Virtus Investment Partners (NASDAQ:VRTS) Sets New 52-Week Low After Analyst Downgrade

Virtus Investment Partners, Inc. (NASDAQ:VRTS)’s stock price reached a new 52-week low during mid-day trading on Wednesday after Zacks Research downgraded the stock from a hold rating to a strong sell rating. The company traded as low as $121.15 and last traded at $122.0770, with a volume of 95,724 shares trading hands. The stock had previously closed at $127.97.

Several other equities research analysts also recently weighed in on the company. TD Cowen cut their price target on Virtus Investment Partners from $155.00 to $136.00 and set a “hold” rating on the stock in a report on Monday. Barclays reduced their price target on Virtus Investment Partners from $135.00 to $117.00 and set an “underweight” rating on the stock in a research report on Wednesday. Finally, Morgan Stanley decreased their price objective on Virtus Investment Partners from $130.00 to $120.00 and set an “underweight” rating for the company in a research note on Friday, September 25th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, Virtus Investment Partners has an average rating of “Reduce” and a consensus target price of $135.75.

Insiders Place Their Bets

In other Virtus Investment Partners news, Director W. Morris sold 435 shares of the company’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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Michael Angerthal sold 14,975 shares of the company’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 completion of the sale, the executive vice president directly owned 63,461 shares of the company’s stock, valued at approximately $10,619,563.74. This trade represents a 19.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 6.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. BlackRock Inc. purchased a new position in Virtus Investment Partners in the 2nd quarter valued at $151,624,000. Dimensional Fund Advisors LP lifted its stake in shares of Virtus Investment Partners by 2.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 305,115 shares of the closed-end fund’s stock worth $40,990,000 after acquiring an additional 7,987 shares during the period. Algert Global LLC lifted its stake in shares of Virtus Investment Partners by 1.1% in the 2nd quarter. Algert Global LLC now owns 77,962 shares of the closed-end fund’s stock worth $11,188,000 after acquiring an additional 864 shares during the period. Bank of New York Mellon Corp acquired a new stake in shares of Virtus Investment Partners in the 2nd quarter worth $10,148,000. Finally, First Trust Advisors LP boosted its holdings 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. Institutional investors and hedge funds own 80.52% of the company’s stock.

Virtus Investment Partners Trading Up 0.1%

The firm has a market cap of $812.38 million, a PE ratio of 7.26 and a beta of 1.41. The company’s fifty day moving average price is $147.77 and its two-hundred day moving average price is $147.21. 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 disclosed a quarterly dividend, which will be paid on Friday, November 13th. Shareholders 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 represents a $9.80 dividend on an annualized basis and a yield of 8.0%. This is a boost from Virtus Investment Partners’s previous quarterly dividend of $2.40. Virtus Investment Partners’s dividend payout ratio is presently 55.84%.

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.