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

Westpac Banking Corp acquired a new stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 46,329 shares of the asset manager’s stock, valued at approximately $5,267,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. Woodline Partners LP lifted its position in shares of T. Rowe Price Group by 41.0% in the 1st quarter. Woodline Partners LP now owns 18,809 shares of the asset manager’s stock worth $1,728,000 after purchasing an additional 5,467 shares during the period. Focus Partners Wealth increased its holdings in T. Rowe Price Group by 10.6% during the first quarter. Focus Partners Wealth now owns 13,054 shares of the asset manager’s stock valued at $1,199,000 after buying an additional 1,250 shares during the period. EverSource Wealth Advisors LLC increased its holdings in T. Rowe Price Group by 44.8% during the second quarter. EverSource Wealth Advisors LLC now owns 1,546 shares of the asset manager’s stock valued at $149,000 after buying an additional 478 shares during the period. Jump Financial LLC bought a new position in T. Rowe Price Group in the second quarter worth approximately $931,000. Finally, Daiwa Securities Group Inc. raised its stake in T. Rowe Price Group by 5.4% in the second quarter. Daiwa Securities Group Inc. now owns 33,245 shares of the asset manager’s stock worth $3,208,000 after buying an additional 1,703 shares in the last quarter. 73.39% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

TROW has been the topic of several recent research reports. Weiss Ratings raised T. Rowe Price Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, July 2nd. Evercore set a $118.00 price objective on T. Rowe Price Group in a research note on Monday, August 10th. BMO Capital Markets raised their price objective on 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. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $115.00 target price (down from $120.00) on shares of T. Rowe Price Group in a research note on Monday, August 3rd. Finally, Barclays reduced 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 report on Monday, August 3rd. Ten analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, T. Rowe Price Group presently has a consensus rating of “Reduce” and an average price target of $105.67.

T. Rowe Price Group Trading Down 0.6%

Shares of TROW stock opened at $111.51 on Friday. The business’s fifty day simple moving average is $113.94 and its 200-day simple moving average is $102.87. The company has a market cap of $23.79 billion, a PE ratio of 11.18, a PEG ratio of 4.37 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 posted its quarterly earnings data on Friday, July 31st. The asset manager reported $2.57 earnings per share 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 during the quarter, compared to analysts’ expectations of $1.89 billion. During the same quarter last year, the firm earned $2.24 EPS. The business’s quarterly revenue was up 10.7% on a year-over-year basis. On average, equities analysts forecast that T. Rowe Price Group, Inc. will post 10.14 earnings per share for the current year.

T. Rowe Price Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be paid 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 payout ratio is presently 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.