Virtus Investment Partners (NASDAQ:VRTS) Price Target Cut to $146.00 by Analysts at Piper Sandler

Virtus Investment Partners (NASDAQ:VRTS) had its price target reduced by analysts at Piper Sandler from $172.00 to $146.00 in a research report issued on Monday, Benzinga reports. The firm presently has an “overweight” rating on the closed-end fund’s stock. Piper Sandler’s price target points to a potential upside of 22.19% from the company’s current price.

VRTS has been the topic of several other reports. Morgan Stanley lowered their price target on shares of Virtus Investment Partners from $130.00 to $120.00 and set an “underweight” rating on the stock in a research note on Friday, September 25th. Zacks Research downgraded Virtus Investment Partners from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 14th. Barclays dropped their target price on Virtus Investment Partners from $135.00 to $117.00 and set an “underweight” rating on the stock in a report on Wednesday, October 14th. Finally, TD Cowen reduced their price target 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. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average price target of $129.75.

Virtus Investment Partners Stock Down 2.8%

NASDAQ:VRTS traded down $3.44 during trading hours on Monday, reaching $119.49. 56,876 shares of the stock were exchanged, compared to its average volume of 117,844. The stock has a market cap of $791.36 million, a PE ratio of 7.09 and a beta of 1.41. Virtus Investment Partners has a twelve month low of $120.18 and a twelve month high of $185.94. The firm has a 50 day moving average of $146.92 and a 200 day moving average of $147.16. The company has a debt-to-equity ratio of 0.27, a current ratio of 11.86 and a quick ratio of 11.86.

Insider Buying and Selling

In related news, Director W. Morris sold 435 shares of the stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $138.59, for a total value of $60,286.65. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Michael Angerthal sold 14,975 shares of the firm’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $167.34, for a total transaction of $2,505,916.50. Following the sale, the executive vice president owned 63,461 shares of the company’s stock, valued at approximately $10,619,563.74. This represents a 19.09% decrease in their position. The SEC filing for this sale provides additional information. 6.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Virtus Investment Partners

Hedge funds have recently bought and sold shares of the business. BlackRock Inc. acquired a new position in Virtus Investment Partners during the 2nd quarter worth about $151,624,000. Dimensional Fund Advisors LP boosted its holdings in Virtus Investment Partners by 2.7% in the first quarter. Dimensional Fund Advisors LP now owns 305,115 shares of the closed-end fund’s stock valued at $40,990,000 after acquiring an additional 7,987 shares during the last quarter. Algert Global LLC boosted its holdings in Virtus Investment Partners by 1.1% in the second quarter. Algert Global LLC now owns 77,962 shares of the closed-end fund’s stock valued at $11,188,000 after acquiring an additional 864 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in Virtus Investment Partners during the 2nd quarter valued at approximately $10,148,000. Finally, First Trust Advisors LP increased its position in Virtus Investment Partners by 38.1% during the 1st quarter. First Trust Advisors LP now owns 52,930 shares of the closed-end fund’s stock valued at $7,111,000 after purchasing an additional 14,600 shares during the period. 80.52% of the stock is owned by institutional investors.

Virtus Investment Partners Company Profile

Virtus Investment Partners, Inc is a U.S.-based asset management company that operates as a multi-manager investment platform. Through a collection of affiliated investment managers, the company provides investment strategies designed to address a range of investor objectives and risk profiles.

Virtus offers mutual funds, exchange-traded funds, separately managed accounts, institutional mandates and alternative investment solutions. Its affiliated managers provide expertise across domestic and international equities, fixed income, multi-asset strategies, alternatives and other specialized investment approaches.

The company traces its roots to 1995 and was previously associated with Phoenix Investment Partners before adopting the Virtus Investment Partners name.