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

Virtus Investment Partners, Inc. (NASDAQ:VRTS) reached a new 52-week low on Tuesday after Piper Sandler lowered their price target on the stock from $172.00 to $146.00. Piper Sandler currently has an overweight rating on the stock. Virtus Investment Partners traded as low as $117.44 and last traded at $118.0490, with a volume of 152,381 shares trading hands. The stock had previously closed at $122.93.

Other research analysts also recently issued research reports about the company. Barclays lowered their target price on Virtus Investment Partners from $135.00 to $117.00 and set an “underweight” rating on the stock in a report on Wednesday, October 14th. TD Cowen reduced their price target on shares of Virtus Investment Partners from $155.00 to $136.00 and set a “hold” rating for the company in a research report on Monday, October 12th. Morgan Stanley lowered their price objective on shares of Virtus Investment Partners from $130.00 to $120.00 and set an “underweight” rating on the stock in a research note on Friday, September 25th. Finally, Zacks Research downgraded shares of Virtus Investment Partners from a “hold” rating to a “strong sell” rating in a report on Wednesday, October 14th. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, Virtus Investment Partners currently has an average rating of “Reduce” and a consensus target price of $129.75.

Insider Activity

In other Virtus Investment Partners news, Director W. Morris sold 435 shares of the stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $138.59, for a total transaction of $60,286.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Michael A. Angerthal sold 14,975 shares of the firm’s stock in a transaction dated 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 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 position. The disclosure for this sale is available in the SEC filing. 6.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Virtus Investment Partners

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in Virtus Investment Partners in the 2nd quarter worth approximately $151,624,000. Bank of New York Mellon Corp purchased a new position in shares of Virtus Investment Partners in the second quarter valued at $10,148,000. Bank of America Corp DE purchased a new position in shares of Virtus Investment Partners in the second quarter valued at $4,867,000. AWH Capital L.P. bought a new stake in Virtus Investment Partners in the second quarter worth $3,550,477. Finally, Ieq Capital LLC bought a new stake in Virtus Investment Partners in the second quarter worth $3,255,000. 80.52% of the stock is owned by institutional investors.

Virtus Investment Partners Trading Down 0.5%

The company has a market cap of $791.32 million, a PE ratio of 7.07 and a beta of 1.41. The stock’s 50 day moving average is $144.06 and its 200-day moving average is $146.92. 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 firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Friday, October 30th will be paid a $2.45 dividend. This represents a $9.80 dividend on an annualized basis and a dividend yield of 8.2%. The ex-dividend date of this dividend is Friday, October 30th. This is an increase from Virtus Investment Partners’s previous quarterly dividend of $2.40. Virtus Investment Partners’s dividend payout ratio is 55.84%.

About Virtus Investment Partners

Virtus Investment Partners, Inc is an asset management company that provides investment products and services to individual and institutional investors. The company operates as a multi-boutique investment firm, partnering with affiliated and unaffiliated investment managers that offer specialized expertise across a range of asset classes and investment strategies.

Virtus distributes mutual funds, exchange-traded funds, separately managed accounts, closed-end funds and other investment solutions.