409,100 Shares in T. Rowe Price Group, Inc. $TROW Purchased by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 409,100 shares of the asset manager’s stock, valued at approximately $46,511,000.

Other institutional investors have also added to or reduced their stakes in the company. Woodline Partners LP boosted its position in shares of T. Rowe Price Group by 41.0% during the 1st quarter. Woodline Partners LP now owns 18,809 shares of the asset manager’s stock valued at $1,728,000 after acquiring an additional 5,467 shares during the last quarter. Focus Partners Wealth lifted its position in T. Rowe Price Group by 10.6% during the first quarter. Focus Partners Wealth now owns 13,054 shares of the asset manager’s stock valued at $1,199,000 after purchasing an additional 1,250 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in T. Rowe Price Group by 44.8% during the second quarter. EverSource Wealth Advisors LLC now owns 1,546 shares of the asset manager’s stock valued at $149,000 after purchasing an additional 478 shares during the last quarter. Jump Financial LLC purchased a new position in shares of T. Rowe Price Group in the 2nd quarter worth $931,000. Finally, Daiwa Securities Group Inc. increased its holdings in shares of T. Rowe Price Group by 5.4% in the 2nd quarter. Daiwa Securities Group Inc. now owns 33,245 shares of the asset manager’s stock worth $3,208,000 after buying an additional 1,703 shares during the last quarter. Hedge funds and other institutional investors own 73.39% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on TROW shares. BMO Capital Markets upped their target price on shares of T. Rowe Price Group from $110.00 to $120.00 and gave the company a “market perform” rating in a research report on Monday, August 3rd. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $109.00 price objective on shares of T. Rowe Price Group in a research note on Monday, August 3rd. Zacks Research cut T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 13th. Keefe, Bruyette & Woods reissued 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 report on Monday, August 3rd. Finally, TD Cowen increased their price target on T. Rowe Price Group from $108.00 to $110.00 and gave the company a “hold” rating in a report on Monday, August 31st. One investment analyst has rated the stock with a Buy rating, nine have issued a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, T. Rowe Price Group has an average rating of “Reduce” and a consensus target price of $106.15.

T. Rowe Price Group Price Performance

T. Rowe Price Group stock opened at $109.78 on Monday. The firm has a market capitalization of $23.42 billion, a P/E ratio of 11.01, a price-to-earnings-growth ratio of 3.63 and a beta of 1.46. T. Rowe Price Group, Inc. has a 1-year low of $85.22 and a 1-year high of $122.00. The company’s 50-day moving average is $114.64 and its 200 day moving average is $103.95.

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. The business had revenue of $1.91 billion during the quarter, compared to analyst estimates 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 revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.24 earnings per share. Research analysts anticipate that T. Rowe Price Group, Inc. will post 10.16 earnings per share for the current fiscal year.

T. Rowe Price Group Announces Dividend

The firm 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 $1.30 dividend. This represents a $5.20 annualized dividend and a yield of 4.7%. The ex-dividend date of this dividend is Tuesday, September 15th. T. Rowe Price Group’s dividend payout ratio is 52.16%.

Insiders Place Their Bets

In other news, VP Joshua 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 transaction 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 approximately $7,975,896.96. The trade was a 12.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through 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.