Virtus Investment Partners (NASDAQ:VRTS) Shares Gap Down – Should You Sell?

Shares of Virtus Investment Partners, Inc. (NASDAQ:VRTS) 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.

Wall Street Analyst Weigh In

VRTS has been the subject of several research analyst reports. Barclays decreased their price objective on shares of Virtus Investment Partners from $141.00 to $135.00 and set an “underweight” rating for the company in a research report on Friday, July 31st. Morgan Stanley reiterated an “underweight” rating and issued a $130.00 price target on shares of Virtus Investment Partners in a report on Wednesday, July 29th. 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 report on Monday, July 20th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Virtus Investment Partners presently has an average rating of “Reduce” and an average price target of $145.50.

Virtus Investment Partners Stock Performance

The firm has a fifty day moving average of $162.22 and a 200 day moving average of $147.59. 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 stock has a market capitalization of $873.18 million, a price-to-earnings ratio of 7.81 and a beta of 1.35.

Virtus Investment Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Friday, October 30th will be paid a dividend of $2.45 per share. This represents a $9.80 dividend on an annualized basis and a dividend yield of 7.4%. The ex-dividend date of this dividend 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 is 55.84%.

Insider Activity at Virtus Investment Partners

In related news, EVP Michael A. Angerthal sold 14,975 shares of the firm’s stock in a transaction on Monday, August 3rd. The shares were 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 in the company, valued at approximately $10,619,563.74. This trade represents a 19.09% decrease in their ownership of the stock. The transaction was disclosed in a 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 transaction of $60,286.65. The SEC filing for this sale provides additional information. 6.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Virtus Investment Partners

Several institutional investors and hedge funds have recently modified their holdings of the business. IFP Advisors Inc grew its holdings in Virtus Investment Partners by 158.6% in the second 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 period. International Assets Investment Management LLC acquired a new position in shares of Virtus Investment Partners during the 1st quarter worth approximately $26,000. Caitlin John LLC acquired a new position in shares of Virtus Investment Partners during the 2nd quarter worth approximately $35,000. Assetmark Inc. purchased a new position in shares of Virtus Investment Partners during the 1st quarter valued at approximately $36,000. Finally, GAMMA Investing LLC lifted its position in shares of Virtus Investment Partners by 86.2% during the 2nd quarter. GAMMA Investing LLC now owns 270 shares of the closed-end fund’s stock valued at $39,000 after buying an additional 125 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.