Legal & General Group Plc Buys Shares of 1,610,788 T. Rowe Price Group, Inc. $TROW

Legal & General Group Plc bought a new position in T. Rowe Price Group, Inc. (NASDAQ:TROW) in the 2nd quarter, Holdings Channel.com reports. The fund bought 1,610,788 shares of the asset manager’s stock, valued at approximately $183,130,000.

Several other hedge funds also recently modified their holdings of the business. TD Private Client Wealth LLC lifted its position in shares of T. Rowe Price Group by 91.8% in the fourth quarter. TD Private Client Wealth LLC now owns 257 shares of the asset manager’s stock worth $26,000 after buying an additional 123 shares during the last quarter. DV Equities LLC bought a new position in shares of T. Rowe Price Group in the 4th quarter valued at approximately $32,000. Bank & Trust Co raised its stake in shares of T. Rowe Price Group by 52.4% in the 2nd quarter. Bank & Trust Co now owns 314 shares of the asset manager’s stock valued at $36,000 after acquiring an additional 108 shares in the last quarter. Motiv8 Investments LLC acquired a new stake in T. Rowe Price Group in the 4th quarter worth approximately $35,000. Finally, Keating Financial Advisory Services Inc. acquired a new stake in T. Rowe Price Group in the 2nd quarter worth approximately $39,000. Institutional investors and hedge funds own 73.39% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on TROW. Morgan Stanley set a $116.00 price objective on shares of T. Rowe Price Group in a research note on Wednesday, July 29th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $109.00 target price 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 stock a “market perform” rating in a research report on Monday, August 3rd. Zacks Research downgraded T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 13th. Finally, Evercore set a $118.00 price target on shares of T. Rowe Price Group in a research report on Monday, August 10th. Ten investment analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus target price of $105.67.

Insider Buying and Selling at T. Rowe Price Group

In related news, VP Joshua B. Nelson sold 10,000 shares of the business’s stock in a transaction that occurred 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 transaction, the vice president owned 71,328 shares in the company, valued at $7,975,896.96. The trade was a 12.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.60% of the stock is currently owned by corporate insiders.

T. Rowe Price Group Price Performance

T. Rowe Price Group stock opened at $112.55 on Thursday. The firm has a market capitalization of $24.01 billion, a P/E ratio of 11.29, a P/E/G ratio of 3.74 and a beta of 1.47. T. Rowe Price Group, Inc. has a 52-week low of $85.22 and a 52-week high of $122.00. The stock has a fifty day moving average price of $114.18 and a two-hundred day moving average price of $103.16.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings data on Friday, July 31st. The asset manager reported $2.57 earnings per share for the quarter, topping the consensus estimate of $2.52 by $0.05. The company had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.89 billion. T. Rowe Price Group had a net margin of 29.26% and a return on equity of 20.91%. The company’s revenue was up 10.7% on a year-over-year basis. During the same quarter last year, the business posted $2.24 earnings per share. On average, equities research 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 business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be issued a $1.30 dividend. 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 dividend payout ratio (DPR) is currently 52.16%.

About T. Rowe Price Group

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.