Virtus Investment Partners (NASDAQ:VRTS) PT Lowered to $247.00 at TD Cowen

Virtus Investment Partners (NASDAQ:VRTS) had its price target reduced by TD Cowen from $250.00 to $247.00 in a research note issued to investors on Monday, Benzinga reports. They currently have a hold rating on the closed-end fund’s stock.

A number of other analysts have also issued reports on the stock. StockNews.com lowered shares of Virtus Investment Partners from a buy rating to a hold rating in a research note on Tuesday, April 9th. Morgan Stanley boosted their price target on shares of Virtus Investment Partners from $211.00 to $224.00 and gave the stock an underweight rating in a research note on Wednesday, April 17th. Finally, Piper Sandler boosted their price target on shares of Virtus Investment Partners from $265.00 to $267.00 and gave the stock an overweight rating in a research note on Wednesday, May 29th.

Virtus Investment Partners Trading Up 1.2 %

Shares of VRTS stock opened at $229.79 on Monday. The company’s 50-day moving average price is $225.73 and its 200-day moving average price is $232.26. The stock has a market cap of $1.64 billion, a price-to-earnings ratio of 13.84 and a beta of 1.46. Virtus Investment Partners has a twelve month low of $168.78 and a twelve month high of $263.39.

Virtus Investment Partners (NASDAQ:VRTS) last announced its quarterly earnings results on Friday, April 26th. The closed-end fund reported $5.41 earnings per share for the quarter, meeting the consensus estimate of $5.41. The firm had revenue of $200.24 million for the quarter, compared to analysts’ expectations of $203.54 million. Virtus Investment Partners had a net margin of 14.02% and a return on equity of 19.61%. As a group, equities research analysts predict that Virtus Investment Partners will post 26.58 EPS for the current year.

Virtus Investment Partners Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Wednesday, July 31st will be issued a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date of this dividend is Wednesday, July 31st. Virtus Investment Partners’s dividend payout ratio (DPR) is 45.78%.

Insider Activity

In other news, EVP Barry M. Mandinach sold 7,886 shares of the stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $234.00, for a total value of $1,845,324.00. Following the completion of the sale, the executive vice president now directly owns 12,418 shares of the company’s stock, valued at $2,905,812. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 6.10% of the company’s stock.

Institutional Investors Weigh In On Virtus Investment Partners

Several hedge funds have recently modified their holdings of the stock. Blue Trust Inc. raised its position in Virtus Investment Partners by 550.0% in the fourth quarter. Blue Trust Inc. now owns 182 shares of the closed-end fund’s stock worth $44,000 after acquiring an additional 154 shares in the last quarter. Signaturefd LLC raised its position in Virtus Investment Partners by 29.2% in the fourth quarter. Signaturefd LLC now owns 221 shares of the closed-end fund’s stock worth $53,000 after acquiring an additional 50 shares in the last quarter. Bessemer Group Inc. purchased a new position in Virtus Investment Partners in the first quarter worth $57,000. EntryPoint Capital LLC raised its position in Virtus Investment Partners by 625.6% in the first quarter. EntryPoint Capital LLC now owns 312 shares of the closed-end fund’s stock worth $77,000 after acquiring an additional 269 shares in the last quarter. Finally, CWM LLC raised its position in Virtus Investment Partners by 334.1% in the second quarter. CWM LLC now owns 382 shares of the closed-end fund’s stock worth $86,000 after acquiring an additional 294 shares in the last quarter. 80.52% of the stock is owned by institutional investors and hedge funds.

About Virtus Investment Partners

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.