ARGA Investment Management LP Buys 35,218 Shares of T. Rowe Price Group, Inc. $TROW

Key Points

• ARGA Investment Management LP increased its T. Rowe Price Group stake by 8.7% in the first quarter, buying 35,218 additional shares and bringing its holdings to 441,866 shares worth about $39.8 million.
• T. Rowe Price reported stronger-than-expected quarterly results, with EPS of $2.52 beating estimates and revenue rising 5.3% year over year to $1.86 billion.
• The company also paid a quarterly dividend of $1.30 per share, equal to an annualized yield of 4.4%, while analysts currently have a consensus rating of Reduce with an average price target of $101.83.

ARGA Investment Management LP increased its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 8.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 441,866 shares of the asset manager's stock after acquiring an additional 35,218 shares during the quarter. T. Rowe Price Group comprises 1.3% of ARGA Investment Management LP's holdings, making the stock its 17th largest holding. ARGA Investment Management LP owned about 0.20% of T. Rowe Price Group worth $39,830,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Woodline Partners LP boosted its position in T. Rowe Price Group by 41.0% during the first quarter. Woodline Partners LP now owns 18,809 shares of the asset manager's stock valued at $1,728,000 after acquiring an additional 5,467 shares during the last quarter. Focus Partners Wealth raised 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 worth $1,199,000 after buying an additional 1,250 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of T. Rowe Price Group by 44.8% in 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 in the last quarter. Jump Financial LLC bought a new position in shares of T. Rowe Price Group in the second quarter valued at $931,000. Finally, Daiwa Securities Group Inc. grew its holdings in shares of T. Rowe Price Group by 5.4% during the second quarter. Daiwa Securities Group Inc. now owns 33,245 shares of the asset manager's stock valued at $3,208,000 after buying an additional 1,703 shares during the last quarter. 73.39% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, VP Stephon A. Jackson sold 3,000 shares of the stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $102.56, for a total transaction of $307,680.00. Following the sale, the vice president owned 83,883 shares of the company's stock, valued at approximately $8,603,040.48. This represents a 3.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.60% of the company's stock.

Wall Street Analysts Forecast Growth

TROW has been the topic of a number of recent analyst reports. Jefferies Financial Group dropped their price target on T. Rowe Price Group from $107.00 to $91.00 and set a "hold" rating on the stock in a report on Wednesday, April 8th. Morgan Stanley lifted their target price on T. Rowe Price Group from $105.00 to $109.00 and gave the stock an "equal weight" rating in a research note on Friday, June 26th. Weiss Ratings raised shares of T. Rowe Price Group from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, July 2nd. The Goldman Sachs Group increased their price target on shares of T. Rowe Price Group from $90.00 to $92.00 and gave the company a "sell" rating in a research report on Tuesday, June 30th. Finally, BMO Capital Markets lifted their price objective on shares of T. Rowe Price Group from $98.00 to $110.00 and gave the stock a "market perform" rating in a research report on Monday, May 4th. Ten research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Reduce" and a consensus price target of $101.83.

T. Rowe Price Group Stock Up 1.3%

NASDAQ TROW opened at $118.55 on Friday. The company has a market cap of $25.40 billion, a PE ratio of 12.71, a price-to-earnings-growth ratio of 5.91 and a beta of 1.47. The firm's 50-day simple moving average is $107.60 and its two-hundred day simple moving average is $100.88. T. Rowe Price Group, Inc. has a 52 week low of $85.22 and a 52 week high of $121.17.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The asset manager reported $2.52 EPS for the quarter, topping the consensus estimate of $2.37 by $0.15. T. Rowe Price Group had a net margin of 28.28% and a return on equity of 20.60%. The company had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.85 billion. During the same period last year, the firm earned $2.23 EPS. T. Rowe Price Group's revenue for the quarter was up 5.3% on a year-over-year basis. As a group, equities research analysts anticipate that T. Rowe Price Group, Inc. will post 9.76 EPS for the current year.

T. Rowe Price Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 29th. Stockholders of record on Monday, June 15th were given a $1.30 dividend. The ex-dividend date was Monday, June 15th. This represents a $5.20 annualized dividend and a dividend yield of 4.4%. T. Rowe Price Group's payout ratio is 55.73%.

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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