Virtus Investment Partners (NASDAQ:VRTS) Hits New 52-Week Low on Analyst Downgrade

Shares of Virtus Investment Partners, Inc. (NASDAQ:VRTS) hit a new 52-week low during mid-day trading on Wednesday after Zacks Research downgraded the stock from a hold rating to a strong sell rating. The company traded as low as $121.15 and last traded at $122.0770, with a volume of 95,724 shares traded. The stock had previously closed at $127.97.

A number of other research analysts have also commented on VRTS. Barclays lowered their price target on Virtus Investment Partners from $135.00 to $117.00 and set an “underweight” rating on the stock in a report on Wednesday. Morgan Stanley reduced their price objective on shares of Virtus Investment Partners from $130.00 to $120.00 and set an “underweight” rating for the company in a report on Friday, September 25th. Finally, TD Cowen reduced their price objective on shares of Virtus Investment Partners from $155.00 to $136.00 and set a “hold” rating for the company in a report on Monday. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Reduce” and an average price target of $135.75.

Insider Activity at Virtus Investment Partners

In other Virtus Investment Partners news, Director W. Morris sold 435 shares of the company’s 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael Angerthal sold 14,975 shares of the stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $167.34, for a total value of $2,505,916.50. Following the transaction, the executive vice president directly owned 63,461 shares of the company’s stock, valued at approximately $10,619,563.74. The trade was a 19.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 6.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Empowered Funds LLC acquired a new position in shares of Virtus Investment Partners in the 2nd quarter worth approximately $2,410,000. Legal & General Group Plc bought a new stake in shares of Virtus Investment Partners in the 2nd quarter worth approximately $1,965,000. Bank of America Corp DE bought a new stake in shares of Virtus Investment Partners in the 2nd quarter worth approximately $4,867,000. Deutsche Bank AG bought a new stake in shares of Virtus Investment Partners in the 2nd quarter worth approximately $1,026,000. Finally, Ieq Capital LLC acquired a new stake in Virtus Investment Partners during the second quarter valued at approximately $3,255,000. 80.52% of the stock is owned by institutional investors and hedge funds.

Virtus Investment Partners Trading Up 0.1%

The firm has a market capitalization of $812.38 million, a price-to-earnings ratio of 7.26 and a beta of 1.41. The firm’s 50 day moving average is $147.77 and its 200 day moving average is $147.21. 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 Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Friday, October 30th will be given a dividend of $2.45 per share. This is a boost from Virtus Investment Partners’s previous quarterly dividend of $2.40. The ex-dividend date is Friday, October 30th. This represents a $9.80 dividend on an annualized basis and a dividend yield of 8.0%. Virtus Investment Partners’s payout ratio is currently 55.84%.

About Virtus Investment Partners

Virtus Investment Partners, Inc is a U.S.-based asset management company that operates as a multi-manager investment platform. Through a collection of affiliated investment managers, the company provides investment strategies designed to address a range of investor objectives and risk profiles.

Virtus offers mutual funds, exchange-traded funds, separately managed accounts, institutional mandates and alternative investment solutions. Its affiliated managers provide expertise across domestic and international equities, fixed income, multi-asset strategies, alternatives and other specialized investment approaches.

The company traces its roots to 1995 and was previously associated with Phoenix Investment Partners before adopting the Virtus Investment Partners name.