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Virtus Investment Partners Series D Mandatory Convertible Preferred Stock Ex-Dividend Reminder

By Preferred Stock Channel Staff, Wednesday, October 9, 1:36 PM ET

On 10/11/19, Virtus Investment Partners Inc's 7.25% Series D Mandatory Convertible Preferred Stock (NASDAQ:VRTSP) will trade ex-dividend, for its quarterly dividend of $1.8125, payable on 11/1/19. As a percentage of VRTSP's recent share price of $84.33, this dividend works out to approximately 2.15%, so look for shares of VRTSP to trade 2.15% lower — all else being equal — when VRTSP shares open for trading on 10/11/19. On an annualized basis, the current yield is approximately 8.38%, which compares to an average yield of 5.34% in the "Financial" preferred stock category, according to Preferred Stock Channel.

As of last close, VRTSP was trading at a 13.15% discount to its liquidation preference amount, versus the average premium of 6.62% in the "Financial" category. It should be noted that the preferred shares are convertible, with a conversion ratio of $110 and $132. The chart below shows the one year performance of VRTSP shares, versus VRTS:

Performance Comparison Chart

Below is a dividend history chart for VRTSP, showing historical dividends prior to the most recent $1.8125 on Virtus Investment Partners Inc's 7.25% Series D Mandatory Convertible Preferred Stock:


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In Wednesday trading, Virtus Investment Partners Inc's 7.25% Series D Mandatory Convertible Preferred Stock (NASDAQ:VRTSP) is currently down about 2.1% on the day, while the common shares (NASDAQ:VRTS) are down about 2.7%.


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