Bank of America Corp DE Decreases Stake in Virtus Investment Partners, Inc. $VRTS

Key Points

• Bank of America reduced its Virtus Investment Partners stake by 33% in the first quarter, selling 12,848 shares and retaining 26,124 shares valued at approximately $3.51 million. Institutional investors collectively own 80.52% of VRTS.
• Analyst sentiment is cautious, with one Buy, two Hold, and two Sell ratings; the consensus rating is “Reduce” with an average price target of $145.50.
• Virtus raised its quarterly dividend to $2.45 per share, equivalent to $9.80 annually and a 5.8% yield, while an executive separately sold nearly $2.51 million worth of stock.

Bank of America Corp DE lowered its holdings in Virtus Investment Partners, Inc. (NASDAQ:VRTS - Free Report) by 33.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 26,124 shares of the closed-end fund's stock after selling 12,848 shares during the period. Bank of America Corp DE owned approximately 0.39% of Virtus Investment Partners worth $3,510,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. First Trust Advisors LP raised 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 worth $7,111,000 after buying an additional 14,600 shares in the last quarter. Renaissance Technologies LLC grew its position in Virtus Investment Partners by 73.1% during the first quarter. Renaissance Technologies LLC now owns 27,229 shares of the closed-end fund's stock worth $3,658,000 after buying an additional 11,500 shares in the last quarter. Sei Investments Co. increased its stake in Virtus Investment Partners by 135.4% in the 1st quarter. Sei Investments Co. now owns 30,963 shares of the closed-end fund's stock worth $4,160,000 after acquiring an additional 17,811 shares during the last quarter. Empowered Funds LLC bought a new position in Virtus Investment Partners in the 1st quarter worth about $2,058,000. Finally, Dimensional Fund Advisors LP raised its holdings 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 valued at $40,990,000 after acquiring an additional 7,987 shares in the last quarter. 80.52% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

VRTS has been the topic of a number of research analyst reports. Piper Sandler decreased their price target on shares of Virtus Investment Partners from $181.00 to $170.00 and set an "overweight" rating on the stock in a report on Monday, May 4th. TD Cowen lifted their price objective on shares of Virtus Investment Partners from $136.00 to $147.00 and gave the stock a "hold" rating in a report on Monday, July 20th. Morgan Stanley reiterated an "underweight" rating and issued a $130.00 target price on shares of Virtus Investment Partners in a research report on Wednesday, July 29th. Finally, Barclays reduced 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 assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Reduce" and a consensus target price of $145.50.

Insider Buying and Selling at Virtus Investment Partners

In other news, EVP Michael A. Angerthal sold 14,975 shares of Virtus Investment Partners stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $167.34, for a total value of $2,505,916.50. Following the sale, the executive vice president directly owned 63,461 shares in the company, valued at approximately $10,619,563.74. This trade represents a 19.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 6.40% of the company's stock.

Virtus Investment Partners Stock Performance

Virtus Investment Partners stock opened at $168.12 on Monday. 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 50-day moving average of $160.70 and a 200-day moving average of $146.58. The firm has a market cap of $1.11 billion, a P/E ratio of 9.95 and a beta of 1.37. Virtus Investment Partners, Inc. has a 1-year low of $121.61 and a 1-year high of $203.61.

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. This is an increase from Virtus Investment Partners's previous quarterly dividend of $2.40. The ex-dividend date is Friday, October 30th. This represents a $9.80 annualized dividend and a yield of 5.8%. Virtus Investment Partners's dividend payout ratio (DPR) is 55.84%.

Virtus Investment Partners Company Profile

Virtus Investment Partners NASDAQ: VRTS is a publicly traded investment management company headquartered in Hartford, Connecticut. The firm offers a broad range of investment solutions to institutional, high-net-wealth, and retail investors, drawing on the expertise of multiple affiliated investment teams. Since its founding in 1995, Virtus has grown by integrating specialized asset managers and expanding its product lineup, while maintaining a focus on active management across diverse market environments.

The company's product suite encompasses mutual funds, closed-end funds, exchange-traded funds (ETFs), collective trusts, UCITS funds, and separately managed accounts.

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