Wealthfront Advisers LLC Takes $7.57 Million Position in T. Rowe Price Group, Inc. $TROW

Wealthfront Advisers LLC acquired a new position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 66,575 shares of the asset manager’s stock, valued at approximately $7,569,000.

Several other institutional investors have also recently added to or reduced their stakes in TROW. SVB Wealth LLC increased its position in shares of T. Rowe Price Group by 77.5% during the fourth quarter. SVB Wealth LLC now owns 37,000 shares of the asset manager’s stock worth $3,788,000 after acquiring an additional 16,155 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in T. Rowe Price Group by 3.8% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 520,782 shares of the asset manager’s stock valued at $54,489,000 after purchasing an additional 18,952 shares during the period. Generali Asset Management SPA SGR boosted its holdings in T. Rowe Price Group by 1,680.4% in the fourth quarter. Generali Asset Management SPA SGR now owns 17,715 shares of the asset manager’s stock valued at $1,814,000 after purchasing an additional 16,720 shares during the period. Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new position in T. Rowe Price Group during the 4th quarter worth $5,935,000. Finally, Norges Bank purchased a new stake in T. Rowe Price Group during the 4th quarter worth about $128,283,000. Institutional investors and hedge funds own 73.39% of the company’s stock.

T. Rowe Price Group Trading Up 1.7%

Shares of TROW opened at $112.23 on Thursday. The company’s 50 day simple moving average is $113.83 and its 200-day simple moving average is $102.76. The firm has a market cap of $23.94 billion, a PE ratio of 11.26, a price-to-earnings-growth ratio of 4.29 and a beta of 1.47. T. Rowe Price Group, Inc. has a 12-month low of $85.22 and a 12-month 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 (EPS) for the quarter, topping analysts’ consensus estimates of $2.52 by $0.05. T. Rowe Price Group had a return on equity of 20.91% and a net margin of 29.26%.The firm had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.89 billion. During the same quarter last year, the company posted $2.24 earnings per share. The business’s revenue was up 10.7% on a year-over-year basis. As a group, equities research analysts forecast 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 disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be given a $1.30 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $5.20 dividend on an annualized basis and a yield of 4.6%. T. Rowe Price Group’s dividend payout ratio (DPR) is presently 52.16%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on TROW shares. Zacks Research cut T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 13th. Evercore set a $118.00 target price on shares of T. Rowe Price Group in a report on Monday, August 10th. BMO Capital Markets increased their price objective on shares of T. Rowe Price Group from $110.00 to $120.00 and gave the company a “market perform” rating in a research report on Monday, August 3rd. Morgan Stanley set a $116.00 price objective on shares of T. Rowe Price Group in a research report on Wednesday, July 29th. Finally, Barclays dropped their target price on T. Rowe Price Group from $108.00 to $103.00 and set an “underweight” rating on the stock in a report on Monday, August 3rd. Ten research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus price target of $105.67.

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.