Korea Investment CORP Takes Position in T. Rowe Price Group, Inc. $TROW

Korea Investment CORP acquired a new position in T. Rowe Price Group, Inc. (NASDAQ:TROW) in the second quarter, Holdings Channel.com reports. The institutional investor acquired 99,770 shares of the asset manager’s stock, valued at approximately $11,343,000.

A number of other institutional investors also recently added to or reduced their stakes in the business. EP Wealth Advisors LLC acquired a new position in shares of T. Rowe Price Group during the second quarter valued at $684,000. Callan Family Office LLC acquired a new stake in shares of T. Rowe Price Group in the 2nd quarter worth approximately $518,000. Keating Financial Advisory Services Inc. bought a new position in shares of T. Rowe Price Group in the second quarter valued at approximately $39,000. Allworth Financial LP bought a new stake in T. Rowe Price Group during the second quarter worth approximately $725,000. Finally, Greenspring Advisors LLC acquired a new stake in T. Rowe Price Group in the second quarter worth approximately $1,757,000. Institutional investors and hedge funds own 73.39% of the company’s stock.

T. Rowe Price Group Price Performance

NASDAQ TROW opened at $112.30 on Tuesday. T. Rowe Price Group, Inc. has a 52-week low of $85.22 and a 52-week high of $122.00. The firm has a market capitalization of $23.96 billion, a price-to-earnings ratio of 11.26, a price-to-earnings-growth ratio of 3.70 and a beta of 1.47. The company has a 50 day simple moving average of $114.02 and a 200-day simple moving average of $102.91.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings results on Friday, July 31st. The asset manager reported $2.57 EPS for the quarter, beating the consensus estimate of $2.52 by $0.05. The business had revenue of $1.91 billion for the quarter, compared to analysts’ expectations of $1.89 billion. T. Rowe Price Group had a net margin of 29.26% and a return on equity of 20.91%. T. Rowe Price Group’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 EPS. On average, analysts predict that T. Rowe Price Group, Inc. will post 10.14 EPS 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. Shareholders of record on Tuesday, September 15th will be paid 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 payout ratio is 52.16%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Evercore set a $118.00 price objective on T. Rowe Price Group in a report on Monday, August 10th. Zacks Research cut shares of T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 13th. Barclays cut their target price on shares of 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 T. Rowe Price Group in a report on Wednesday, July 29th. Finally, Weiss Ratings upgraded T. Rowe Price Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, July 2nd. Ten research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price 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.