Arrowstreet Capital Limited Partnership Sells 302,788 Shares of T. Rowe Price Group, Inc. $TROW

Key Points

• Arrowstreet Capital cut its T. Rowe Price stake by 96.4% in the first quarter, selling 302,788 shares and retaining 11,196 shares worth approximately $1.01 million. Institutional investors collectively own 73.39% of TROW.
• T. Rowe Price reported stronger-than-expected quarterly results, with EPS of $2.57 versus a $2.52 estimate and revenue of $1.91 billion, up 10.7% year over year.
• Analyst sentiment remains cautious: TROW has a consensus “Reduce” rating and an average price target of $105.92, below its reported share price of $113.62.

Arrowstreet Capital Limited Partnership decreased its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 96.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 11,196 shares of the asset manager's stock after selling 302,788 shares during the quarter. Arrowstreet Capital Limited Partnership's holdings in T. Rowe Price Group were worth $1,009,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. TD Private Client Wealth LLC raised its stake in T. Rowe Price Group by 91.8% in the fourth quarter. TD Private Client Wealth LLC now owns 257 shares of the asset manager's stock valued at $26,000 after purchasing an additional 123 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. increased its stake in T. Rowe Price Group by 540.9% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 282 shares of the asset manager's stock valued at $29,000 after acquiring an additional 238 shares during the last quarter. Canton Hathaway LLC bought a new position in T. Rowe Price Group in the fourth quarter valued at approximately $31,000. Sound Income Strategies LLC raised its position in T. Rowe Price Group by 170.3% during the fourth quarter. Sound Income Strategies LLC now owns 300 shares of the asset manager's stock valued at $32,000 after purchasing an additional 189 shares in the last quarter. Finally, DV Equities LLC acquired a new position in T. Rowe Price Group during the fourth quarter valued at approximately $32,000. Institutional investors own 73.39% of the company's stock.

T. Rowe Price Group Stock Down 1.2%

Shares of TROW opened at $113.62 on Friday. T. Rowe Price Group, Inc. has a 12-month low of $85.22 and a 12-month high of $122.00. The business has a 50-day simple moving average of $112.62 and a two-hundred day simple moving average of $102.35. The stock has a market cap of $24.24 billion, a PE ratio of 11.40, a PEG ratio of 4.47 and a beta of 1.47.

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 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $1.89 billion. During the same period in the previous year, the business posted $2.24 earnings per share. The business's quarterly revenue was up 10.7% compared to the same quarter last year. On average, equities research analysts expect that T. Rowe Price Group, Inc. will post 10.14 EPS for the current year.

Insider Activity

In other news, VP Stephon A. Jackson sold 3,000 shares of the stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $102.56, for a total transaction of $307,680.00. Following the completion of the sale, the vice president directly owned 83,883 shares in the company, valued at $8,603,040.48. This represents a 3.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 1.60% of the company's stock.

Analyst Ratings Changes

A number of brokerages have weighed in on TROW. TD Cowen raised their target price on T. Rowe Price Group from $107.00 to $108.00 and gave the company a "hold" rating in a report on Monday. BMO Capital Markets upped their price objective on T. Rowe Price Group from $110.00 to $120.00 and gave the stock a "market perform" rating in a research report on Monday. Zacks Research raised T. Rowe Price Group from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 15th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $109.00 target price on shares of T. Rowe Price Group in a research report on Monday. Finally, Morgan Stanley set a $116.00 target price on T. Rowe Price Group in a research note on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, T. Rowe Price Group presently has a consensus rating of "Reduce" and an average target price of $105.92.

T. Rowe Price Group Company 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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