Virtus Investment Partners (NASDAQ:VRTS) Sets New 1-Year Low - What's Next?

Key Points

• Virtus Investment Partners shares fell 5.3% to $117.28, reaching a new 52-week low of $116.71 and trading well below its 50-day and 200-day moving averages.
• Analyst sentiment is cautious: the stock has an average “Reduce” rating, with three Sell, one Hold, and one Buy rating, and an average price target of $129.75 after several target cuts.
• Virtus increased its quarterly dividend to $2.45 per share, implying an annualized payout of $9.80 and an 8.3% yield; institutional investors own approximately 80.5% of the company.

Virtus Investment Partners, Inc. (NASDAQ:VRTS - Get Free Report)'s share price reached a new 52-week low during mid-day trading on Friday. The company traded as low as $116.71 and last traded at $117.28, with a volume of 68,011 shares. The stock had previously closed at $124.97.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on VRTS. Piper Sandler cut their target price on Virtus Investment Partners from $172.00 to $146.00 and set an "overweight" rating on the stock in a research note on Monday, October 19th. Barclays reduced their price target 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. Zacks Research lowered Virtus Investment Partners from a "hold" rating to a "strong sell" rating in a report on Wednesday, October 14th. TD Cowen dropped their target price on Virtus Investment Partners from $155.00 to $136.00 and set a "hold" rating on the stock in a report on Monday, October 12th. Finally, Morgan Stanley cut their price objective 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. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Reduce" and an average price target of $129.75.

Virtus Investment Partners Trading Down 5.3%

The company has a 50 day moving average of $138.62 and a 200 day moving average of $145.58. The firm has a market cap of $783.55 million, a P/E ratio of 7.01 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.

Virtus Investment Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, October 30th will be issued a dividend of $2.45 per share. The ex-dividend date of this dividend is Friday, October 30th. This represents a $9.80 annualized dividend and a dividend yield of 8.3%. This is an increase from Virtus Investment Partners's previous quarterly dividend of $2.40. Virtus Investment Partners's payout ratio is currently 55.84%.

Insider Buying and Selling at Virtus Investment Partners

In other Virtus Investment Partners news, EVP Michael Angerthal sold 14,975 shares of the business's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $167.34, for a total transaction of $2,505,916.50. Following the completion of the transaction, the executive vice president owned 63,461 shares of the company's stock, valued at $10,619,563.74. The trade was a 19.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director W. Morris sold 435 shares of the firm's stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $138.59, for a total value of $60,286.65. The SEC filing for this sale provides additional information. Company insiders own 6.40% of the company's stock.

Institutional Investors Weigh In On Virtus Investment Partners

Hedge funds and other institutional investors have recently modified their holdings of the stock. Empowered Funds LLC bought a new stake in shares of Virtus Investment Partners in the 2nd quarter valued at approximately $2,410,000. Bank of America Corp DE bought a new stake in shares of Virtus Investment Partners in the 2nd quarter worth about $4,867,000. Legal & General Group Plc acquired a new stake in shares of Virtus Investment Partners during the 2nd quarter worth about $1,965,000. Deutsche Bank AG bought a new position in Virtus Investment Partners during the 2nd quarter valued at about $1,026,000. Finally, Ieq Capital LLC acquired a new position 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.

About Virtus Investment Partners

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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