Squarepoint Ops LLC Decreases Position in Virtus Investment Partners, Inc. $VRTS

Key Points

• Squarepoint Ops LLC cut its Virtus Investment Partners stake by 85.6% in the second quarter, leaving it with 4,690 shares worth approximately $673,000. Institutional investors collectively own 80.52% of the company.
• Virtus raised its quarterly dividend to $2.45 per share, equivalent to an annualized $9.80 dividend and a 7.8% yield.
• Analysts maintain a cautious outlook, with a consensus “Reduce” rating and a $145.50 target price; the stock recently opened at $125.16, while insiders have also sold shares.

Squarepoint Ops LLC lessened its stake in Virtus Investment Partners, Inc. (NASDAQ:VRTS - Free Report) by 85.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,690 shares of the closed-end fund's stock after selling 27,984 shares during the quarter. Squarepoint Ops LLC owned approximately 0.07% of Virtus Investment Partners worth $673,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of VRTS. Allworth Financial LP raised its stake in shares of Virtus Investment Partners by 274.6% in the second quarter. Allworth Financial LP now owns 648 shares of the closed-end fund's stock valued at $93,000 after buying an additional 475 shares during the period. Corient Private Wealth LP bought a new position in shares of Virtus Investment Partners during the 2nd quarter worth $217,000. BTG Pactual Asset Management US LLC increased its holdings in Virtus Investment Partners by 62.6% in the 2nd quarter. BTG Pactual Asset Management US LLC now owns 2,599 shares of the closed-end fund's stock worth $373,000 after acquiring an additional 1,001 shares during the last quarter. Susquehanna Fundamental Investments LLC increased its holdings in Virtus Investment Partners by 257.0% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 14,095 shares of the closed-end fund's stock worth $2,023,000 after acquiring an additional 10,147 shares during the last quarter. Finally, Hsbc Holdings PLC raised its stake in Virtus Investment Partners by 52.4% in the 2nd quarter. Hsbc Holdings PLC now owns 3,934 shares of the closed-end fund's stock valued at $572,000 after acquiring an additional 1,352 shares during the period. Hedge funds and other institutional investors own 80.52% of the company's stock.

Virtus Investment Partners Price Performance

Shares of NASDAQ VRTS opened at $125.16 on Friday. The stock has a market cap of $828.93 million, a PE ratio of 7.41 and a beta of 1.35. Virtus Investment Partners, Inc. has a fifty-two week low of $121.61 and a fifty-two week high of $195.25. 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 stock has a fifty day moving average of $160.96 and a 200-day moving average of $147.37.

Virtus Investment Partners Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Friday, October 30th will be given a dividend of $2.45 per share. This is a boost from Virtus Investment Partners's previous quarterly dividend of $2.40. This represents a $9.80 annualized dividend and a dividend yield of 7.8%. The ex-dividend date is Friday, October 30th. Virtus Investment Partners's dividend payout ratio (DPR) is currently 55.84%.

Insider Activity

In other news, EVP Michael A. Angerthal sold 14,975 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director W. Morris sold 435 shares of the business's stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $138.59, for a total transaction of $60,286.65. The SEC filing for this sale provides additional information. Corporate insiders own 6.40% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Morgan Stanley reaffirmed an "underweight" rating and set a $130.00 price objective on shares of Virtus Investment Partners in a report on Wednesday, July 29th. TD Cowen lifted their target price 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. Finally, Barclays lowered 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 report on Friday, July 31st. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Reduce" and a consensus target price of $145.50.

About Virtus Investment Partners

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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