Korea Investment CORP Takes $11.34 Million Position in T. Rowe Price Group, Inc. $TROW

Key Points

• Korea Investment CORP purchased 99,770 shares of T. Rowe Price Group in the second quarter, establishing a position valued at approximately $11.34 million. Institutional investors collectively own 73.39% of the company.
• T. Rowe Price exceeded quarterly expectations, reporting $2.57 in EPS and $1.91 billion in revenue, with revenue up 10.7% year over year.
• The company declared a quarterly dividend of $1.30 per share, or $5.20 annualized, representing a 4.6% yield. Analysts remain cautious, with a consensus “Reduce” rating and an average price target of $105.67.

Korea Investment CORP bought a new stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 99,770 shares of the asset manager's stock, valued at approximately $11,343,000.

Other institutional investors have also recently added to or reduced their stakes in the company. SVB Wealth LLC grew 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 valued at $3,788,000 after acquiring an additional 16,155 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of T. Rowe Price Group by 3.8% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 520,782 shares of the asset manager's stock worth $54,489,000 after purchasing an additional 18,952 shares in the last quarter. Generali Asset Management SPA SGR boosted its stake in shares of T. Rowe Price Group by 1,680.4% in the fourth quarter. Generali Asset Management SPA SGR now owns 17,715 shares of the asset manager's stock valued at $1,814,000 after purchasing an additional 16,720 shares during the period. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new position in shares of T. Rowe Price Group in the fourth quarter valued at $5,935,000. Finally, Norges Bank acquired a new stake in T. Rowe Price Group during the 4th quarter valued at $128,283,000. 73.39% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have commented on TROW. Morgan Stanley set a $116.00 price objective on shares of T. Rowe Price Group in a report on Wednesday, July 29th. Weiss Ratings raised T. Rowe Price Group from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, July 2nd. Evercore set a $118.00 price target on T. Rowe Price Group in a research note on Monday, August 10th. Zacks Research downgraded T. Rowe Price Group from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 13th. Finally, The Goldman Sachs Group raised their price objective on 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. Ten equities research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Reduce" and an average price target of $105.67.

T. Rowe Price Group Price Performance

Shares of TROW stock opened at $112.30 on Tuesday. The firm has a fifty day moving average of $114.02 and a two-hundred day moving average of $102.91. The firm has a market cap of $23.96 billion, a P/E ratio of 11.26, a P/E/G ratio of 3.70 and a beta of 1.47. T. Rowe Price Group, Inc. has a 1-year low of $85.22 and a 1-year high of $122.00.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last posted its quarterly 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 business had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.89 billion. During the same period last year, the firm earned $2.24 earnings per share. The company's revenue for the quarter was up 10.7% compared to the same quarter last year. On average, sell-side analysts expect that T. Rowe Price Group, Inc. will post 10.14 EPS for the current year.

T. Rowe Price Group Dividend Announcement

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