Virtus Investment Partners (NASDAQ:VRTS) Shares Gap Down - What's Next?

Key Points

• Shares fell sharply: Virtus Investment Partners opened at $131.82 versus a prior close of $137.88, and last traded near $132.25.
• Analyst sentiment remains cautious: The stock has a consensus “Reduce” rating and a $145.50 target price, with ratings split among Buy, Hold and Sell recommendations.
• Dividend increased: Virtus raised its quarterly dividend to $2.45, equal to $9.80 annually and a 7.4% yield, with a payout ratio of 55.84%.

Virtus Investment Partners, Inc. (NASDAQ:VRTS - Get Free Report) shares gapped down before the market opened on Thursday . The stock had previously closed at $137.88, but opened at $131.82. Virtus Investment Partners shares last traded at $132.2470, with a volume of 15,554 shares changing hands.

Analyst Ratings Changes

A number of analysts have weighed in on VRTS shares. Morgan Stanley reiterated an "underweight" rating and issued a $130.00 target price on shares of Virtus Investment Partners in a research note on Wednesday, July 29th. Barclays lowered their target price on shares of Virtus Investment Partners from $141.00 to $135.00 and set an "underweight" rating for the company in a research note on Friday, July 31st. Finally, TD Cowen raised their price target 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. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Reduce" and a consensus target price of $145.50.

Virtus Investment Partners Stock Performance

The firm's fifty day moving average price is $162.22 and its 200 day moving average price is $147.59. The firm has a market cap of $873.18 million, a P/E ratio of 7.81 and a beta of 1.35. 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 firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, October 30th will be paid a $2.45 dividend. This represents a $9.80 dividend on an annualized basis and a yield of 7.4%. This is a positive change from Virtus Investment Partners's previous quarterly dividend of $2.40. The ex-dividend date of this dividend is Friday, October 30th. Virtus Investment Partners's payout ratio is presently 55.84%.

Insiders Place Their Bets

In other Virtus Investment Partners news, EVP Michael Angerthal sold 14,975 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $167.34, for a total transaction of $2,505,916.50. Following the sale, the executive vice president owned 63,461 shares of the company's stock, valued at approximately $10,619,563.74. This trade represents a 19.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director W. Morris sold 435 shares of Virtus Investment Partners stock in a transaction on 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. 6.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Integrated Wealth Concepts LLC bought a new position in shares of Virtus Investment Partners during the 2nd quarter worth approximately $129,000. IFP Advisors Inc lifted its holdings in shares of Virtus Investment Partners by 158.6% during the 2nd quarter. IFP Advisors Inc now owns 181 shares of the closed-end fund's stock valued at $26,000 after purchasing an additional 111 shares during the last quarter. Allworth Financial LP lifted its holdings in shares of Virtus Investment Partners by 274.6% during the 2nd quarter. Allworth Financial LP now owns 648 shares of the closed-end fund's stock valued at $93,000 after purchasing an additional 475 shares during the last quarter. Corient Private Wealth LP acquired a new stake in shares of Virtus Investment Partners in the 2nd quarter worth $217,000. Finally, BTG Pactual Asset Management US LLC boosted its position in shares of 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 purchasing an additional 1,001 shares in the last quarter. Hedge funds and other institutional investors own 80.52% of the company's stock.

Virtus Investment Partners Company Profile

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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