Principal Financial Group Inc. Raises Stake in Virtus Investment Partners, Inc. (NASDAQ:VRTS)

Principal Financial Group Inc. increased its stake in shares of Virtus Investment Partners, Inc. (NASDAQ:VRTS - Free Report) by 3.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 38,339 shares of the closed-end fund's stock after purchasing an additional 1,377 shares during the quarter. Principal Financial Group Inc. owned 0.55% of Virtus Investment Partners worth $8,457,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of VRTS. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Virtus Investment Partners by 11.1% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,085 shares of the closed-end fund's stock worth $849,000 after purchasing an additional 408 shares during the period. QRG Capital Management Inc. raised its position in Virtus Investment Partners by 11.9% in the third quarter. QRG Capital Management Inc. now owns 1,174 shares of the closed-end fund's stock worth $246,000 after acquiring an additional 125 shares in the last quarter. Meritage Portfolio Management raised its position in Virtus Investment Partners by 36.1% in the third quarter. Meritage Portfolio Management now owns 22,321 shares of the closed-end fund's stock worth $4,675,000 after acquiring an additional 5,919 shares in the last quarter. WCM Investment Management LLC raised its position in Virtus Investment Partners by 4.0% in the third quarter. WCM Investment Management LLC now owns 113,892 shares of the closed-end fund's stock worth $23,670,000 after acquiring an additional 4,359 shares in the last quarter. Finally, Victory Capital Management Inc. raised its position in Virtus Investment Partners by 1.0% in the third quarter. Victory Capital Management Inc. now owns 98,626 shares of the closed-end fund's stock worth $20,657,000 after acquiring an additional 947 shares in the last quarter. 80.52% of the stock is owned by institutional investors and hedge funds.

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Virtus Investment Partners Trading Up 2.4 %

VRTS traded up $4.33 during midday trading on Wednesday, hitting $181.35. The company's stock had a trading volume of 37,017 shares, compared to its average volume of 39,172. The company has a current ratio of 11.86, a quick ratio of 11.86 and a debt-to-equity ratio of 0.27. The firm has a market cap of $1.27 billion, a P/E ratio of 10.73 and a beta of 1.47. The firm has a 50-day moving average price of $201.06 and a two-hundred day moving average price of $213.98. Virtus Investment Partners, Inc. has a 52-week low of $175.27 and a 52-week high of $263.39.

Virtus Investment Partners Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 14th. Shareholders of record on Wednesday, April 30th will be issued a $2.25 dividend. This represents a $9.00 annualized dividend and a yield of 4.96%. The ex-dividend date of this dividend is Wednesday, April 30th. Virtus Investment Partners's dividend payout ratio (DPR) is 53.25%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on VRTS. StockNews.com upgraded Virtus Investment Partners from a "hold" rating to a "buy" rating in a research report on Monday. Barclays dropped their price objective on Virtus Investment Partners from $221.00 to $200.00 and set an "underweight" rating for the company in a research report on Monday, February 3rd. Morgan Stanley dropped their price objective on Virtus Investment Partners from $211.00 to $198.00 and set an "underweight" rating for the company in a research report on Thursday, February 6th. Finally, Piper Sandler dropped their price objective on Virtus Investment Partners from $274.00 to $258.00 and set an "overweight" rating for the company in a research report on Tuesday, January 21st. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $225.75.

About Virtus Investment Partners

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.