Meiji Yasuda Asset Management Co Ltd. bought a new position in T. Rowe Price Group, Inc. (NASDAQ:TROW – Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 108,681 shares of the asset manager’s stock, valued at approximately $12,356,000. Meiji Yasuda Asset Management Co Ltd. owned 0.05% of T. Rowe Price Group at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. TD Private Client Wealth LLC raised its stake in shares of T. Rowe Price Group by 91.8% in the 4th quarter. TD Private Client Wealth LLC now owns 257 shares of the asset manager’s stock worth $26,000 after buying an additional 123 shares in the last quarter. DV Equities LLC bought a new position in T. Rowe Price Group during the fourth quarter valued at about $32,000. Motiv8 Investments LLC acquired a new position in T. Rowe Price Group during the fourth quarter worth about $35,000. Bank & Trust Co grew its holdings in T. Rowe Price Group by 52.4% during the second quarter. Bank & Trust Co now owns 314 shares of the asset manager’s stock worth $36,000 after acquiring an additional 108 shares during the period. Finally, Keating Financial Advisory Services Inc. bought a new stake in T. Rowe Price Group in the second quarter worth about $39,000. 73.39% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Several equities analysts have recently weighed in on the stock. Keefe, Bruyette & Woods restated a “market perform” rating and set a $115.00 price objective (down from $120.00) on shares of T. Rowe Price Group in a research report on Monday, August 3rd. Barclays dropped their target price on shares of T. Rowe Price Group from $108.00 to $103.00 and set an “underweight” rating on the stock in a report on Monday, August 3rd. TD Cowen raised their target price on shares of T. Rowe Price Group from $107.00 to $108.00 and gave the stock a “hold” rating in a report on Monday, August 3rd. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $109.00 price target on shares of T. Rowe Price Group in a research report on Monday, August 3rd. Finally, The Goldman Sachs Group upped their price target on T. Rowe Price Group from $90.00 to $92.00 and gave the company a “sell” rating in a report on Tuesday, June 30th. Ten investment analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, T. Rowe Price Group presently has an average rating of “Reduce” and an average price target of $105.67.
T. Rowe Price Group Stock Performance
Shares of NASDAQ:TROW opened at $111.51 on Monday. The firm has a 50 day simple moving average of $113.94 and a 200 day simple moving average of $102.84. T. Rowe Price Group, Inc. has a 52 week low of $85.22 and a 52 week high of $122.00. The company has a market cap of $23.79 billion, a PE ratio of 11.18, a price-to-earnings-growth ratio of 3.70 and a beta of 1.47.
T. Rowe Price Group (NASDAQ:TROW – Get Free Report) last posted its quarterly earnings data on Friday, July 31st. The asset manager reported $2.57 earnings per share for the quarter, topping the consensus estimate of $2.52 by $0.05. T. Rowe Price Group had a net margin of 29.26% and a return on equity of 20.91%. The firm 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 company posted $2.24 EPS. The company’s quarterly revenue was up 10.7% compared to the same quarter last year. On average, equities analysts predict that T. Rowe Price Group, Inc. will post 10.14 earnings per share for the current year.
T. Rowe Price Group Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be issued a dividend of $1.30 per share. The ex-dividend date is Tuesday, September 15th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.7%. T. Rowe Price Group’s payout ratio is currently 52.16%.
About T. Rowe Price Group
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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