Mirae Asset Global Investments Co. Ltd. Buys 5,870 Shares of Virtus Investment Partners, Inc. $VRTS

Mirae Asset Global Investments Co. Ltd. bought a new stake in Virtus Investment Partners, Inc. (NASDAQ:VRTS) in the 3rd quarter, according to its most recent filing with the SEC. The fund bought 5,870 shares of the closed-end fund’s stock, valued at approximately $777,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Empowered Funds LLC acquired a new position in shares of Virtus Investment Partners in the second quarter worth about $2,410,000. Bank of America Corp DE purchased a new stake in shares of Virtus Investment Partners during the 2nd quarter worth about $4,867,000. Legal & General Group Plc purchased a new stake in shares of Virtus Investment Partners during the 2nd quarter worth about $1,965,000. Deutsche Bank AG acquired a new stake in shares of Virtus Investment Partners during the 2nd quarter valued at about $1,026,000. Finally, Ieq Capital LLC acquired a new stake in shares of Virtus Investment Partners during the 2nd quarter valued at about $3,255,000. 80.52% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Virtus Investment Partners

In related news, Director W. Morris sold 435 shares of the company’s 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. 6.40% of the stock is currently owned by company insiders.

Virtus Investment Partners Stock Performance

VRTS opened at $127.56 on Monday. The company has a quick ratio of 11.86, a current ratio of 11.86 and a debt-to-equity ratio of 0.27. The company has a market cap of $844.82 million, a price-to-earnings ratio of 7.55 and a beta of 1.44. Virtus Investment Partners, Inc. has a 52-week low of $116.71 and a 52-week high of $175.66. The firm’s fifty day simple moving average is $133.36 and its two-hundred day simple moving average is $144.20.

Virtus Investment Partners Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, October 30th will be given a dividend of $2.45 per share. This is a boost from Virtus Investment Partners’s previous quarterly dividend of $2.40. The ex-dividend date is Friday, October 30th. This represents a $9.80 annualized dividend and a dividend yield of 7.7%. Virtus Investment Partners’s payout ratio is currently 55.84%.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. Piper Sandler cut their price target on Virtus Investment Partners from $172.00 to $146.00 and set an “overweight” rating for the company in a research note on Monday, October 19th. Barclays lowered their price target on Virtus Investment Partners from $135.00 to $117.00 and set an “underweight” rating on the stock in a research report on Wednesday, October 14th. Zacks Research lowered Virtus Investment Partners from a “hold” rating to a “strong sell” rating in a report on Wednesday, October 14th. TD Cowen cut their price objective on 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. Finally, Morgan Stanley reduced their target price on Virtus Investment Partners from $130.00 to $120.00 and set an “underweight” rating for the company in a research note on Friday, September 25th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, Virtus Investment Partners currently has a consensus rating of “Reduce” and a consensus price target of $129.75.

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.