Korea Investment CORP Takes $11.34 Million Position in T. Rowe Price Group, Inc. $TROW

Korea Investment CORP bought a new stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 99,770 shares of the asset manager’s stock, valued at approximately $11,343,000.

Other institutional investors have also recently added to or reduced their stakes in the company. SVB Wealth LLC grew its position in T. Rowe Price Group by 77.5% in the fourth quarter. SVB Wealth LLC now owns 37,000 shares of the asset manager’s stock valued at $3,788,000 after acquiring an additional 16,155 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of T. Rowe Price Group by 3.8% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 520,782 shares of the asset manager’s stock worth $54,489,000 after purchasing an additional 18,952 shares in the last quarter. Generali Asset Management SPA SGR boosted its stake in shares of T. Rowe Price Group by 1,680.4% in the fourth quarter. Generali Asset Management SPA SGR now owns 17,715 shares of the asset manager’s stock valued at $1,814,000 after purchasing an additional 16,720 shares during the period. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new position in shares of T. Rowe Price Group in the fourth quarter valued at $5,935,000. Finally, Norges Bank acquired a new stake in T. Rowe Price Group during the 4th quarter valued at $128,283,000. 73.39% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have commented on TROW. Morgan Stanley set a $116.00 price objective on shares of T. Rowe Price Group in a report on Wednesday, July 29th. Weiss Ratings raised T. Rowe Price Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, July 2nd. Evercore set a $118.00 price target on T. Rowe Price Group in a research note on Monday, August 10th. Zacks Research downgraded T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 13th. Finally, The Goldman Sachs Group raised their price objective on T. Rowe Price Group from $90.00 to $92.00 and gave the company a “sell” rating in a research note on Tuesday, June 30th. Ten equities research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $105.67.

T. Rowe Price Group Price Performance

Shares of TROW stock opened at $112.30 on Tuesday. The firm has a fifty day moving average of $114.02 and a two-hundred day moving average of $102.91. The firm has a market cap of $23.96 billion, a P/E ratio of 11.26, a P/E/G ratio of 3.70 and a beta of 1.47. T. Rowe Price Group, Inc. has a 1-year low of $85.22 and a 1-year high of $122.00.

T. Rowe Price Group (NASDAQ:TROW) last posted 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 during the quarter, compared to the consensus estimate of $1.89 billion. During the same period last year, the firm earned $2.24 earnings per share. The company’s revenue for the quarter was up 10.7% compared to the same quarter last year. On average, sell-side analysts expect that T. Rowe Price Group, Inc. will post 10.14 EPS for the current year.

T. Rowe Price Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis 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%.

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.