Plato Investment Management Ltd acquired a new position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW – Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 8,495 shares of the asset manager’s stock, valued at approximately $960,000.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. TD Private Client Wealth LLC raised its position in T. Rowe Price Group by 91.8% during the fourth quarter. TD Private Client Wealth LLC now owns 257 shares of the asset manager’s stock valued at $26,000 after purchasing an additional 123 shares in the last quarter. DV Equities LLC purchased a new position in shares of T. Rowe Price Group in the 4th quarter worth about $32,000. Motiv8 Investments LLC bought a new position in shares of T. Rowe Price Group during the 4th quarter valued at about $35,000. Bank & Trust Co increased its position in shares of T. Rowe Price Group by 52.4% during the 2nd quarter. Bank & Trust Co now owns 314 shares of the asset manager’s stock valued at $36,000 after purchasing an additional 108 shares during the last quarter. Finally, TD Waterhouse Canada Inc. raised its holdings in shares of T. Rowe Price Group by 92.0% during the 4th quarter. TD Waterhouse Canada Inc. now owns 386 shares of the asset manager’s stock valued at $40,000 after buying an additional 185 shares in the last quarter. 73.39% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several analysts have issued reports on the company. The Goldman Sachs Group upped their target price on T. Rowe Price Group from $90.00 to $92.00 and gave the stock a “sell” rating in a research note on Tuesday, June 30th. JPMorgan Chase & Co. decreased their price target on shares of T. Rowe Price Group from $106.00 to $103.00 and set an “underweight” rating on the stock in a research note on Friday, April 24th. Morgan Stanley set a $116.00 price objective on shares of T. Rowe Price Group in a report on Wednesday, July 29th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $115.00 price objective (down from $120.00) on shares of T. Rowe Price Group in a research note on Monday, August 3rd. Finally, Zacks Research lowered shares of T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 13th. Ten research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus target price of $105.67.
T. Rowe Price Group Price Performance
Shares of TROW stock opened at $110.32 on Wednesday. The business has a 50-day moving average of $113.71 and a 200 day moving average of $102.71. T. Rowe Price Group, Inc. has a 1-year low of $85.22 and a 1-year high of $122.00. The stock has a market capitalization of $23.53 billion, a PE ratio of 11.07, a P/E/G ratio of 4.30 and a beta of 1.47.
T. Rowe Price Group (NASDAQ:TROW – Get Free Report) last announced its quarterly earnings results on Friday, July 31st. The asset manager reported $2.57 EPS for the quarter, topping analysts’ consensus estimates of $2.52 by $0.05. T. Rowe Price Group had a return on equity of 20.91% and a net margin of 29.26%.The business had revenue of $1.91 billion for the quarter, compared to analysts’ expectations of $1.89 billion. During the same period in the previous year, the firm earned $2.24 EPS. The business’s quarterly revenue was up 10.7% on a year-over-year basis. Analysts anticipate that T. Rowe Price Group, Inc. will post 10.13 EPS for the current year.
T. Rowe Price Group Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be paid a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 4.7%. The ex-dividend date of this dividend is Tuesday, September 15th. T. Rowe Price Group’s payout ratio is presently 52.16%.
T. Rowe Price Group Profile
T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland, founded by Thomas Rowe Price Jr. in 1937. The company provides a broad range of investment products and services for individual investors, financial intermediaries, retirement plan sponsors and institutional clients. Its offerings are built around active investment management and in-house research across equity, fixed income and multi-asset strategies, reflecting a long history as a research-driven asset manager.
The firm’s product lineup includes mutual funds, separate accounts, collective investment trusts, target-date and target-risk funds, and managed account solutions, as well as services for defined contribution and defined benefit retirement plans.
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