Bank of New York Mellon Corp purchased a new stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 1,477,560 shares of the asset manager's stock, valued at approximately $167,984,000. Bank of New York Mellon Corp owned approximately 0.69% of T. Rowe Price Group at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. State of Wyoming bought a new stake in shares of T. Rowe Price Group during the second quarter worth $474,000. Stoneridge Investment Partners LLC acquired a new stake in T. Rowe Price Group in the second quarter worth $1,043,000. Clearstead Trust LLC acquired a new stake in T. Rowe Price Group during the 2nd quarter worth $41,000. Bridgewater Advisors Inc. acquired a new stake in shares of T. Rowe Price Group during the second quarter worth about $476,000. Finally, Vest Financial LLC lifted its stake in T. Rowe Price Group by 3.9% in the second quarter. Vest Financial LLC now owns 548,644 shares of the asset manager's stock valued at $62,375,000 after buying an additional 20,743 shares in the last quarter. 73.39% of the stock is owned by institutional investors.
T. Rowe Price Group Stock Performance
Shares of NASDAQ TROW opened at $111.51 on Monday. T. Rowe Price Group, Inc. has a 12 month low of $85.22 and a 12 month high of $122.00. The company has a market capitalization of $23.79 billion, a P/E ratio of 11.18, a P/E/G ratio of 3.70 and a beta of 1.47. The stock has a 50 day moving average of $113.94 and a 200-day moving average of $102.84.
T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last announced its earnings results 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 company had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.89 billion. T. Rowe Price Group had a return on equity of 20.91% and a net margin of 29.26%.The firm's quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the company earned $2.24 earnings per share. Analysts predict that T. Rowe Price Group, Inc. will post 10.14 EPS for the current fiscal year.
T. Rowe Price Group Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given a $1.30 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $5.20 annualized dividend and a dividend yield of 4.7%. T. Rowe Price Group's payout ratio is presently 52.16%.
Analyst Upgrades and Downgrades
Several research analysts have recently weighed in on the company. Zacks Research cut T. Rowe Price Group from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 13th. Morgan Stanley set a $116.00 price target on shares of T. Rowe Price Group in a research report on Wednesday, July 29th. Evercore set a $118.00 price target on shares of T. Rowe Price Group in a research note on Monday, August 10th. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $115.00 price objective (down from $120.00) on shares of T. Rowe Price Group in a research report on Monday, August 3rd. Finally, The Goldman Sachs Group boosted their price objective on shares of T. Rowe Price Group from $90.00 to $92.00 and gave the stock a "sell" rating in a research note on Tuesday, June 30th. Ten analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Reduce" and a consensus target price of $105.67.
Get Our Latest Research Report on TROW
About T. Rowe Price Group
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Free Report)
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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