Rakuten Investment Management Inc. Makes New $4.03 Million Investment in T. Rowe Price Group, Inc. $TROW

Rakuten Investment Management Inc. bought a new position in T. Rowe Price Group, Inc. (NASDAQ:TROW) in the 2nd quarter, according to its most recent disclosure with the SEC. The firm bought 35,238 shares of the asset manager’s stock, valued at approximately $4,031,000.

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

Insiders Place Their Bets

In other T. Rowe Price Group news, VP Joshua B. Nelson sold 10,000 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $7,975,896.96. This trade represents a 12.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.60% of the company’s stock.

T. Rowe Price Group Stock Performance

Shares of NASDAQ:TROW opened at $111.24 on Monday. The stock has a fifty day simple moving average of $114.35 and a two-hundred day simple moving average of $103.40. The stock has a market capitalization of $23.73 billion, a price-to-earnings ratio of 11.16, a PEG ratio of 3.68 and a beta of 1.47. 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 released its earnings results on Friday, July 31st. The asset manager reported $2.57 EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $1.91 billion for the quarter, compared to analysts’ expectations of $1.89 billion. During the same period in the prior year, the firm posted $2.24 earnings per share. The company’s quarterly revenue was up 10.7% on a year-over-year basis. As a group, equities research analysts predict that T. Rowe Price Group, Inc. will post 10.15 EPS 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. Investors 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 4.7%. The ex-dividend date of this dividend is Tuesday, September 15th. T. Rowe Price Group’s dividend payout ratio is 52.16%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Morgan Stanley set a $116.00 price target on T. Rowe Price Group in a research note on Wednesday, July 29th. Evercore set a $118.00 target price on shares of T. Rowe Price Group in a report on Monday, August 10th. BMO Capital Markets upped 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 lowered shares of T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 13th. Finally, TD Cowen lifted their price target on shares of T. Rowe Price Group from $107.00 to $108.00 and gave the company a “hold” rating in a research report on Monday, August 3rd. Ten investment analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus price target 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.