23,366 Shares in T. Rowe Price Group, Inc. $TROW Acquired by Northwestern Mutual Wealth Management Co.

Key Points

• Northwestern Mutual Wealth Management acquired 23,366 shares of T. Rowe Price Group worth approximately $2.66 million during the second quarter. Institutional investors and hedge funds now own 73.39% of the company.
• Analysts remain cautious, with ten maintaining Hold ratings and four assigning Sell ratings. TROW has an average “Reduce” rating and a consensus price target of $105.67, below its reported opening price of $112.30.
• T. Rowe Price exceeded quarterly expectations, reporting $2.57 in EPS and $1.91 billion in revenue, while revenue increased 10.7% year over year. The company also declared a quarterly dividend of $1.30 per share, representing a 4.6% yield.

Northwestern Mutual Wealth Management Co. acquired a new stake in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 23,366 shares of the asset manager's stock, valued at approximately $2,656,000.

A number of other hedge funds also recently modified their holdings of TROW. TD Private Client Wealth LLC raised 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 valued at $26,000 after buying an additional 123 shares in the last quarter. DV Equities LLC acquired a new stake in T. Rowe Price Group during the fourth quarter worth approximately $32,000. Motiv8 Investments LLC bought a new position in T. Rowe Price Group during the 4th quarter worth $35,000. Bank & Trust Co raised its holdings in 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. Finally, Keating Financial Advisory Services Inc. acquired a new position in T. Rowe Price Group in the 2nd quarter valued at $39,000. Institutional investors and hedge funds own 73.39% of the company's stock.

Analysts Set New Price Targets

TROW has been the subject of several recent analyst reports. Zacks Research cut shares of T. Rowe Price Group from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 13th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $109.00 price target on shares of T. Rowe Price Group in a report on Monday, August 3rd. The Goldman Sachs Group lifted their price objective on shares of T. Rowe Price Group from $90.00 to $92.00 and gave the company a "sell" rating in a research note on Tuesday, June 30th. Barclays cut their target price on T. Rowe Price Group from $108.00 to $103.00 and set an "underweight" rating for the company in a research note on Monday, August 3rd. Finally, Weiss Ratings raised T. Rowe Price Group from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, July 2nd. Ten research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Reduce" and a consensus price target of $105.67.

T. Rowe Price Group Stock Performance

TROW stock opened at $112.30 on Tuesday. The company has a market capitalization of $23.96 billion, a P/E ratio of 11.26, a PEG ratio of 3.70 and a beta of 1.47. The company has a fifty day moving average price of $114.02 and a 200-day moving average price of $102.91. T. Rowe Price Group, Inc. has a 52-week low of $85.22 and a 52-week high of $122.00.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last released its quarterly earnings results on Friday, July 31st. The asset manager reported $2.57 EPS for the quarter, beating 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 analyst estimates of $1.89 billion. During the same quarter in the previous year, the company posted $2.24 EPS. The business's revenue was up 10.7% on a year-over-year basis. As a group, sell-side analysts forecast that T. Rowe Price Group, Inc. will post 10.14 earnings per share for the current fiscal year.

T. Rowe Price Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be paid a $1.30 dividend. This represents a $5.20 annualized dividend and a yield of 4.6%. The ex-dividend date of this dividend is Tuesday, September 15th. T. Rowe Price Group's payout ratio is 52.16%.

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.

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