International Assets Investment Management LLC Purchases 77,700 Shares of Virtus Investment Partners, Inc. $VRTS

Key Points

• International Assets Investment Management LLC increased its Virtus Investment Partners stake by 77,700 shares, ending the third quarter with 80,000 shares worth approximately $10.6 million. Institutional investors collectively own 80.52% of VRTS.
• Virtus raised its quarterly dividend to $2.45 per share, implying an annualized payout of $9.80 and an 8.3% yield.
• VRTS traded near $118.31 after declining 5.3%, while analysts largely remained cautious: the stock carries a “Reduce” consensus rating and an average price target of $129.75.

International Assets Investment Management LLC increased its position in Virtus Investment Partners, Inc. (NASDAQ:VRTS - Free Report) by 3,378.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 80,000 shares of the closed-end fund's stock after purchasing an additional 77,700 shares during the quarter. International Assets Investment Management LLC owned approximately 1.21% of Virtus Investment Partners worth $10,586,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Empowered Funds LLC bought a new position in shares of Virtus Investment Partners during the 2nd quarter worth about $2,410,000. Bank of America Corp DE acquired a new stake in shares of Virtus Investment Partners during the 2nd quarter valued at about $4,867,000. Legal & General Group Plc acquired a new stake in shares of Virtus Investment Partners during the 2nd quarter valued at about $1,965,000. Deutsche Bank AG bought a new stake in Virtus Investment Partners in the second quarter valued at about $1,026,000. Finally, Ieq Capital LLC bought a new stake in Virtus Investment Partners in the second quarter valued at about $3,255,000. Institutional investors and hedge funds own 80.52% of the company's stock.

Virtus Investment Partners Stock Down 5.3%

VRTS opened at $118.31 on Friday. The firm has a market cap of $783.55 million, a price-to-earnings ratio of 7.00 and a beta of 1.41. The company has a debt-to-equity ratio of 0.27, a quick ratio of 11.86 and a current ratio of 11.86. The firm's 50-day simple moving average is $137.63 and its 200-day simple moving average is $145.29. Virtus Investment Partners, Inc. has a twelve month low of $116.71 and a twelve month high of $175.66.

Virtus Investment Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Friday, October 30th will be paid a dividend of $2.45 per share. 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 8.3%. The ex-dividend date of this dividend is Friday, October 30th. Virtus Investment Partners's payout ratio is currently 55.84%.

Analysts Set New Price Targets

A number of research analysts have commented on VRTS shares. Piper Sandler cut their price target on shares of Virtus Investment Partners from $172.00 to $146.00 and set an "overweight" rating for the company in a research note on Monday, October 19th. Zacks Research lowered Virtus Investment Partners from a "hold" rating to a "strong sell" rating in a research note on Wednesday, October 14th. Morgan Stanley dropped their target price on Virtus Investment Partners from $130.00 to $120.00 and set an "underweight" rating for the company in a report on Friday, September 25th. Barclays cut their target price on Virtus Investment Partners from $135.00 to $117.00 and set an "underweight" rating for the company in a research report on Wednesday, October 14th. Finally, TD Cowen decreased their price target on Virtus Investment Partners from $155.00 to $136.00 and set a "hold" rating on the stock in a research note on Monday, October 12th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Reduce" and an average price target of $129.75.

Insider Buying and Selling

In related news, Director W. Morris sold 435 shares of the firm's stock in a transaction on 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 legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Michael A. Angerthal sold 14,975 shares of the firm's stock in a transaction on 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 directly owned 63,461 shares of the company's stock, valued at $10,619,563.74. This represents a 19.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 6.40% of the company's stock.

Virtus Investment Partners Company Profile

Virtus Investment Partners, Inc is an asset management company that provides investment products and services to individual and institutional investors. The company operates as a multi-boutique investment firm, partnering with affiliated and unaffiliated investment managers that offer specialized expertise across a range of asset classes and investment strategies.

Virtus distributes mutual funds, exchange-traded funds, separately managed accounts, closed-end funds and other investment solutions.

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