The Manufacturers Life Insurance Company Takes Position in T. Rowe Price Group, Inc. $TROW

The Manufacturers Life Insurance Company acquired a new position in T. Rowe Price Group, Inc. (NASDAQ:TROW) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 222,729 shares of the asset manager’s stock, valued at approximately $25,322,000.

A number of other hedge funds have also recently made changes to their positions in TROW. TD Private Client Wealth LLC grew its position 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 valued at $26,000 after acquiring an additional 123 shares in the last quarter. DV Equities LLC acquired a new stake in shares of T. Rowe Price Group during the fourth quarter worth about $32,000. Motiv8 Investments LLC purchased a new position in shares of T. Rowe Price Group in the fourth quarter valued at approximately $35,000. Bank & Trust Co grew its holdings 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 valued at $36,000 after purchasing an additional 108 shares in the last quarter. Finally, Keating Financial Advisory Services Inc. acquired a new position in shares of T. Rowe Price Group in the second quarter valued at approximately $39,000. Hedge funds and other institutional investors own 73.39% of the company’s stock.

T. Rowe Price Group Trading Down 0.2%

Shares of NASDAQ:TROW opened at $112.36 on Friday. T. Rowe Price Group, Inc. has a 52 week low of $85.22 and a 52 week high of $122.00. The company’s 50 day moving average is $114.28 and its two-hundred day moving average is $103.29. The company has a market cap of $23.97 billion, a PE ratio of 11.27, a P/E/G ratio of 3.73 and a beta of 1.47.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings results on Friday, July 31st. The asset manager reported $2.57 earnings per share for the quarter, beating 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 company had revenue of $1.91 billion for the quarter, compared to analysts’ expectations of $1.89 billion. During the same period last year, the firm earned $2.24 earnings per share. T. Rowe Price Group’s quarterly revenue was up 10.7% on a year-over-year basis. As a group, equities research analysts expect that T. Rowe Price Group, Inc. will post 10.15 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. Investors of record on Tuesday, September 15th will be paid a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 4.6%. The ex-dividend date is Tuesday, September 15th. T. Rowe Price Group’s dividend payout ratio (DPR) is currently 52.16%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. The Goldman Sachs Group increased 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 report on Tuesday, June 30th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $109.00 price objective on shares of T. Rowe Price Group in a research report on Monday, August 3rd. Weiss Ratings upgraded T. Rowe Price Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, July 2nd. Morgan Stanley set a $116.00 target price on T. Rowe Price Group in a research note on Wednesday, July 29th. Finally, Zacks Research downgraded T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 13th. Ten equities research 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 a consensus price target of $105.67.

Insiders Place Their Bets

In related news, VP Joshua B. Nelson sold 10,000 shares of the business’s stock in a transaction on Tuesday, August 25th. The shares were 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 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.60% of the stock is currently owned by company insiders.

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.