33,917 Shares of Virtus Investment Partners, Inc. $VRTS Bought by Bank of America Corp DE

Key Points

• Bank of America initiated a position in Virtus Investment Partners, purchasing 33,917 shares valued at approximately $4.87 million, or about 0.51% of the company. Institutional investors collectively own 80.52% of VRTS.
• Analyst sentiment remains cautious: VRTS has an average “Reduce” rating and a $143 price target, with recent targets ranging from $120 to $147. Shares opened at $129.59, well below their 52-week high of $195.
• Virtus increased its quarterly dividend to $2.45 per share, implying an annualized dividend of $9.80 and a yield of approximately 7.6%.

Bank of America Corp DE bought a new position in shares of Virtus Investment Partners, Inc. (NASDAQ:VRTS - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm bought 33,917 shares of the closed-end fund's stock, valued at approximately $4,867,000. Bank of America Corp DE owned approximately 0.51% of Virtus Investment Partners as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. International Assets Investment Management LLC acquired a new stake in shares of Virtus Investment Partners in the first quarter valued at $26,000. Assetmark Inc. acquired a new position in Virtus Investment Partners during the 1st quarter worth about $36,000. GAMMA Investing LLC grew its holdings in Virtus Investment Partners by 86.2% during the 2nd quarter. GAMMA Investing LLC now owns 270 shares of the closed-end fund's stock worth $39,000 after acquiring an additional 125 shares during the last quarter. Allworth Financial LP bought a new stake in Virtus Investment Partners during the 2nd quarter worth about $93,000. Finally, Fifth Third Bancorp increased its position in Virtus Investment Partners by 2,566.1% in the 1st quarter. Fifth Third Bancorp now owns 1,573 shares of the closed-end fund's stock valued at $211,000 after acquiring an additional 1,514 shares in the last quarter. 80.52% of the stock is owned by institutional investors.

Analysts Set New Price Targets

VRTS has been the topic of several research analyst reports. Barclays decreased their price target on shares of 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. TD Cowen boosted their price objective on shares of Virtus Investment Partners from $136.00 to $147.00 and gave the stock a "hold" rating in a research report on Monday, July 20th. Finally, Morgan Stanley reduced their price objective on Virtus Investment Partners from $130.00 to $120.00 and set an "underweight" rating on the stock in a report on Friday. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Reduce" and an average price target of $143.00.

Virtus Investment Partners Stock Down 0.8%

Shares of NASDAQ VRTS opened at $129.59 on Tuesday. Virtus Investment Partners, Inc. has a 1 year low of $121.61 and a 1 year high of $195.00. The firm's 50-day moving average is $156.90 and its 200-day moving average is $147.14. The company has a current ratio of 11.86, a quick ratio of 11.86 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $858.26 million, a PE ratio of 7.67 and a beta of 1.35.

Virtus Investment Partners Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Friday, October 30th will be paid a $2.45 dividend. 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. This represents a $9.80 annualized dividend and a yield of 7.6%. Virtus Investment Partners's payout ratio is currently 55.84%.

Insider Activity

In other news, Director W. Morris sold 435 shares of the business's stock in a transaction dated 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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Michael A. 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. Corporate insiders own 6.40% of the company's stock.

Virtus Investment Partners 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.

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