Virtus Investment Partners (NASDAQ:VRTS) Shares Gap Up - Here's What Happened

Key Points

• Virtus Investment Partners shares jumped at the open, rising from a prior close of $125.00 to $131.29 before last trading near $130.74.
• Analyst sentiment remains cautious: the stock has a consensus rating of “Reduce”, with one Buy, two Hold, and two Sell ratings, despite a consensus price target of $145.50.
• Virtus increased its quarterly dividend to $2.45 per share, equating to a $9.80 annualized payout and a 7.6% yield; insiders have recently sold shares, while institutional investors own 80.52% of the company.

Shares of Virtus Investment Partners, Inc. (NASDAQ:VRTS - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $125.00, but opened at $131.29. Virtus Investment Partners shares last traded at $130.7350, with a volume of 12,150 shares changing hands.

Analysts Set New Price Targets

Several analysts have weighed in on VRTS shares. TD Cowen boosted 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. Morgan Stanley reiterated an "underweight" rating and issued a $130.00 price objective on shares of Virtus Investment Partners in a report on Wednesday, July 29th. Finally, Barclays lowered their target price on 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. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Reduce" and a consensus price target of $145.50.

Virtus Investment Partners Stock Performance

The business's fifty day simple moving average is $160.43 and its 200-day simple moving average is $147.35. The firm has a market cap of $851.35 million, a P/E ratio of 7.61 and a beta of 1.35. The company has a current ratio of 11.86, a quick ratio of 11.86 and a debt-to-equity ratio of 0.27.

Virtus Investment Partners Increases Dividend

The firm also recently announced 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. The ex-dividend date of this dividend is Friday, October 30th. 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 7.6%. Virtus Investment Partners's payout ratio is 55.84%.

Insider Transactions at Virtus Investment Partners

In other Virtus Investment Partners news, EVP Michael Angerthal sold 14,975 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the executive vice president owned 63,461 shares of the company's stock, valued at $10,619,563.74. This represents a 19.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director W. Morris sold 435 shares of the stock in a transaction that occurred on Tuesday, September 15th. The stock was 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 insiders.

Institutional Trading of Virtus Investment Partners

Several large investors have recently added to or reduced their stakes in VRTS. Integrated Wealth Concepts LLC bought a new position in Virtus Investment Partners in the 2nd quarter worth $129,000. IFP Advisors Inc lifted its position in shares of Virtus Investment Partners by 158.6% in the 2nd quarter. IFP Advisors Inc now owns 181 shares of the closed-end fund's stock worth $26,000 after purchasing an additional 111 shares during the period. Allworth Financial LP boosted its stake 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 in the last quarter. Corient Private Wealth LP purchased a new position in shares of Virtus Investment Partners during the second quarter valued at about $217,000. Finally, BTG Pactual Asset Management US LLC increased its position in shares of Virtus Investment Partners by 62.6% during the second quarter. BTG Pactual Asset Management US LLC now owns 2,599 shares of the closed-end fund's stock valued at $373,000 after buying an additional 1,001 shares during the period. Institutional investors own 80.52% of the company's stock.

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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