Mitsubishi UFJ Asset Management Co. Ltd. Takes $66.09 Million Position in T. Rowe Price Group, Inc. $TROW

Key Points

• Mitsubishi UFJ Asset Management acquired 581,353 shares of T. Rowe Price Group worth approximately $66.1 million, giving it a 0.27% stake. Institutional investors collectively own 73.39% of the company.
• Analyst sentiment remains cautious, with a consensus rating of “Reduce” from MarketBeat and an average price target of $105.67, below the stock’s reported $112.23 opening price.
• T. Rowe Price exceeded quarterly expectations with $2.57 in earnings per share and $1.91 billion in revenue, while declaring a $1.30 quarterly dividend, equivalent to a 4.6% annualized yield.

Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 581,353 shares of the asset manager's stock, valued at approximately $66,095,000. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.27% of T. Rowe Price Group at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Woodline Partners LP increased its stake in shares of T. Rowe Price Group by 41.0% in the first quarter. Woodline Partners LP now owns 18,809 shares of the asset manager's stock worth $1,728,000 after purchasing an additional 5,467 shares in the last quarter. Focus Partners Wealth lifted its stake in shares of T. Rowe Price Group by 10.6% during the 1st quarter. Focus Partners Wealth now owns 13,054 shares of the asset manager's stock valued at $1,199,000 after buying an additional 1,250 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in T. Rowe Price Group by 44.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,546 shares of the asset manager's stock worth $149,000 after buying an additional 478 shares during the period. Jump Financial LLC bought a new position in T. Rowe Price Group in the 2nd quarter worth $931,000. Finally, Daiwa Securities Group Inc. increased its stake in T. Rowe Price Group by 5.4% in the 2nd quarter. Daiwa Securities Group Inc. now owns 33,245 shares of the asset manager's stock worth $3,208,000 after buying an additional 1,703 shares in the last quarter. 73.39% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TROW has been the topic of a number of recent analyst reports. The Goldman Sachs Group boosted their price objective on T. Rowe Price Group from $90.00 to $92.00 and gave the company a "sell" rating in a research report on Tuesday, June 30th. Morgan Stanley set a $116.00 target price on T. Rowe Price Group in a research report on Wednesday, July 29th. JPMorgan Chase & Co. decreased their target price 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. Weiss Ratings raised T. Rowe Price Group from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, July 2nd. Finally, TD Cowen upped their price target on T. Rowe Price Group from $107.00 to $108.00 and gave the stock a "hold" rating in a research note on Monday, August 3rd. Ten equities research analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, T. Rowe Price Group presently has a consensus rating of "Reduce" and an average target price of $105.67.

T. Rowe Price Group Stock Up 1.7%

Shares of TROW stock opened at $112.23 on Thursday. The stock has a market cap of $23.94 billion, a P/E ratio of 11.26, a PEG ratio of 4.29 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. The company's fifty day simple moving average is $113.83 and its two-hundred day simple moving average is $102.76.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued its quarterly earnings data on Friday, July 31st. The asset manager reported $2.57 earnings per share for the quarter, beating analysts' consensus estimates of $2.52 by $0.05. The firm had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.89 billion. T. Rowe Price Group had a return on equity of 20.91% and a net margin of 29.26%.The business's quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the business posted $2.24 earnings per share. On average, analysts anticipate that T. Rowe Price Group, Inc. will post 10.13 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

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