Man Group plc Makes New $7.99 Million Investment in T. Rowe Price Group, Inc. $TROW

Man Group plc purchased a new position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 70,255 shares of the asset manager’s stock, valued at approximately $7,987,000.

Several other institutional investors have also modified their holdings of the business. BlackRock Inc. bought a new stake in T. Rowe Price Group during the 2nd quarter worth approximately $2,728,119,000. Goldman Sachs Group Inc. lifted its stake in T. Rowe Price Group by 332.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 8,770,071 shares of the asset manager’s stock valued at $897,880,000 after buying an additional 6,740,172 shares in the last quarter. First Trust Advisors LP lifted its stake in T. Rowe Price Group by 126.5% in the fourth quarter. First Trust Advisors LP now owns 3,280,854 shares of the asset manager’s stock valued at $335,894,000 after buying an additional 1,832,231 shares in the last quarter. Legal & General Group Plc acquired a new position in shares of T. Rowe Price Group in the second quarter valued at approximately $183,130,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of T. Rowe Price Group in the second quarter valued at approximately $167,984,000. Institutional investors own 73.39% of the company’s stock.

Insider Buying and Selling

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

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. 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. The Goldman Sachs Group upped their target price on shares of 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. Morgan Stanley set a $116.00 target price on T. Rowe Price Group in a report on Wednesday, July 29th. Evercore set a $118.00 price target on T. Rowe Price Group in a research note on Monday, August 10th. Finally, TD Cowen boosted their price target 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. Based on data from MarketBeat, T. Rowe Price Group has a consensus rating of “Reduce” and a consensus price target of $105.67.

T. Rowe Price Group Stock Down 1.0%

Shares of TROW opened at $111.24 on Friday. The stock has a market capitalization of $23.73 billion, a P/E ratio of 11.16, a P/E/G ratio of 3.72 and a beta of 1.47. T. Rowe Price Group, Inc. has a twelve month low of $85.22 and a twelve month high of $122.00. The company has a 50 day moving average of $114.35 and a 200-day moving average of $103.34.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings data 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 net margin of 29.26% and a return on equity of 20.91%. The business had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.89 billion. During the same quarter in the previous year, the firm posted $2.24 earnings per share. The firm’s revenue for the quarter was up 10.7% on a year-over-year basis. On average, sell-side analysts anticipate that T. Rowe Price Group, Inc. will post 10.15 earnings per share 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. Shareholders of record on Tuesday, September 15th will be paid a $1.30 dividend. This represents a $5.20 annualized dividend and a yield of 4.7%. The ex-dividend date is Tuesday, September 15th. T. Rowe Price Group’s payout ratio is presently 52.16%.

T. Rowe Price Group Company 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.