Westpac Banking Corp Takes $5.27 Million Position in T. Rowe Price Group, Inc. $TROW

Westpac Banking Corp bought a new position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) in the second quarter, Holdings Channel reports. The institutional investor bought 46,329 shares of the asset manager’s stock, valued at approximately $5,267,000.

Several other large investors have also recently made changes to their positions in TROW. TD Private Client Wealth LLC boosted its stake in T. Rowe Price Group by 91.8% during the 4th quarter. TD Private Client Wealth LLC now owns 257 shares of the asset manager’s stock worth $26,000 after purchasing an additional 123 shares during the last quarter. DV Equities LLC purchased a new stake in shares of T. Rowe Price Group during the fourth quarter worth $32,000. Motiv8 Investments LLC acquired a new stake in shares of T. Rowe Price Group in the fourth quarter valued at about $35,000. Bank & Trust Co raised its position in shares of T. Rowe Price Group by 52.4% in the second quarter. Bank & Trust Co now owns 314 shares of the asset manager’s stock valued at $36,000 after buying an additional 108 shares during the last quarter. Finally, Keating Financial Advisory Services Inc. purchased a new position in shares of T. Rowe Price Group in the second quarter worth about $39,000. 73.39% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Morgan Stanley set a $116.00 price objective on shares of T. Rowe Price Group in a research note on Wednesday, July 29th. The Goldman Sachs Group raised their target price on shares of T. Rowe Price Group from $90.00 to $92.00 and gave the stock a “sell” rating in a research note on Tuesday, June 30th. Evercore set a $118.00 target price on T. Rowe Price Group in a report on Monday, August 10th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $109.00 price target on shares of T. Rowe Price Group in a research report on Monday, August 3rd. Finally, TD Cowen increased their price target on T. Rowe Price Group from $107.00 to $108.00 and gave the company a “hold” rating in a report on Monday, August 3rd. Ten analysts have rated the stock with a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus target price of $105.67.

T. Rowe Price Group Trading Down 0.6%

Shares of TROW opened at $111.51 on Friday. T. Rowe Price Group, Inc. has a 12-month low of $85.22 and a 12-month high of $122.00. The firm has a 50-day moving average price of $113.94 and a 200 day moving average price of $102.87. The firm has a market capitalization of $23.79 billion, a P/E ratio of 11.18, a P/E/G ratio of 4.37 and a beta of 1.47.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings data on Friday, July 31st. The asset manager reported $2.57 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $1.91 billion during the quarter, compared to analysts’ expectations of $1.89 billion. During the same period last year, the business earned $2.24 earnings per share. T. Rowe Price Group’s revenue was up 10.7% compared to the same quarter last year. Equities research analysts predict that T. Rowe Price Group, Inc. will post 10.14 earnings per share for the current fiscal year.

T. Rowe Price Group Announces Dividend

The company also recently declared 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. The ex-dividend date is Tuesday, September 15th. This represents a $5.20 dividend on an annualized basis 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.