Saudi Central Bank Boosts Stock Position in T. Rowe Price Group, Inc. $TROW

Saudi Central Bank boosted its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 89.1% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,233 shares of the asset manager’s stock after buying an additional 7,178 shares during the period. Saudi Central Bank’s holdings in T. Rowe Price Group were worth $1,732,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the stock. Twin Tree Management LP bought a new stake in T. Rowe Price Group in the 2nd quarter worth about $2,989,000. Norges Bank bought a new stake in shares of T. Rowe Price Group in the fourth quarter worth approximately $128,283,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new position in shares of T. Rowe Price Group during the fourth quarter valued at approximately $5,935,000. Envestnet Portfolio Solutions Inc. lifted its position in T. Rowe Price Group by 6.1% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 174,047 shares of the asset manager’s stock valued at $19,787,000 after purchasing an additional 10,077 shares during the period. Finally, Commerzbank Aktiengesellschaft FI boosted its holdings in T. Rowe Price Group by 211.0% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 94,184 shares of the asset manager’s stock worth $9,643,000 after purchasing an additional 63,903 shares during the last quarter. 73.39% of the stock is owned by institutional investors.

T. Rowe Price Group Price Performance

Shares of NASDAQ:TROW opened at $109.42 on Wednesday. The company has a market capitalization of $23.34 billion, a P/E ratio of 10.97, a P/E/G ratio of 3.63 and a beta of 1.46. T. Rowe Price Group, Inc. has a 1-year low of $85.22 and a 1-year high of $122.00. The firm’s 50 day simple moving average is $114.46 and its two-hundred day simple moving average is $104.17.

T. Rowe Price Group (NASDAQ:TROW) last released its earnings results 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. T. Rowe Price Group had a net margin of 29.26% and a return on equity of 20.91%. The company had revenue of $1.91 billion for the quarter, compared to analysts’ expectations of $1.89 billion. During the same quarter in the previous year, the company earned $2.24 EPS. T. Rowe Price Group’s revenue for the quarter was up 10.7% on a year-over-year basis. On average, sell-side analysts anticipate that T. Rowe Price Group, Inc. will post 10.16 earnings per share for the current fiscal year.

T. Rowe Price Group Dividend Announcement

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 paid a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 4.8%. The ex-dividend date of this dividend is Tuesday, September 15th. T. Rowe Price Group’s dividend payout ratio (DPR) is 52.16%.

Insider Buying and Selling

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. Corporate insiders own 1.60% of the company’s stock.

Analyst Ratings Changes

TROW has been the topic of several research analyst reports. UBS Group set a $110.00 price target on T. Rowe Price Group in a report on Monday, August 31st. The Goldman Sachs Group raised their target price on T. Rowe Price Group from $90.00 to $92.00 and gave the stock a “sell” rating in a research report on Tuesday, June 30th. Barclays cut 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. Morgan Stanley set a $116.00 price target on shares of T. Rowe Price Group in a research report on Wednesday, July 29th. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $109.00 price objective on shares of T. Rowe Price Group in a report on Monday, August 3rd. One research analyst has rated the stock with a Buy rating, nine have given a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus price target of $106.15.

T. Rowe Price Group Profile

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.