Vulcan Value Partners LLC Lowers Stake in Virtus Investment Partners, Inc. (NASDAQ:VRTS)

Key Points

• Vulcan Value Partners LLC has reduced its stake in Virtus Investment Partners by 12.1% to approximately $14.94 million, now owning 86,700 shares.
• Recent earnings results showed that Virtus Investment Partners reported an EPS of $6.25, exceeding analysts' expectations, and had revenues of $210.53 million for the quarter.
• The company declared a quarterly dividend of $2.25 per share, representing an annualized yield of 4.7%, with a dividend payout ratio of 43.82%.

Vulcan Value Partners LLC decreased its position in Virtus Investment Partners, Inc. (NASDAQ:VRTS - Free Report) by 12.1% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 86,700 shares of the closed-end fund's stock after selling 11,928 shares during the period. Vulcan Value Partners LLC owned about 1.25% of Virtus Investment Partners worth $14,944,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Virtus Investment Partners in the 4th quarter valued at $9,503,000. Zacks Investment Management acquired a new position in Virtus Investment Partners in the 4th quarter valued at about $3,124,000. JPMorgan Chase & Co. boosted its holdings in Virtus Investment Partners by 8.7% in the 4th quarter. JPMorgan Chase & Co. now owns 158,028 shares of the closed-end fund's stock valued at $34,858,000 after purchasing an additional 12,642 shares during the last quarter. Northern Trust Corp boosted its holdings in Virtus Investment Partners by 10.2% in the 4th quarter. Northern Trust Corp now owns 106,104 shares of the closed-end fund's stock valued at $23,404,000 after purchasing an additional 9,793 shares during the last quarter. Finally, ExodusPoint Capital Management LP boosted its holdings in Virtus Investment Partners by 322.8% in the 4th quarter. ExodusPoint Capital Management LP now owns 11,736 shares of the closed-end fund's stock valued at $2,589,000 after purchasing an additional 8,960 shares during the last quarter. Hedge funds and other institutional investors own 80.52% of the company's stock.

Virtus Investment Partners Price Performance

Shares of NASDAQ VRTS traded up $1.98 during midday trading on Monday, hitting $191.64. The company had a trading volume of 11,483 shares, compared to its average volume of 69,838. The company has a quick ratio of 11.86, a current ratio of 11.86 and a debt-to-equity ratio of 0.27. Virtus Investment Partners, Inc. has a twelve month low of $142.18 and a twelve month high of $252.82. The business has a 50-day simple moving average of $187.50 and a two-hundred day simple moving average of $179.52. The firm has a market capitalization of $1.32 billion, a price-to-earnings ratio of 11.34 and a beta of 1.44.

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 the consensus estimate of $6.17 by $0.08. Virtus Investment Partners had a net margin of 13.42% and a return on equity of 21.56%. The firm had revenue of $210.53 million during the quarter, compared to the consensus estimate of $191.90 million. During the same period last year, the firm posted $6.53 EPS. Equities research analysts anticipate that Virtus Investment Partners, Inc. will post 27.7 earnings per share for the current year.

Virtus Investment Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 31st will be issued a dividend of $2.25 per share. This represents a $9.00 annualized dividend and a yield of 4.7%. The ex-dividend date is Thursday, July 31st. Virtus Investment Partners's dividend payout ratio (DPR) is 43.82%.

Analysts Set New Price Targets

VRTS has been the topic of several recent analyst reports. TD Cowen decreased their target price on shares of Virtus Investment Partners from $220.00 to $158.00 and set a "hold" rating on the stock in a report on Wednesday, April 9th. Morgan Stanley set a $171.00 target price on shares of Virtus Investment Partners and gave the stock an "underweight" rating in a research note on Wednesday, July 2nd. Wall Street Zen raised shares of Virtus Investment Partners from a "hold" rating to a "buy" rating in a research note on Monday, May 19th. Piper Sandler increased their price objective on shares of Virtus Investment Partners from $211.00 to $234.00 and gave the company an "overweight" rating in a research report on Monday, July 21st. Finally, Barclays upped their target price on shares of Virtus Investment Partners from $150.00 to $190.00 and gave the company an "underweight" rating in a report on Wednesday, July 16th. Two analysts have rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $188.25.

About Virtus Investment Partners

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.