Bank of America Corp DE Purchases 255,905 Shares of T. Rowe Price Group, Inc. $TROW

Key Points

• Bank of America increased its T. Rowe Price stake by 24.5%, purchasing 255,905 shares to own 1.30 million shares valued at approximately $117 million, or 0.61% of the company.
• Institutional investors collectively own 73.39% of T. Rowe Price, while company insiders own 1.60%; Vice President Stephon A. Jackson recently sold 3,000 shares worth $307,680.
• T. Rowe Price reported quarterly EPS of $2.57, topping estimates, with revenue up 10.7% year over year. Despite the strong results, analysts maintain a cautious outlook, with an average “Reduce” rating and a $105.92 price target versus the stock’s $113.62 price.

Bank of America Corp DE raised its position in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 24.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,298,516 shares of the asset manager's stock after buying an additional 255,905 shares during the period. Bank of America Corp DE owned 0.61% of T. Rowe Price Group worth $117,048,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Robeco Institutional Asset Management B.V. lifted its stake in shares of T. Rowe Price Group by 17.4% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 79,003 shares of the asset manager's stock valued at $8,088,000 after buying an additional 11,691 shares in the last quarter. LBP AM SA raised its holdings in T. Rowe Price Group by 23.9% during the 4th quarter. LBP AM SA now owns 156,879 shares of the asset manager's stock valued at $16,061,000 after acquiring an additional 30,226 shares during the period. SVB Wealth LLC raised its holdings in T. Rowe Price Group by 77.5% during the 4th quarter. SVB Wealth LLC now owns 37,000 shares of the asset manager's stock valued at $3,788,000 after acquiring an additional 16,155 shares during the period. Generali Asset Management SPA SGR lifted its position in shares of T. Rowe Price Group by 1,680.4% during the fourth quarter. Generali Asset Management SPA SGR now owns 17,715 shares of the asset manager's stock worth $1,814,000 after acquiring an additional 16,720 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of T. Rowe Price Group by 3.8% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 520,782 shares of the asset manager's stock worth $54,489,000 after acquiring an additional 18,952 shares in the last quarter. Hedge funds and other institutional investors own 73.39% of the company's stock.

Insider Activity

In other news, VP Stephon A. Jackson sold 3,000 shares of the firm's stock in a transaction dated 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 directly owned 83,883 shares of the company's stock, valued at approximately $8,603,040.48. This trade represents a 3.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 1.60% of the company's stock.

T. Rowe Price Group Stock Down 1.2%

NASDAQ TROW opened at $113.62 on Friday. The stock's 50-day simple moving average is $112.62 and its two-hundred day simple moving average is $102.35. T. Rowe Price Group, Inc. has a twelve month low of $85.22 and a twelve month high of $122.00. The company has a market capitalization of $24.24 billion, a price-to-earnings 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 announced its quarterly earnings data on Friday, July 31st. The asset manager reported $2.57 earnings per share for the quarter, topping analysts' consensus estimates of $2.52 by $0.05. The firm had revenue of $1.91 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the previous year, the business posted $2.24 EPS. On average, equities analysts expect that T. Rowe Price Group, Inc. will post 10.14 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have commented on the company. Evercore set a $121.00 target price on T. Rowe Price Group in a research note on Friday, July 10th. TD Cowen upped their price target on T. Rowe Price Group from $107.00 to $108.00 and gave the company a "hold" rating in a research report on Monday. Zacks Research upgraded shares of T. Rowe Price Group from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 15th. Barclays decreased their target price on shares of T. Rowe Price Group from $108.00 to $103.00 and set an "underweight" rating on the stock in a report on Monday. Finally, Weiss Ratings upgraded shares of T. Rowe Price Group from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, July 2nd. One research analyst has rated the stock with a Strong Buy rating, nine have given a Hold rating and four have given a Sell rating to the company's stock. According to data from MarketBeat, T. Rowe Price Group has an average rating of "Reduce" and an average price target of $105.92.

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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