Virtus Investment Partners (NASDAQ:VRTS) Shares Gap Down – What’s Next?

Virtus Investment Partners, Inc. (NASDAQ:VRTS)’s stock price 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.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. TD Cowen raised their price objective on shares of Virtus Investment Partners from $136.00 to $147.00 and gave the company a “hold” rating in a report on Monday, July 20th. Barclays reduced their target price on shares of Virtus Investment Partners from $141.00 to $135.00 and set an “underweight” rating on the stock in a report on Friday, July 31st. Finally, Morgan Stanley reaffirmed an “underweight” rating and set a $130.00 price target on shares of Virtus Investment Partners in a research note on Wednesday, July 29th. One research 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’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average price target of $145.50.

Virtus Investment Partners Stock Down 2.6%

The company has a debt-to-equity ratio of 0.27, a current ratio of 11.86 and a quick ratio of 11.86. The company has a market capitalization of $828.93 million, a P/E ratio of 7.41 and a beta of 1.35. The stock has a 50-day moving average price of $160.96 and a 200-day moving average price of $147.37.

Virtus Investment Partners Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Friday, October 30th will be issued a dividend of $2.45 per share. This represents a $9.80 annualized dividend and a yield of 7.8%. The ex-dividend date is Friday, October 30th. This is a positive change from Virtus Investment Partners’s previous quarterly dividend of $2.40. Virtus Investment Partners’s dividend payout ratio (DPR) is 55.84%.

Insider Buying and Selling

In other news, EVP Michael Angerthal sold 14,975 shares of the company’s 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 sale, the executive vice president directly owned 63,461 shares of the company’s stock, valued at approximately $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 through the SEC website. Also, Director W. Morris sold 435 shares of the stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $138.59, for a total transaction of $60,286.65. Additional details regarding this sale are available in the official SEC disclosure. 6.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Illinois Municipal Retirement Fund lifted its stake in shares of Virtus Investment Partners by 2.3% in the 1st quarter. Illinois Municipal Retirement Fund now owns 3,446 shares of the closed-end fund’s stock valued at $463,000 after purchasing an additional 77 shares during the period. IFP Advisors Inc grew its stake in Virtus Investment Partners by 158.6% during the second 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. GAMMA Investing LLC increased its holdings in Virtus Investment Partners by 86.2% in the second quarter. GAMMA Investing LLC now owns 270 shares of the closed-end fund’s stock worth $39,000 after purchasing an additional 125 shares in the last quarter. International Assets Investment Management LLC bought a new stake in Virtus Investment Partners in the first quarter worth approximately $26,000. Finally, Caitlin John LLC acquired a new position in Virtus Investment Partners in the second quarter valued at approximately $35,000. 80.52% of the stock is owned by institutional investors.

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.