Intech Investment Management LLC Makes New $201,000 Investment in Virtus Investment Partners, Inc. (NASDAQ:VRTS)

Intech Investment Management LLC bought a new stake in shares of Virtus Investment Partners, Inc. (NASDAQ:VRTS) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 891 shares of the closed-end fund’s stock, valued at approximately $201,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new position in Virtus Investment Partners during the fourth quarter worth about $14,649,000. Basswood Capital Management L.L.C. grew its position in shares of Virtus Investment Partners by 120.8% in the fourth quarter. Basswood Capital Management L.L.C. now owns 31,620 shares of the closed-end fund’s stock valued at $7,644,000 after purchasing an additional 17,300 shares in the last quarter. Hotchkis & Wiley Capital Management LLC increased its holdings in shares of Virtus Investment Partners by 1.4% in the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 54,260 shares of the closed-end fund’s stock valued at $13,118,000 after purchasing an additional 770 shares during the last quarter. Los Angeles Capital Management LLC purchased a new position in Virtus Investment Partners during the first quarter worth approximately $901,000. Finally, Allspring Global Investments Holdings LLC grew its holdings in Virtus Investment Partners by 51.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,304 shares of the closed-end fund’s stock valued at $571,000 after buying an additional 786 shares in the last quarter. Hedge funds and other institutional investors own 80.52% of the company’s stock.

Virtus Investment Partners Price Performance

Virtus Investment Partners stock opened at $207.83 on Monday. The company’s 50 day simple moving average is $209.64 and its 200-day simple moving average is $222.65. The company has a debt-to-equity ratio of 0.28, a quick ratio of 15.18 and a current ratio of 15.18. Virtus Investment Partners, Inc. has a 1 year low of $168.78 and a 1 year high of $263.39. The company has a market capitalization of $1.47 billion, a price-to-earnings ratio of 12.52 and a beta of 1.46.

Virtus Investment Partners (NASDAQ:VRTS) last released its quarterly earnings results on Friday, July 26th. The closed-end fund reported $6.53 EPS for the quarter, missing analysts’ consensus estimates of $6.61 by ($0.08). Virtus Investment Partners had a return on equity of 20.35% and a net margin of 12.41%. The firm had revenue of $203.02 million for the quarter, compared to analyst estimates of $204.71 million. As a group, equities research analysts expect that Virtus Investment Partners, Inc. will post 25.8 earnings per share for the current year.

Virtus Investment Partners Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 13th. Shareholders of record on Thursday, October 31st will be paid a dividend of $2.25 per share. The ex-dividend date of this dividend is Thursday, October 31st. This is a positive change from Virtus Investment Partners’s previous quarterly dividend of $1.90. This represents a $9.00 dividend on an annualized basis and a yield of 4.33%. Virtus Investment Partners’s dividend payout ratio is 45.78%.

Analysts Set New Price Targets

Several research firms have recently commented on VRTS. Morgan Stanley reduced their price target on Virtus Investment Partners from $213.00 to $208.00 and set an “underweight” rating on the stock in a report on Monday, July 29th. Piper Sandler decreased their target price on shares of Virtus Investment Partners from $267.00 to $264.00 and set an “overweight” rating on the stock in a report on Wednesday, July 10th. TD Cowen cut their price target on shares of Virtus Investment Partners from $250.00 to $247.00 and set a “hold” rating for the company in a report on Monday, July 8th. Finally, Barclays initiated coverage on Virtus Investment Partners in a report on Tuesday, August 27th. They issued an “underweight” rating and a $206.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $231.25.

Virtus Investment Partners Profile

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.