38,600 Shares in T. Rowe Price Group, Inc. $TROW Bought by PDT Partners LLC

Key Points

• PDT Partners acquired 38,600 shares of T. Rowe Price Group during the second quarter, valued at approximately $4.39 million. Institutional investors collectively own 73.39% of the company.
• T. Rowe Price reported quarterly EPS of $2.57, exceeding estimates of $2.52, while revenue rose 10.7% year over year to $1.91 billion.
• The company announced a quarterly dividend of $1.30 per share, equivalent to an annualized $5.20 payout and a 4.6% yield. Despite the dividend, analysts maintain a consensus “Reduce” rating with an average price target of $105.67.

PDT Partners LLC acquired a new position in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 38,600 shares of the asset manager's stock, valued at approximately $4,388,000.

Other large investors have also recently made changes to their positions in the company. Woodline Partners LP raised its position in T. Rowe Price Group by 41.0% in the first quarter. Woodline Partners LP now owns 18,809 shares of the asset manager's stock worth $1,728,000 after acquiring an additional 5,467 shares during the period. Focus Partners Wealth grew its stake in shares of T. Rowe Price Group by 10.6% during the 1st quarter. Focus Partners Wealth now owns 13,054 shares of the asset manager's stock worth $1,199,000 after acquiring an additional 1,250 shares during the period. EverSource Wealth Advisors LLC increased its holdings in T. Rowe Price Group by 44.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,546 shares of the asset manager's stock worth $149,000 after acquiring an additional 478 shares during the last quarter. Jump Financial LLC purchased a new stake in T. Rowe Price Group in the 2nd quarter worth about $931,000. Finally, Daiwa Securities Group Inc. raised its position in shares of 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 valued at $3,208,000 after purchasing an additional 1,703 shares during the period. 73.39% of the stock is owned by hedge funds and other institutional investors.

T. Rowe Price Group Price Performance

Shares of TROW opened at $112.87 on Wednesday. The firm's 50 day simple moving average is $114.10 and its 200 day simple moving average is $103.02. The company has a market capitalization of $24.08 billion, a P/E ratio of 11.32, a P/E/G ratio of 3.72 and a beta of 1.47. T. Rowe Price Group, Inc. has a 1-year low of $85.22 and a 1-year high of $122.00.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last released its quarterly earnings results 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 during 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 quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.24 EPS. On average, equities analysts anticipate that T. Rowe Price Group, Inc. will post 10.15 earnings per share for the current year.

T. Rowe Price Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be paid a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date of this dividend is Tuesday, September 15th. T. Rowe Price Group's dividend payout ratio is currently 52.16%.

Analyst Ratings Changes

TROW has been the topic of several recent research reports. Evercore set a $118.00 target price on T. Rowe Price Group in a research report on Monday, August 10th. BMO Capital Markets lifted their price target 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 set a $115.00 price objective (down from $120.00) on shares of T. Rowe Price Group in a research note on Monday, August 3rd. Morgan Stanley set a $116.00 price objective on T. Rowe Price Group in a report on Wednesday, July 29th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $109.00 target price on shares of T. Rowe Price Group 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. Based on data from MarketBeat, the stock has a consensus rating of "Reduce" and an average 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.

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