Mirae Asset Global Investments Co. Ltd. Grows Stock Position in T. Rowe Price Group, Inc. $TROW

Key Points

• Mirae Asset Global Investments Co. Ltd. increased its stake in T. Rowe Price Group by 11.7%, now owning 238,779 shares valued at approximately $23 million.
• Analysts have issued mixed ratings for T. Rowe Price Group, with BMO Capital Markets setting a target price of $108 while Keefe, Bruyette & Woods raised theirs from $110 to $112.
• T. Rowe Price Group recently announced a quarterly dividend of $1.27 per share, representing an annual yield of 4.9%.

Mirae Asset Global Investments Co. Ltd. increased its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 11.7% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 238,779 shares of the asset manager's stock after buying an additional 25,010 shares during the period. Mirae Asset Global Investments Co. Ltd. owned about 0.11% of T. Rowe Price Group worth $23,042,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in TROW. Zions Bancorporation National Association UT purchased a new stake in shares of T. Rowe Price Group in the 1st quarter worth about $27,000. Hexagon Capital Partners LLC raised its stake in T. Rowe Price Group by 44.8% in the 1st quarter. Hexagon Capital Partners LLC now owns 365 shares of the asset manager's stock valued at $34,000 after purchasing an additional 113 shares during the last quarter. Smallwood Wealth Investment Management LLC acquired a new position in T. Rowe Price Group in the 1st quarter valued at about $39,000. Chilton Capital Management LLC acquired a new position in T. Rowe Price Group in the 1st quarter valued at about $41,000. Finally, Wayfinding Financial LLC acquired a new position in T. Rowe Price Group in the 1st quarter valued at about $43,000. 73.39% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently weighed in on TROW shares. BMO Capital Markets started coverage on shares of T. Rowe Price Group in a research note on Friday. They issued a "market perform" rating and a $108.00 target price for the company. Keefe, Bruyette & Woods boosted their target price on shares of T. Rowe Price Group from $110.00 to $112.00 and gave the company a "market perform" rating in a research note on Monday, August 4th. The Goldman Sachs Group boosted their target price on shares of T. Rowe Price Group from $91.00 to $92.00 and gave the company a "sell" rating in a research note on Friday. Weiss Ratings reissued a "hold (c)" rating on shares of T. Rowe Price Group in a research note on Saturday, September 27th. Finally, Barclays reissued an "underweight" rating and issued a $95.00 target price (up previously from $91.00) on shares of T. Rowe Price Group in a research note on Monday, August 4th. One analyst has rated the stock with a Buy rating, ten have given a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, T. Rowe Price Group presently has a consensus rating of "Reduce" and an average price target of $104.08.

Insider Transactions at T. Rowe Price Group

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

T. Rowe Price Group Price Performance

Shares of TROW stock opened at $103.28 on Friday. The firm's 50-day simple moving average is $105.71 and its 200-day simple moving average is $98.06. The firm has a market cap of $22.69 billion, a P/E ratio of 11.54, a PEG ratio of 2.62 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 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 firm had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.72 billion. T. Rowe Price Group had a net margin of 28.72% and a return on equity of 19.77%. The company's revenue was down .6% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.26 EPS. Analysts expect that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current fiscal year.

T. Rowe Price Group Announces Dividend

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

T. Rowe Price Group Company Profile

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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