Virtus Investment Partners (NASDAQ:VRTS) Stock Price Down 6.9% - Here's Why

Key Points

• Virtus Investment Partners shares dropped by 6.9%, closing at $198.89 amid reduced trading volume, down 81% from the average session.
• Investment firms have varied outlooks on VRTS, with price targets ranging from $150.00 to $234.00 and multiple ratings including "buy," "hold," and "underweight."
• The company posted a quarterly EPS of $5.73, exceeding analysts' expectations, and declared a quarterly dividend of $2.25 per share scheduled for August 15th.
• Institutional investors control 80.52% of Virtus Investment Partners, with recent increases in holdings from major firms such as American Century Companies and Prudential Financial.

Shares of Virtus Investment Partners, Inc. (NASDAQ:VRTS - Get Free Report) fell 6.9% during trading on Friday . The company traded as low as $200.97 and last traded at $198.89. 13,548 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 69,691 shares. The stock had previously closed at $213.65.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. TD Cowen dropped their target price on Virtus Investment Partners from $220.00 to $158.00 and set a "hold" rating for the company in a report on Wednesday, April 9th. Morgan Stanley set a $171.00 price target on Virtus Investment Partners and gave the company an "underweight" rating in a report on Wednesday, July 2nd. Wall Street Zen upgraded Virtus Investment Partners from a "hold" rating to a "buy" rating in a research report on Monday, May 19th. Barclays raised their price target on Virtus Investment Partners from $150.00 to $190.00 and gave the stock an "underweight" rating in a research report on Wednesday, July 16th. Finally, Piper Sandler raised their price target on Virtus Investment Partners from $211.00 to $234.00 and gave the stock an "overweight" rating in a research report on Monday, July 21st. Two analysts have rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $188.25.

Virtus Investment Partners Price Performance

The company has a 50 day simple moving average of $185.63 and a 200-day simple moving average of $179.88. The stock has a market cap of $1.35 billion, a price-to-earnings ratio of 11.57 and a beta of 1.44. 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 (NASDAQ:VRTS - Get Free Report) last released its quarterly earnings results on Friday, July 25th. The closed-end fund reported $6.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.17 by $0.08. Virtus Investment Partners had a return on equity of 21.56% and a net margin of 13.42%. The firm had revenue of $210.53 million for the quarter, compared to the consensus estimate of $191.90 million. During the same quarter last year, the business posted $6.53 EPS. Research analysts expect that Virtus Investment Partners, Inc. will post 27.7 EPS for the current year.

Virtus Investment Partners Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Thursday, July 31st will be given a $2.25 dividend. This represents a $9.00 dividend on an annualized basis and a dividend yield of 4.60%. The ex-dividend date is Thursday, July 31st. Virtus Investment Partners's dividend payout ratio is currently 43.82%.

Institutional Trading of Virtus Investment Partners

A number of hedge funds and other institutional investors have recently modified their holdings of VRTS. Nuveen LLC acquired a new stake in shares of Virtus Investment Partners in the first quarter valued at about $9,639,000. Norges Bank acquired a new position in Virtus Investment Partners during the fourth quarter worth approximately $9,503,000. Gator Capital Management LLC increased its position in Virtus Investment Partners by 190.7% during the first quarter. Gator Capital Management LLC now owns 60,810 shares of the closed-end fund's stock worth $10,481,000 after buying an additional 39,895 shares during the last quarter. American Century Companies Inc. increased its position in Virtus Investment Partners by 38.5% during the first quarter. American Century Companies Inc. now owns 113,192 shares of the closed-end fund's stock worth $19,510,000 after buying an additional 31,454 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Virtus Investment Partners by 8.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 299,961 shares of the closed-end fund's stock worth $51,701,000 after buying an additional 23,081 shares during the last quarter. Institutional investors and hedge funds own 80.52% of the company's stock.

Virtus Investment Partners Company Profile

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.