Virtus Investment Partners, Inc. (NASDAQ:VRTS – Get Rating) announced a quarterly dividend on Thursday, May 19th, Zacks reports. Investors of record on Friday, July 29th will be paid a dividend of 1.50 per share by the closed-end fund on Monday, August 15th. This represents a $6.00 annualized dividend and a dividend yield of 3.38%. The ex-dividend date is Thursday, July 28th.
Virtus Investment Partners has raised its dividend payment by an average of 32.4% per year over the last three years and has increased its dividend annually for the last 4 consecutive years. Virtus Investment Partners has a payout ratio of 16.8% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Virtus Investment Partners to earn $35.78 per share next year, which means the company should continue to be able to cover its $6.00 annual dividend with an expected future payout ratio of 16.8%.
Shares of Virtus Investment Partners stock opened at $177.44 on Friday. Virtus Investment Partners has a 12-month low of $161.30 and a 12-month high of $338.80. The stock has a market capitalization of $1.33 billion, a P/E ratio of 6.90 and a beta of 1.65. The stock has a 50 day moving average price of $206.16 and a two-hundred day moving average price of $254.37.
In other Virtus Investment Partners news, Director W Howard Morris bought 435 shares of Virtus Investment Partners stock in a transaction dated Thursday, March 17th. The stock was bought at an average cost of $231.00 per share, for a total transaction of $100,485.00. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 5.30% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in VRTS. Morgan Stanley boosted its stake in Virtus Investment Partners by 5.6% in the 2nd quarter. Morgan Stanley now owns 44,519 shares of the closed-end fund’s stock valued at $12,366,000 after purchasing an additional 2,368 shares during the period. Nuveen Asset Management LLC boosted its stake in Virtus Investment Partners by 64.3% in the 4th quarter. Nuveen Asset Management LLC now owns 38,584 shares of the closed-end fund’s stock valued at $10,980,000 after purchasing an additional 15,100 shares during the period. LPL Financial LLC boosted its stake in Virtus Investment Partners by 6.6% in the 4th quarter. LPL Financial LLC now owns 787 shares of the closed-end fund’s stock valued at $234,000 after purchasing an additional 49 shares during the period. State Street Corp boosted its stake in Virtus Investment Partners by 3.1% in the 4th quarter. State Street Corp now owns 257,848 shares of the closed-end fund’s stock valued at $76,607,000 after purchasing an additional 7,803 shares during the period. Finally, Credit Suisse AG lifted its position in shares of Virtus Investment Partners by 1.9% during the 4th quarter. Credit Suisse AG now owns 6,376 shares of the closed-end fund’s stock valued at $1,894,000 after acquiring an additional 119 shares during the period. Institutional investors and hedge funds own 85.06% of the company’s stock.
VRTS has been the topic of several recent research reports. Morgan Stanley decreased their price target on Virtus Investment Partners from $240.00 to $221.00 and set an “underweight” rating on the stock in a report on Tuesday, April 26th. StockNews.com cut Virtus Investment Partners from a “buy” rating to a “hold” rating in a report on Sunday, May 8th. Piper Sandler cut their price objective on Virtus Investment Partners from $325.00 to $300.00 and set an “overweight” rating on the stock in a report on Wednesday. Finally, Zacks Investment Research raised Virtus Investment Partners from a “sell” rating to a “hold” rating in a research report on Thursday.
Virtus Investment Partners Company Profile (Get Rating)
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.
- Get a free copy of the StockNews.com research report on Virtus Investment Partners (VRTS)
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