Beacon Financial Group Cuts Holdings in T. Rowe Price Group, Inc. $TROW

Key Points

• Beacon Financial Group reduced its stake in T. Rowe Price Group by 14.8% during the second quarter, lowering its holdings to 26,440 shares valued at approximately $2.55 million.
• T. Rowe Price Group reported earnings of $2.24 per share, exceeding estimates, but showed a 0.6% decline in revenue compared to the same quarter last year.
• The company declared a quarterly dividend of $1.27 per share, reflecting an annualized yield of 4.9%, with a payout ratio of 56.76%.

Beacon Financial Group trimmed its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 14.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 26,440 shares of the asset manager's stock after selling 4,591 shares during the quarter. Beacon Financial Group's holdings in T. Rowe Price Group were worth $2,551,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Czech National Bank increased its holdings in T. Rowe Price Group by 5.3% during the second quarter. Czech National Bank now owns 53,853 shares of the asset manager's stock valued at $5,197,000 after buying an additional 2,718 shares during the period. MassMutual Private Wealth & Trust FSB boosted its stake in T. Rowe Price Group by 27.1% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,017 shares of the asset manager's stock valued at $98,000 after acquiring an additional 217 shares in the last quarter. Davis Investment Partners LLC boosted its stake in T. Rowe Price Group by 3.5% in the second quarter. Davis Investment Partners LLC now owns 6,079 shares of the asset manager's stock valued at $600,000 after acquiring an additional 208 shares in the last quarter. Martin Capital Partners LLC boosted its stake in T. Rowe Price Group by 224.0% in the second quarter. Martin Capital Partners LLC now owns 56,155 shares of the asset manager's stock valued at $5,419,000 after acquiring an additional 38,823 shares in the last quarter. Finally, Wesbanco Bank Inc. acquired a new stake in T. Rowe Price Group in the second quarter valued at approximately $316,000. 73.39% of the stock is owned by hedge funds and other institutional investors.

T. Rowe Price Group Price Performance

Shares of T. Rowe Price Group stock opened at $104.17 on Tuesday. The firm has a fifty day moving average price of $105.79 and a 200 day moving average price of $97.43. T. Rowe Price Group, Inc. has a 1 year low of $77.85 and a 1 year high of $125.81. The stock has a market cap of $22.89 billion, a PE ratio of 11.64, a price-to-earnings-growth ratio of 2.76 and a beta of 1.51.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued its earnings results on Friday, August 1st. The asset manager reported $2.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.09. T. Rowe Price Group had a net margin of 28.72% and a return on equity of 19.77%. The firm had revenue of $1.72 billion during the quarter, compared to analysts' expectations of $1.72 billion. During the same quarter last year, the company posted $2.26 earnings per share. The firm's revenue was down .6% compared to the same quarter last year. As a group, equities analysts expect that T. Rowe Price Group, Inc. will post 9.29 EPS for the current year.

T. Rowe Price Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be issued a $1.27 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $5.08 dividend on an annualized basis and a yield of 4.9%. T. Rowe Price Group's payout ratio is presently 56.76%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on TROW shares. Zacks Research downgraded shares of T. Rowe Price Group from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 8th. Wells Fargo & Company lifted their price objective on shares of T. Rowe Price Group from $98.00 to $108.00 and gave the stock an "equal weight" rating in a research note on Friday, July 11th. JPMorgan Chase & Co. lifted their price objective on shares of T. Rowe Price Group from $98.00 to $102.00 and gave the stock an "underweight" rating in a research note on Monday, August 4th. Keefe, Bruyette & Woods lifted their price objective on shares of T. Rowe Price Group from $110.00 to $112.00 and gave the stock a "market perform" rating in a research note on Monday, August 4th. Finally, Barclays reiterated an "underweight" rating and set a $95.00 price objective (up from $91.00) on shares of T. Rowe Price Group in a research note on Monday, August 4th. One equities research analyst has rated the stock with a Buy rating, eight have given a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat.com, T. Rowe Price Group currently has a consensus rating of "Reduce" and an average target price of $101.55.

T. Rowe Price Group Company Profile

T. Rowe Price Group, Inc is a publicly owned investment manager. The firm provides its services to individuals, institutional investors, retirement plans, financial intermediaries, and institutions. It launches and manages equity and fixed income mutual funds. The firm invests in the public equity and fixed income markets across the globe.

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