Virtus Investment Partners name.