Principle Wealth Partners LLC Purchases New Stake in T. Rowe Price Group, Inc. $TROW

Principle Wealth Partners LLC purchased a new stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 9,025 shares of the asset manager’s stock, valued at approximately $1,026,000.

A number of other large investors have also added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of T. Rowe Price Group during the second quarter valued at about $66,095,000. OneDigital Investment Advisors LLC bought a new stake in shares of T. Rowe Price Group in the second quarter worth about $659,000. Plato Investment Management Ltd bought a new stake in shares of T. Rowe Price Group in the second quarter worth about $960,000. Simplicity Wealth LLC purchased a new position in T. Rowe Price Group during the 2nd quarter valued at about $256,000. Finally, HBK Sorce Advisory LLC bought a new position in T. Rowe Price Group during the 2nd quarter valued at approximately $352,000. Institutional investors own 73.39% of the company’s stock.

T. Rowe Price Group Stock Performance

Shares of NASDAQ:TROW opened at $110.46 on Tuesday. The firm has a market capitalization of $23.56 billion, a P/E ratio of 11.08, a P/E/G ratio of 4.30 and a beta of 1.47. The stock has a 50 day moving average price of $113.62 and a 200-day moving average price of $102.67. 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) last released its quarterly 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 company had revenue of $1.91 billion for 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 firm’s revenue was up 10.7% on a year-over-year basis. During the same period in the previous year, the company posted $2.24 earnings per share. On average, equities analysts forecast that T. Rowe Price Group, Inc. will post 10.13 EPS for the current fiscal year.

T. Rowe Price Group Announces Dividend

The firm also recently announced 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. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date is Tuesday, September 15th. T. Rowe Price Group’s payout ratio is 52.16%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on TROW shares. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $109.00 price objective on shares of T. Rowe Price Group in a report on Monday, August 3rd. The Goldman Sachs Group upped their target price on T. Rowe Price Group from $90.00 to $92.00 and gave the company a “sell” rating in a report on Tuesday, June 30th. Barclays dropped 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 note on Monday, August 3rd. Evercore set a $118.00 price objective on shares of T. Rowe Price Group in a research report on Monday, August 10th. Finally, BMO Capital Markets upped their price objective on shares of T. Rowe Price Group from $110.00 to $120.00 and gave the stock a “market perform” rating in a report on Monday, August 3rd. Ten analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus price target of $105.67.

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.