Virtus Investment Partners, Inc. $VRTS Shares Newly Acquired by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. purchased a new stake in Virtus Investment Partners, Inc. (NASDAQ:VRTS) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 5,870 shares of the closed-end fund’s stock, valued at approximately $777,000. Mirae Asset Global Investments Co. Ltd. owned approximately 0.09% of Virtus Investment Partners as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of the business. Empowered Funds LLC bought a new position in shares of Virtus Investment Partners during the second quarter valued at approximately $2,410,000. Bank of America Corp DE bought a new position in Virtus Investment Partners in the second quarter worth approximately $4,867,000. Legal & General Group Plc bought a new position in Virtus Investment Partners in the second quarter worth approximately $1,965,000. Deutsche Bank AG bought a new position in Virtus Investment Partners in the second quarter worth approximately $1,026,000. Finally, Susquehanna Fundamental Investments LLC raised its stake in Virtus Investment Partners by 257.0% in the second quarter. Susquehanna Fundamental Investments LLC now owns 14,095 shares of the closed-end fund’s stock worth $2,023,000 after buying an additional 10,147 shares in the last quarter. Hedge funds and other institutional investors own 80.52% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on VRTS shares. Zacks Research cut Virtus Investment Partners from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 14th. Barclays dropped their price objective 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. TD Cowen cut their target price on Virtus Investment Partners from $155.00 to $136.00 and set a “hold” rating on the stock in a research note on Monday, October 12th. Morgan Stanley reduced their target price on shares of Virtus Investment Partners from $130.00 to $120.00 and set an “underweight” rating for the company in a report on Friday, September 25th. Finally, Piper Sandler dropped their price objective on shares of Virtus Investment Partners from $172.00 to $146.00 and set an “overweight” rating on the stock in a report on Monday, October 19th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $129.75.

Insiders Place Their Bets

In other Virtus Investment Partners news, Director W. Morris sold 435 shares of Virtus Investment Partners stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $138.59, for a total transaction of $60,286.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 6.40% of the company’s stock.

Virtus Investment Partners Trading Up 0.2%

Shares of Virtus Investment Partners stock opened at $127.56 on Monday. The company has a debt-to-equity ratio of 0.27, a current ratio of 11.86 and a quick ratio of 11.86. The firm has a fifty day moving average price of $133.36 and a 200 day moving average price of $144.20. Virtus Investment Partners, Inc. has a 1 year low of $116.71 and a 1 year high of $175.66. The stock has a market cap of $844.82 million, a PE ratio of 7.55 and a beta of 1.44.

Virtus Investment Partners Increases Dividend

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