Northwestern Mutual Wealth Management Co. Takes $2.66 Million Position in T. Rowe Price Group, Inc. $TROW

Northwestern Mutual Wealth Management Co. bought a new stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 23,366 shares of the asset manager’s stock, valued at approximately $2,656,000.

A number of other hedge funds also recently made changes to their positions in TROW. SVB Wealth LLC increased 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 worth $3,788,000 after buying an additional 16,155 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of T. Rowe Price Group by 3.8% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 520,782 shares of the asset manager’s stock valued at $54,489,000 after buying an additional 18,952 shares during the last quarter. Generali Asset Management SPA SGR lifted its position in shares of T. Rowe Price Group by 1,680.4% during the 4th quarter. Generali Asset Management SPA SGR now owns 17,715 shares of the asset manager’s stock valued at $1,814,000 after buying an additional 16,720 shares during the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new position in shares of T. Rowe Price Group during the 4th quarter worth $5,935,000. Finally, Norges Bank bought a new position in shares of T. Rowe Price Group during the 4th quarter worth $128,283,000. 73.39% of the stock is currently owned by institutional investors.

T. Rowe Price Group Stock Performance

T. Rowe Price Group stock opened at $112.30 on Tuesday. T. Rowe Price Group, Inc. has a fifty-two week low of $85.22 and a fifty-two week high of $122.00. The stock has a market cap of $23.96 billion, a P/E ratio of 11.26, a price-to-earnings-growth ratio of 3.70 and a beta of 1.47. The firm’s fifty day moving average price is $114.02 and its 200-day moving average price is $102.91.

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 the consensus estimate 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 analyst estimates of $1.89 billion. During the same quarter in the prior year, the firm earned $2.24 earnings per share. T. Rowe Price Group’s revenue for the quarter was up 10.7% on a year-over-year basis. On average, analysts predict that T. Rowe Price Group, Inc. will post 10.14 earnings per share for the current year.

T. Rowe Price Group Announces Dividend

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 $1.30 dividend. The ex-dividend date 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%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on TROW shares. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $115.00 target price (down from $120.00) on shares of T. Rowe Price Group in a research note on Monday, August 3rd. BMO Capital Markets boosted 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 report on Monday, August 3rd. Zacks Research downgraded T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 13th. TD Cowen raised their price target on T. Rowe Price Group from $107.00 to $108.00 and gave the stock a “hold” rating in a report on Monday, August 3rd. Finally, Evercore set a $118.00 price target on T. Rowe Price Group in a research report on Monday, August 10th. Ten research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat.com, T. Rowe Price Group currently has a consensus rating of “Reduce” and an average target price of $105.67.

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.