AXQ Capital LP Invests $1.38 Million in T. Rowe Price Group, Inc. $TROW

Key Points

• AXQ Capital LP opened a new position in T. Rowe Price Group during the fourth quarter, buying 13,468 shares worth about $1.38 million.
• T. Rowe Price reported better-than-expected quarterly earnings of $2.52 per share on revenue of $1.86 billion, with revenue up 5.3% year over year.
• The company declared a quarterly dividend of $1.30 per share, equivalent to an annualized yield of about 5.0%, while analysts currently have a consensus “Reduce” rating on the stock.

AXQ Capital LP purchased a new position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 13,468 shares of the asset manager's stock, valued at approximately $1,379,000.

Several other hedge funds have also made changes to their positions in the business. Essex Bank lifted its position in shares of T. Rowe Price Group by 3.6% during the third quarter. Essex Bank now owns 2,914 shares of the asset manager's stock worth $299,000 after purchasing an additional 100 shares in the last quarter. MTM Investment Management LLC lifted its position in shares of T. Rowe Price Group by 3.5% during the fourth quarter. MTM Investment Management LLC now owns 3,167 shares of the asset manager's stock worth $324,000 after purchasing an additional 107 shares in the last quarter. GenTrust LLC lifted its position in shares of T. Rowe Price Group by 5.5% during the fourth quarter. GenTrust LLC now owns 2,114 shares of the asset manager's stock worth $216,000 after purchasing an additional 110 shares in the last quarter. Fiduciary Trust Co lifted its position in shares of T. Rowe Price Group by 4.5% during the third quarter. Fiduciary Trust Co now owns 2,579 shares of the asset manager's stock worth $265,000 after purchasing an additional 111 shares in the last quarter. Finally, 1834 Investment Advisors Co. raised its holdings in T. Rowe Price Group by 0.3% in the fourth quarter. 1834 Investment Advisors Co. now owns 37,490 shares of the asset manager's stock valued at $3,838,000 after acquiring an additional 115 shares in the last quarter. Institutional investors and hedge funds own 73.39% of the company's stock.

Insider Activity

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

T. Rowe Price Group Trading Down 0.6%

TROW stock opened at $103.92 on Tuesday. T. Rowe Price Group, Inc. has a twelve month low of $85.22 and a twelve month high of $118.22. The company's 50 day moving average is $97.69 and its two-hundred day moving average is $99.22. The stock has a market cap of $22.27 billion, a P/E ratio of 11.14, a PEG ratio of 5.35 and a beta of 1.50.

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 earnings per share for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $1.85 billion. During the same quarter last year, the company earned $2.23 earnings per share. The firm's revenue for the quarter was up 5.3% on a year-over-year basis. On average, equities research analysts predict that T. Rowe Price Group, Inc. will post 9.63 earnings per share for the current year.

T. Rowe Price Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 29th. Shareholders of record on Monday, June 15th will be issued a dividend of $1.30 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $5.20 dividend on an annualized basis and a yield of 5.0%. T. Rowe Price Group's dividend payout ratio (DPR) is presently 55.73%.

Analyst Upgrades and Downgrades

TROW has been the topic of several analyst reports. Morgan Stanley set a $105.00 target price on shares of T. Rowe Price Group in a report on Monday, April 27th. BMO Capital Markets raised their target price on shares of T. Rowe Price Group from $98.00 to $110.00 and gave the company a "market perform" rating in a report on Monday, May 4th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of T. Rowe Price Group in a report on Friday, May 8th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of T. Rowe Price Group from $106.00 to $100.00 and set a "hold" rating on the stock in a report on Thursday, February 5th. Finally, Argus raised shares of T. Rowe Price Group to a "hold" rating in a report on Thursday, February 5th. Eleven investment analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, T. Rowe Price Group has a consensus rating of "Reduce" and a consensus target price of $99.54.

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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