Mirae Asset Global Investments Co. Ltd. Acquires 32,372 Shares of T. Rowe Price Group, Inc. $TROW

Key Points

• Mirae Asset Global Investments increased its T. Rowe Price Group stake by 15.2% in the second quarter, purchasing 32,372 additional shares and bringing its holdings to 245,033 shares valued at approximately $27.9 million.
• Analyst sentiment remains cautious, with T. Rowe Price receiving an average “Reduce” rating and a consensus price target of $105.67; institutional investors own 73.39% of the company.
• T. Rowe Price exceeded quarterly earnings and revenue expectations, reporting $2.57 in EPS and $1.91 billion in revenue, while declaring a $1.30 quarterly dividend, equivalent to a 4.7% annualized yield.

Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 15.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 245,033 shares of the asset manager's stock after purchasing an additional 32,372 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned approximately 0.11% of T. Rowe Price Group worth $27,858,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of TROW. TD Private Client Wealth LLC lifted its stake in shares of T. Rowe Price Group by 91.8% in the 4th quarter. TD Private Client Wealth LLC now owns 257 shares of the asset manager's stock valued at $26,000 after purchasing an additional 123 shares during the last quarter. DV Equities LLC acquired a new position in T. Rowe Price Group during the fourth quarter worth $32,000. Bank & Trust Co increased its position in T. Rowe Price Group by 52.4% during the second quarter. Bank & Trust Co now owns 314 shares of the asset manager's stock worth $36,000 after buying an additional 108 shares during the last quarter. Motiv8 Investments LLC acquired a new position in T. Rowe Price Group during the fourth quarter worth $35,000. Finally, TD Waterhouse Canada Inc. raised its holdings in T. Rowe Price Group by 92.0% during the fourth quarter. TD Waterhouse Canada Inc. now owns 386 shares of the asset manager's stock valued at $40,000 after buying an additional 185 shares in the last quarter. Institutional investors own 73.39% of the company's stock.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Barclays reduced their price target on T. Rowe Price Group from $108.00 to $103.00 and set an "underweight" rating for the company in a research report on Monday, August 3rd. JPMorgan Chase & Co. cut their price objective on T. Rowe Price Group from $106.00 to $103.00 and set an "underweight" rating on the stock in a research note on Friday, April 24th. TD Cowen boosted their target price on T. Rowe Price Group from $107.00 to $108.00 and gave the stock a "hold" rating in a report on Monday, August 3rd. BMO Capital Markets upped their target price on 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. Finally, Weiss Ratings upgraded T. Rowe Price Group from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, July 2nd. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat, T. Rowe Price Group has an average rating of "Reduce" and a consensus price target of $105.67.

T. Rowe Price Group Stock Performance

T. Rowe Price Group stock opened at $111.30 on Friday. The business's 50-day simple moving average is $113.43 and its 200-day simple moving average is $102.60. The firm has a market capitalization of $23.74 billion, a PE ratio of 11.16, a PEG ratio of 4.34 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.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last announced its earnings results on Friday, July 31st. The asset manager reported $2.57 earnings per share for the quarter, beating the consensus estimate of $2.52 by $0.05. The firm had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.89 billion. T. Rowe Price Group had a return on equity of 20.91% and a net margin of 29.26%.The firm's revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.24 EPS. Research analysts forecast that T. Rowe Price Group, Inc. will post 10.13 earnings per share for the current year.

T. Rowe Price Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be issued a dividend of $1.30 per share. The ex-dividend date is Tuesday, September 15th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.7%. T. Rowe Price Group's payout ratio is 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.

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