Allianz Asset Management GmbH Raises Holdings in T. Rowe Price Group, Inc. $TROW

Key Points

• Allianz Asset Management increased its T. Rowe Price stake by 50.1% in the second quarter, acquiring 528,076 additional shares and bringing its holdings to 1.58 million shares, valued at approximately $180 million. Institutional investors collectively own 73.39% of TROW.
• T. Rowe Price exceeded quarterly expectations, reporting $2.57 in EPS and $1.91 billion in revenue, with revenue up 10.7% year over year. The company also announced a $1.30 quarterly dividend, equivalent to a 4.7% annualized yield.
• Analyst sentiment remains cautious, with one Buy, nine Hold, and four Sell ratings, producing a consensus “Reduce” rating and a $106.15 price target. TROW opened at $109.78, while a company vice president sold 10,000 shares at an average price of $111.82.

Allianz Asset Management GmbH boosted its position in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 50.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,583,069 shares of the asset manager's stock after acquiring an additional 528,076 shares during the quarter. Allianz Asset Management GmbH owned 0.74% of T. Rowe Price Group worth $179,979,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in TROW. Corient Private Wealth LP increased its holdings in T. Rowe Price Group by 9.1% in the 2nd quarter. Corient Private Wealth LP now owns 128,271 shares of the asset manager's stock valued at $14,583,000 after purchasing an additional 10,746 shares in the last quarter. HighTower Advisors LLC lifted its stake in shares of T. Rowe Price Group by 1.2% during the second quarter. HighTower Advisors LLC now owns 189,043 shares of the asset manager's stock worth $21,492,000 after purchasing an additional 2,160 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of T. Rowe Price Group in the second quarter worth about $46,511,000. California State Teachers Retirement System boosted its position in shares of T. Rowe Price Group by 10,632.8% in the second quarter. California State Teachers Retirement System now owns 45,287,275 shares of the asset manager's stock worth $5,148,710,000 after buying an additional 44,865,323 shares during the period. Finally, Wedmont Private Capital purchased a new stake in shares of T. Rowe Price Group in the second quarter worth about $265,000. Hedge funds and other institutional investors own 73.39% of the company's stock.

Insider Transactions at T. Rowe Price Group

In other news, VP Joshua Nelson sold 10,000 shares of the company's stock in a transaction dated 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 completion of the transaction, the vice president owned 71,328 shares in the company, valued at approximately $7,975,896.96. This represents a 12.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.60% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on TROW shares. Barclays dropped their target price on T. Rowe Price Group from $108.00 to $103.00 and set an "underweight" rating on the stock in a report on Monday, August 3rd. UBS Group set a $110.00 price target on T. Rowe Price Group in a report on Monday, August 31st. BMO Capital Markets increased their price objective on shares of 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. TD Cowen lifted their price objective on shares of T. Rowe Price Group from $108.00 to $110.00 and gave the company a "hold" rating in a research note on Monday, August 31st. Finally, Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $109.00 target price on shares of T. Rowe Price Group in a research report on Monday, August 3rd. One equities research analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Reduce" and a consensus price target of $106.15.

T. Rowe Price Group Price Performance

TROW stock opened at $109.78 on Tuesday. T. Rowe Price Group, Inc. has a 1-year low of $85.22 and a 1-year high of $122.00. The firm has a fifty day moving average price of $114.55 and a two-hundred day moving average price of $104.07. The firm has a market cap of $23.42 billion, a price-to-earnings ratio of 11.01, a PEG ratio of 3.63 and a beta of 1.46.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued its earnings results on Friday, July 31st. The asset manager reported $2.57 EPS for the quarter, beating 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 company had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.89 billion. During the same period in the previous year, the firm posted $2.24 earnings per share. T. Rowe Price Group's quarterly revenue was up 10.7% compared to the same quarter last year. As a group, analysts expect that T. Rowe Price Group, Inc. will post 10.16 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The business 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. This represents a $5.20 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date is Tuesday, September 15th. T. Rowe Price Group's dividend payout ratio (DPR) 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.

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