Redwood Investment Management LLC Takes Position in T. Rowe Price Group, Inc. $TROW

Redwood Investment Management LLC purchased 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 Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 10,383 shares of the asset manager’s stock, valued at approximately $1,180,000.

A number of other hedge funds also recently added to or reduced their stakes in TROW. BlackRock Inc. purchased a new position in shares of T. Rowe Price Group in the second quarter worth $2,728,119,000. Goldman Sachs Group Inc. lifted its stake in T. Rowe Price Group by 332.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 8,770,071 shares of the asset manager’s stock valued at $897,880,000 after acquiring an additional 6,740,172 shares during the period. First Trust Advisors LP boosted its holdings in shares of T. Rowe Price Group by 126.5% during the 4th quarter. First Trust Advisors LP now owns 3,280,854 shares of the asset manager’s stock valued at $335,894,000 after acquiring an additional 1,832,231 shares during the last quarter. Legal & General Group Plc purchased a new stake in shares of T. Rowe Price Group during the 2nd quarter valued at about $183,130,000. Finally, Bank of America Corp DE bought a new stake in shares of T. Rowe Price Group in the second quarter worth approximately $170,572,000. 73.39% of the stock is currently owned by hedge funds and other institutional investors.

T. Rowe Price Group Trading Down 0.3%

TROW opened at $112.55 on Thursday. The company has a market cap 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’s 50 day moving average is $114.18 and its 200 day moving average is $103.16. T. Rowe Price Group, Inc. has a 12-month low of $85.22 and a 12-month high of $122.00.

T. Rowe Price Group (NASDAQ:TROW) last announced its earnings results on Friday, July 31st. The asset manager reported $2.57 earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.89 billion. During the same period in the previous year, the business posted $2.24 earnings per share. The firm’s quarterly revenue was up 10.7% compared to the same quarter last year. As a group, analysts predict that T. Rowe Price Group, Inc. will post 10.15 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The firm also recently disclosed 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. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.6%. T. Rowe Price Group’s payout ratio is presently 52.16%.

Analysts Set New Price Targets

TROW has been the subject of several research reports. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $115.00 price objective (down from $120.00) on shares of T. Rowe Price Group in a report on Monday, August 3rd. Evercore set a $118.00 target price on shares of T. Rowe Price Group in a research report on Monday, August 10th. Morgan Stanley set a $116.00 target price on shares of T. Rowe Price Group in a research note on Wednesday, July 29th. Weiss Ratings raised T. Rowe Price Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, July 2nd. Finally, The Goldman Sachs Group raised their price target on 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. Ten investment analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, T. Rowe Price Group presently has an average rating of “Reduce” and an average target price of $105.67.

Insider Activity

In other 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 value of $1,118,200.00. Following the completion of the sale, the vice president directly owned 71,328 shares in the company, valued at $7,975,896.96. This represents a 12.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 1.60% of the stock is currently owned by 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.