Royal Bank of Canada Decreases Stock Holdings in Virtus Investment Partners, Inc. $VRTS

Key Points

• Royal Bank of Canada cut its Virtus Investment Partners stake by 97.4% in the first quarter, selling 85,932 shares and retaining 2,292 shares valued at approximately $308,000.
• Institutional ownership remains high at 80.52%, although analyst sentiment is cautious: Virtus has a consensus “Reduce” rating and an average price target of $145.50 versus its $167.46 trading price.
• Virtus raised its quarterly dividend to $2.45 per share, equivalent to an annualized $9.80 dividend and a 5.9% yield; an executive vice president also sold nearly $2.51 million in company shares.

Royal Bank of Canada lowered its holdings in shares of Virtus Investment Partners, Inc. (NASDAQ:VRTS - Free Report) by 97.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,292 shares of the closed-end fund's stock after selling 85,932 shares during the quarter. Royal Bank of Canada's holdings in Virtus Investment Partners were worth $308,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Virtus Investment Partners by 2.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,952 shares of the closed-end fund's stock valued at $681,000 after buying an additional 103 shares in the last quarter. Millennium Management LLC increased its stake in Virtus Investment Partners by 10.8% during the first quarter. Millennium Management LLC now owns 58,788 shares of the closed-end fund's stock worth $10,133,000 after acquiring an additional 5,734 shares during the last quarter. Jane Street Group LLC increased its stake in Virtus Investment Partners by 57.4% during the first quarter. Jane Street Group LLC now owns 15,543 shares of the closed-end fund's stock worth $2,679,000 after acquiring an additional 5,671 shares during the last quarter. Intech Investment Management LLC raised its position in Virtus Investment Partners by 20.8% during the first quarter. Intech Investment Management LLC now owns 6,587 shares of the closed-end fund's stock valued at $1,135,000 after purchasing an additional 1,134 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of Virtus Investment Partners by 26.0% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 11,776 shares of the closed-end fund's stock valued at $2,136,000 after purchasing an additional 2,429 shares during the last quarter. 80.52% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Morgan Stanley reissued an "underweight" rating and set a $130.00 target price on shares of Virtus Investment Partners in a research report on Wednesday, July 29th. 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 research note on Monday, July 20th. Barclays cut their price objective on shares of Virtus Investment Partners from $141.00 to $135.00 and set an "underweight" rating on the stock in a research report on Friday, July 31st. Finally, Piper Sandler reduced their target price on shares of Virtus Investment Partners from $181.00 to $170.00 and set an "overweight" rating on the stock in a research note on Monday, May 4th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Virtus Investment Partners presently has a consensus rating of "Reduce" and an average price target of $145.50.

Virtus Investment Partners Trading Up 0.1%

Shares of NASDAQ VRTS opened at $167.46 on Friday. Virtus Investment Partners, Inc. has a fifty-two week low of $121.61 and a fifty-two week high of $203.61. 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 company has a market cap of $1.11 billion, a price-to-earnings ratio of 9.91 and a beta of 1.37. The business's 50 day moving average price is $160.18 and its 200-day moving average price is $146.35.

Virtus Investment Partners Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Friday, October 30th will be paid a dividend of $2.45 per share. This is an increase from Virtus Investment Partners's previous quarterly dividend of $2.40. This represents a $9.80 dividend on an annualized basis and a dividend yield of 5.9%. The ex-dividend date of this dividend is Friday, October 30th. Virtus Investment Partners's payout ratio is presently 55.84%.

Insider Activity

In other news, 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 transaction, the executive vice president directly owned 63,461 shares in the company, valued at approximately $10,619,563.74. This represents a 19.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 6.40% of the company's stock.

About Virtus Investment Partners

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.

Want to see what other hedge funds are holding VRTS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Virtus Investment Partners, Inc. (NASDAQ:VRTS - Free Report).

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