Mitsubishi UFJ Asset Management Co. Ltd. Acquires Shares of 581,353 T. Rowe Price Group, Inc. $TROW

Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 581,353 shares of the asset manager’s stock, valued at approximately $66,095,000.

A number of other institutional investors and hedge funds have also made changes to their positions in TROW. OneDigital Investment Advisors LLC bought a new stake in shares of T. Rowe Price Group in the 2nd quarter worth about $659,000. Plato Investment Management Ltd bought a new position in shares of T. Rowe Price Group in the 2nd quarter valued at about $960,000. Simplicity Wealth LLC bought a new position in shares of T. Rowe Price Group in the 2nd quarter valued at about $256,000. HBK Sorce Advisory LLC purchased a new position in T. Rowe Price Group in the second quarter worth about $352,000. Finally, Global Retirement Partners LLC purchased a new position in T. Rowe Price Group in the second quarter worth about $661,000. 73.39% of the stock is owned by hedge funds and other institutional investors.

T. Rowe Price Group Trading Up 1.7%

Shares of NASDAQ:TROW opened at $112.23 on Thursday. The company has a market capitalization of $23.94 billion, a price-to-earnings ratio of 11.26, a PEG ratio of 4.29 and a beta of 1.47. T. Rowe Price Group, Inc. has a 12 month low of $85.22 and a 12 month high of $122.00. The firm’s 50-day moving average is $113.83 and its 200 day moving average is $102.76.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings data on Friday, July 31st. The asset manager reported $2.57 earnings per share (EPS) 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 business had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.89 billion. During the same quarter last year, the firm earned $2.24 earnings per share. The firm’s quarterly revenue was up 10.7% compared to the same quarter last year. As a group, equities analysts forecast that T. Rowe Price Group, Inc. will post 10.13 EPS for the current fiscal 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 $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 4.6%. The ex-dividend date is Tuesday, September 15th. T. Rowe Price Group’s dividend payout ratio is presently 52.16%.

Analyst Ratings Changes

TROW has been the topic of a number of recent research reports. Evercore set a $118.00 price objective on T. Rowe Price Group in a research report on Monday, August 10th. The Goldman Sachs Group lifted their target price on T. Rowe Price Group from $90.00 to $92.00 and gave the stock a “sell” rating in a report on Tuesday, June 30th. TD Cowen boosted their target price on T. Rowe Price Group from $107.00 to $108.00 and gave the company a “hold” rating in a research report on Monday, August 3rd. JPMorgan Chase & Co. decreased their price target on T. Rowe Price Group from $106.00 to $103.00 and set an “underweight” rating on the stock in a report on Friday, April 24th. Finally, BMO Capital Markets raised their price target on T. Rowe Price Group from $110.00 to $120.00 and gave the stock a “market perform” rating in a research report on Monday, August 3rd. Ten investment analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Reduce” and an average target price of $105.67.

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.