390,900 Shares in T. Rowe Price Group, Inc. $TROW Acquired by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• The Virginia Retirement Systems ET Al acquired 390,900 shares of T. Rowe Price Group, Inc. for about $37.7 million, representing a 0.18% stake in the company.
• T. Rowe Price recently declared a quarterly dividend of $1.27 per share, resulting in an annualized yield of 4.9%, with a payout ratio of 56.76%.
• Analysts have varied price targets for T. Rowe Price, with upgrades placing the stock target between $97.00 and $125.00, while recommendations include hold, buy, and sell ratings.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 390,900 shares of the asset manager's stock, valued at approximately $37,722,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned 0.18% of T. Rowe Price Group as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the business. GAMMA Investing LLC grew its position in T. Rowe Price Group by 5.1% in the 1st quarter. GAMMA Investing LLC now owns 3,627 shares of the asset manager's stock valued at $333,000 after buying an additional 176 shares in the last quarter. Exchange Traded Concepts LLC raised its holdings in T. Rowe Price Group by 27.9% during the first quarter. Exchange Traded Concepts LLC now owns 971 shares of the asset manager's stock worth $89,000 after purchasing an additional 212 shares in the last quarter. QRG Capital Management Inc. lifted its position in T. Rowe Price Group by 21.3% in the first quarter. QRG Capital Management Inc. now owns 14,186 shares of the asset manager's stock worth $1,303,000 after purchasing an additional 2,491 shares during the period. State of Alaska Department of Revenue increased its position in shares of T. Rowe Price Group by 3.0% during the 1st quarter. State of Alaska Department of Revenue now owns 26,084 shares of the asset manager's stock valued at $2,396,000 after purchasing an additional 755 shares during the period. Finally, Canton Hathaway LLC bought a new stake in shares of T. Rowe Price Group in the 1st quarter worth $96,000. 73.39% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at T. Rowe Price Group

In related news, Director Robert F. Maclellan sold 3,090 shares of the stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $105.01, for a total transaction of $324,480.90. Following the completion of the sale, the director directly owned 47,335 shares in the company, valued at approximately $4,970,648.35. This trade represents a 6.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.00% of the company's stock.

T. Rowe Price Group Trading Up 0.5%

Shares of TROW stock opened at $103.70 on Friday. The stock's fifty day simple moving average is $105.78 and its 200-day simple moving average is $98.88. The company has a market capitalization of $22.78 billion, a price-to-earnings ratio of 11.59, a P/E/G ratio of 5.69 and a beta of 1.50. T. Rowe Price Group, Inc. has a 1-year low of $77.85 and a 1-year high of $125.81.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last posted its quarterly earnings results on Friday, August 1st. The asset manager reported $2.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.15 by $0.09. The business had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.72 billion. T. Rowe Price Group had a net margin of 28.72% and a return on equity of 19.77%. The firm's revenue was down .6% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.26 earnings per share. On average, sell-side analysts predict that T. Rowe Price Group, Inc. will post 9.29 EPS for the current year.

T. Rowe Price Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Monday, September 15th were paid a dividend of $1.27 per share. The ex-dividend date of this dividend was Monday, September 15th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 4.9%. T. Rowe Price Group's dividend payout ratio (DPR) is 56.76%.

Analysts Set New Price Targets

Several research analysts recently weighed in on TROW shares. Weiss Ratings reaffirmed a "hold (c)" rating on shares of T. Rowe Price Group in a research note on Wednesday, October 8th. Keefe, Bruyette & Woods lifted their price objective on shares of T. Rowe Price Group from $112.00 to $115.00 and gave the stock a "hold" rating in a research note on Monday, October 13th. Wells Fargo & Company raised their target price on shares of T. Rowe Price Group from $98.00 to $108.00 and gave the stock an "equal weight" rating in a report on Friday, July 11th. Bank of America lifted their price target on shares of T. Rowe Price Group from $91.00 to $97.00 and gave the stock an "underperform" rating in a research report on Thursday, October 2nd. Finally, Morgan Stanley lifted their target price on T. Rowe Price Group from $116.00 to $125.00 and gave the stock a "positive" rating in a report on Monday, October 6th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, ten have issued a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Reduce" and a consensus target price of $106.92.

About T. Rowe Price Group

T. Rowe Price Group, Inc is a publicly owned investment manager. The firm provides its services to individuals, institutional investors, retirement plans, financial intermediaries, and institutions. It launches and manages equity and fixed income mutual funds. The firm invests in the public equity and fixed income markets across the globe.

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