Rakuten Investment Management Inc. Makes New Investment in T. Rowe Price Group, Inc. $TROW

Rakuten Investment Management Inc. purchased a new position in T. Rowe Price Group, Inc. (NASDAQ:TROW) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 35,238 shares of the asset manager’s stock, valued at approximately $4,031,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of TROW. TD Private Client Wealth LLC increased its holdings in 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 stake in shares of T. Rowe Price Group in the fourth quarter worth approximately $32,000. Bank & Trust Co grew its stake in shares of T. Rowe Price Group by 52.4% in 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. Motiv8 Investments LLC purchased a new position in shares of T. Rowe Price Group during the fourth quarter valued at approximately $35,000. Finally, Keating Financial Advisory Services Inc. purchased a new position in shares of T. Rowe Price Group during the second quarter valued at approximately $39,000. 73.39% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Zacks Research cut shares of T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 13th. Evercore set a $118.00 price target on T. Rowe Price Group in a research note on Monday, August 10th. Barclays cut their price objective on T. Rowe Price Group from $108.00 to $103.00 and set an “underweight” rating for the company in a report on Monday, August 3rd. Morgan Stanley set a $116.00 price objective on T. Rowe Price Group in a research report on Wednesday, July 29th. Finally, TD Cowen increased their target price on T. Rowe Price Group from $107.00 to $108.00 and gave the company a “hold” rating in a report on Monday, August 3rd. Ten equities research 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, the stock currently has a consensus rating of “Reduce” and an average price target of $105.67.

T. Rowe Price Group Stock Performance

TROW opened at $111.24 on Monday. T. Rowe Price Group, Inc. has a 1-year low of $85.22 and a 1-year high of $122.00. The company has a market capitalization of $23.73 billion, a PE ratio of 11.16, a PEG ratio of 3.68 and a beta of 1.47. The firm’s 50 day simple moving average is $114.35 and its two-hundred day simple moving average is $103.40.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings data on Friday, July 31st. The asset manager reported $2.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.52 by $0.05. The firm had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.89 billion. T. Rowe Price Group had a net margin of 29.26% and a return on equity of 20.91%. The company’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.24 EPS. Equities analysts forecast that T. Rowe Price Group, Inc. will post 10.15 earnings per share for the current fiscal year.

T. Rowe Price Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 4.7%. The ex-dividend date of this dividend is Tuesday, September 15th. T. Rowe Price Group’s payout ratio is currently 52.16%.

Insider Transactions at T. Rowe Price Group

In other T. Rowe Price Group news, VP Joshua B. Nelson sold 10,000 shares of the company’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $111.82, for a total value of $1,118,200.00. Following the completion of the sale, the vice president owned 71,328 shares in the company, valued at $7,975,896.96. This represents a 12.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 1.60% of the company’s stock.

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.