Legal & General Group Plc Makes New Investment in T. Rowe Price Group, Inc. $TROW

Legal & General Group Plc bought a new stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 1,610,788 shares of the asset manager’s stock, valued at approximately $183,130,000. Legal & General Group Plc owned about 0.76% of T. Rowe Price Group as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. TD Private Client Wealth LLC lifted 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 purchasing an additional 123 shares during the last quarter. DV Equities LLC bought a new position in T. Rowe Price Group in the 4th quarter worth about $32,000. Motiv8 Investments LLC bought a new position in T. Rowe Price Group in the 4th quarter worth about $35,000. Bank & Trust Co increased 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 valued at $36,000 after purchasing an additional 108 shares during the period. Finally, Keating Financial Advisory Services Inc. acquired a new stake in shares of T. Rowe Price Group in the second quarter valued at approximately $39,000. Institutional investors and hedge funds own 73.39% of the company’s stock.

Insider Buying and Selling at T. Rowe Price Group

In related news, VP Joshua B. Nelson sold 10,000 shares of the company’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $111.82, for a total transaction of $1,118,200.00. Following the transaction, the vice president directly owned 71,328 shares of the company’s stock, valued at approximately $7,975,896.96. The trade was a 12.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.60% of the company’s stock.

T. Rowe Price Group Stock Performance

Shares of NASDAQ:TROW opened at $112.55 on Thursday. The stock has a market capitalization of $24.01 billion, a price-to-earnings ratio of 11.29, a PEG ratio of 3.74 and a beta of 1.47. The company has a 50 day moving average price of $114.18 and a 200 day moving average price of $103.16. 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 issued its earnings results on Friday, July 31st. The asset manager reported $2.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.52 by $0.05. The business had revenue of $1.91 billion for the quarter, compared to analysts’ expectations of $1.89 billion. T. Rowe Price Group had a return on equity of 20.91% and a net margin of 29.26%.The company’s quarterly revenue was up 10.7% on a year-over-year basis. During the same period in the previous year, the firm posted $2.24 EPS. On average, sell-side analysts expect that T. Rowe Price Group, Inc. will post 10.15 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be given 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 payout ratio is presently 52.16%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on TROW. Evercore set a $118.00 price objective on T. Rowe Price Group in a research report on Monday, August 10th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $115.00 target price (down from $120.00) on shares of T. Rowe Price Group in a research note on Monday, August 3rd. The Goldman Sachs Group boosted their price target on T. Rowe Price Group from $90.00 to $92.00 and gave the stock a “sell” rating in a research report on Tuesday, June 30th. Morgan Stanley set a $116.00 price target on T. Rowe Price Group in a research note on Wednesday, July 29th. Finally, BMO Capital Markets raised their price target on T. Rowe Price Group from $110.00 to $120.00 and gave the company a “market perform” rating in a report on Monday, August 3rd. Ten research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus target price of $105.67.

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.