VIRGINIA RETIREMENT SYSTEMS ET Al Purchases Shares of 409,100 T. Rowe Price Group, Inc. $TROW

Key Points

• Virginia Retirement Systems purchased 409,100 shares of T. Rowe Price Group worth approximately $46.5 million, giving it a 0.19% stake; institutional investors collectively own 73.39% of the company.
• Analyst sentiment remains cautious, with a consensus “Reduce” rating and an average price target of $106.15, below the stock’s reported $109.78 opening price.
• T. Rowe Price exceeded quarterly expectations with $2.57 in EPS and $1.91 billion in revenue, while announcing a quarterly dividend of $1.30 per share, equivalent to a 4.7% annualized yield.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 409,100 shares of the asset manager's stock, valued at approximately $46,511,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned about 0.19% of T. Rowe Price Group as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in TROW. TD Private Client Wealth LLC increased its holdings in T. Rowe Price Group by 91.8% during the fourth quarter. TD Private Client Wealth LLC now owns 257 shares of the asset manager's stock valued at $26,000 after buying an additional 123 shares during the last quarter. DV Equities LLC purchased a new position in shares of T. Rowe Price Group during the 4th quarter worth $32,000. Motiv8 Investments LLC purchased a new position in shares of T. Rowe Price Group during the 4th quarter worth $35,000. Bank & Trust Co grew its position in shares of T. Rowe Price Group by 52.4% during the 2nd quarter. Bank & Trust Co now owns 314 shares of the asset manager's stock valued at $36,000 after acquiring an additional 108 shares during the period. Finally, Keating Financial Advisory Services Inc. bought a new stake in shares of T. Rowe Price Group during the 2nd quarter valued at $39,000. Institutional investors own 73.39% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently commented on TROW. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $115.00 target price (down from $120.00) on shares of T. Rowe Price Group in a report on Monday, August 3rd. UBS Group set a $110.00 price target on T. Rowe Price Group in a report on Monday, August 31st. 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. Zacks Research downgraded T. Rowe Price Group from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 13th. Finally, TD Cowen lifted their price objective on T. Rowe Price Group from $108.00 to $110.00 and gave the company a "hold" rating in a research report on Monday, August 31st. One research analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and four have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Reduce" and an average target price of $106.15.

Insider Transactions at T. Rowe Price Group

In other T. Rowe Price Group news, VP Joshua Nelson sold 10,000 shares of the company's stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $111.82, for a total value of $1,118,200.00. Following the completion of the transaction, the vice president directly owned 71,328 shares in the company, valued at $7,975,896.96. This represents a 12.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 1.60% of the company's stock.

T. Rowe Price Group Stock Performance

TROW opened at $109.78 on Monday. T. Rowe Price Group, Inc. has a fifty-two week low of $85.22 and a fifty-two week high of $122.00. The firm's fifty day moving average is $114.64 and its 200 day moving average is $103.95. The stock has a market cap of $23.42 billion, a price-to-earnings ratio of 11.01, a price-to-earnings-growth ratio of 3.63 and a beta of 1.46.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued its quarterly earnings results on Friday, July 31st. The asset manager reported $2.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.52 by $0.05. The business 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%.T. Rowe Price Group'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 business posted $2.24 EPS. On average, equities research analysts predict that T. Rowe Price Group, Inc. will post 10.16 earnings per share for the current year.

T. Rowe Price Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be given a dividend of $1.30 per share. The ex-dividend date is Tuesday, September 15th. This represents a $5.20 annualized dividend and a dividend yield of 4.7%. 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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