11,895 Shares of T. Rowe Price Group, Inc. $TROW Bought by New England Research & Management Inc.

Key Points

• New England Research & Management acquired 11,895 shares of T. Rowe Price Group worth approximately $1.24 million, while institutional investors collectively own 73.39% of the company.
• T. Rowe Price reported quarterly EPS of $2.57, exceeding estimates of $2.52, with revenue rising 10.7% year over year to $1.91 billion. The company also pays a quarterly dividend of $1.30 per share, representing a 5.2% annualized yield.
• Analyst sentiment remains cautious: the stock carries a consensus “Reduce” rating and an average price target of $104.08, below its recent trading price of $100.97 but with multiple firms lowering their targets.

New England Research & Management Inc. acquired a new stake in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 11,895 shares of the asset manager's stock, valued at approximately $1,238,000.

Several other institutional investors have also recently modified their holdings of TROW. BlackRock Inc. acquired a new position in T. Rowe Price Group in the 2nd quarter worth approximately $2,728,119,000. State Street Corp lifted its stake in T. Rowe Price Group by 2.7% during the 2nd quarter. State Street Corp now owns 14,653,478 shares of the asset manager's stock valued at $1,665,954,000 after acquiring an additional 381,183 shares during the period. First Trust Advisors LP lifted its stake in T. Rowe Price Group by 12.6% during the 1st quarter. First Trust Advisors LP now owns 3,694,171 shares of the asset manager's stock valued at $332,993,000 after acquiring an additional 413,317 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of T. Rowe Price Group by 20.0% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,150,561 shares of the asset manager's stock valued at $358,187,000 after acquiring an additional 524,544 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of T. Rowe Price Group by 1.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,124,696 shares of the asset manager's stock valued at $191,512,000 after acquiring an additional 37,642 shares during the last quarter. 73.39% of the stock is currently owned by hedge funds and other institutional investors.

T. Rowe Price Group Price Performance

NASDAQ:TROW traded down $0.40 during trading hours on Friday, reaching $100.97. The company had a trading volume of 2,609,861 shares, compared to its average volume of 1,870,238. T. Rowe Price Group, Inc. has a 1-year low of $85.22 and a 1-year high of $122.00. The business's 50 day moving average price is $107.27 and its 200-day moving average price is $106.67. The firm has a market cap of $21.54 billion, a PE ratio of 10.13, a price-to-earnings-growth ratio of 4.41 and a beta of 1.45.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued its quarterly earnings data on Friday, July 31st. The asset manager reported $2.57 EPS for the quarter, topping analysts' consensus estimates 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%. The business's revenue was up 10.7% on a year-over-year basis. During the same quarter last year, the company earned $2.24 EPS. On average, analysts expect that T. Rowe Price Group, Inc. will post 10.09 earnings per share for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th were issued a dividend of $1.30 per share. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $5.20 dividend on an annualized basis and a yield of 5.2%. T. Rowe Price Group's dividend payout ratio is 52.16%.

Insider Buying and Selling

In related news, VP Joshua Nelson sold 10,000 shares of the firm's stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $111.82, for a total transaction of $1,118,200.00. Following the sale, the vice president owned 71,328 shares in the company, valued at approximately $7,975,896.96. This trade represents a 12.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.60% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on TROW shares. Barclays reduced their target price on shares of T. Rowe Price Group from $103.00 to $102.00 and set an "underweight" rating for the company in a report on Wednesday. JPMorgan Chase & Co. lowered their price target on shares of T. Rowe Price Group from $107.00 to $106.00 and set an "underweight" rating on the stock in a report on Tuesday. TD Cowen lowered their price target on shares of T. Rowe Price Group from $110.00 to $109.00 and set a "hold" rating on the stock in a report on Monday. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $115.00 price target (down from $120.00) on shares of T. Rowe Price Group in a research report on Monday, August 3rd. Finally, BMO Capital Markets reduced their price objective on T. Rowe Price Group from $120.00 to $110.00 and set a "market perform" rating for the company in a research note on Tuesday. One equities research analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Reduce" and a consensus target price of $104.08.

T. Rowe Price Group Profile

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland. The company provides investment strategies and related services to individual investors, retirement plans, financial intermediaries, institutions, and other clients.

Its offerings include actively managed mutual funds, exchange-traded funds, separately managed accounts, collective investment trusts, and other portfolio solutions. T. Rowe Price invests across equity, fixed-income, multi-asset, and alternative strategies, and also provides retirement planning, asset allocation, advisory, and investment research services.

Founded in 1937 by Thomas Rowe Price Jr., the company serves clients through operations and distribution relationships in the United States and international markets.

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