Charles Schwab Investment Management Inc. Raises Stake in Virtus Investment Partners, Inc. $VRTS

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Virtus Investment Partners by 8.3%, bringing its total ownership to approximately 4.33% of the company, worth $51.7 million.
• Virtus Investment Partners announced a dividend increase to $2.40 per share, up from the previous $2.25, representing a 4.9% annual yield.
• The company's recent quarterly earnings exceeded analysts' expectations, reporting $6.25 earnings per share compared to the forecasted $6.17.

Charles Schwab Investment Management Inc. raised its stake in shares of Virtus Investment Partners, Inc. (NASDAQ:VRTS - Free Report) by 8.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 299,961 shares of the closed-end fund's stock after buying an additional 23,081 shares during the quarter. Charles Schwab Investment Management Inc. owned about 4.33% of Virtus Investment Partners worth $51,701,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Northern Trust Corp increased its holdings in shares of Virtus Investment Partners by 10.2% during the fourth quarter. Northern Trust Corp now owns 106,104 shares of the closed-end fund's stock valued at $23,404,000 after acquiring an additional 9,793 shares in the last quarter. Transcend Capital Advisors LLC purchased a new stake in Virtus Investment Partners during the 1st quarter valued at about $1,204,000. GAMMA Investing LLC increased its stake in Virtus Investment Partners by 8,517.5% during the 1st quarter. GAMMA Investing LLC now owns 6,894 shares of the closed-end fund's stock valued at $1,188,000 after purchasing an additional 6,814 shares in the last quarter. Marshall Wace LLP increased its stake in Virtus Investment Partners by 180.1% during the 4th quarter. Marshall Wace LLP now owns 10,442 shares of the closed-end fund's stock valued at $2,303,000 after purchasing an additional 6,714 shares in the last quarter. Finally, Edgestream Partners L.P. purchased a new position in Virtus Investment Partners in the first quarter worth about $1,052,000. 80.52% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Wall Street Zen upgraded shares of Virtus Investment Partners from a "hold" rating to a "buy" rating in a report on Monday, May 19th. Barclays upped their price objective on Virtus Investment Partners from $150.00 to $190.00 and gave the company an "underweight" rating in a research report on Wednesday, July 16th. Piper Sandler increased their target price on Virtus Investment Partners from $211.00 to $234.00 and gave the company an "overweight" rating in a research note on Monday, July 21st. Finally, Morgan Stanley set a $171.00 price target on Virtus Investment Partners and gave the stock an "underweight" rating in a research note on Wednesday, July 2nd. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Virtus Investment Partners currently has an average rating of "Reduce" and a consensus target price of $188.25.

Virtus Investment Partners Stock Performance

Shares of VRTS traded down $2.0750 during trading hours on Wednesday, hitting $191.3550. The stock had a trading volume of 36,730 shares, compared to its average volume of 69,667. The company has a debt-to-equity ratio of 0.27, a current ratio of 11.86 and a quick ratio of 11.86. Virtus Investment Partners, Inc. has a 12 month low of $142.18 and a 12 month high of $252.82. The firm has a market capitalization of $1.29 billion, a PE ratio of 11.32 and a beta of 1.41. The stock has a fifty day moving average price of $192.65 and a 200 day moving average price of $178.38.

Virtus Investment Partners (NASDAQ:VRTS - Get Free Report) last posted its earnings results on Friday, July 25th. The closed-end fund reported $6.25 earnings per share for the quarter, beating analysts' consensus estimates of $6.17 by $0.08. Virtus Investment Partners had a return on equity of 21.56% and a net margin of 13.42%.The company had revenue of $210.53 million for the quarter, compared to the consensus estimate of $191.90 million. During the same quarter in the prior year, the company earned $6.53 earnings per share. Analysts anticipate that Virtus Investment Partners, Inc. will post 27.7 EPS for the current year.

Virtus Investment Partners Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Friday, October 31st will be issued a dividend of $2.40 per share. This is an increase from Virtus Investment Partners's previous quarterly dividend of $2.25. This represents a $9.60 dividend on an annualized basis and a yield of 5.0%. The ex-dividend date of this dividend is Friday, October 31st. Virtus Investment Partners's dividend payout ratio is currently 46.74%.

Virtus Investment Partners Company Profile

Virtus Investment Partners, Inc is a publicly owned investment manager. The firm primarily provides its services to individual and institutional clients. It launches separate client focused equity and fixed income portfolios. The firm launches equity, fixed income, and balanced mutual funds for its clients.