Brendel Financial Advisors LLC Makes New $2.98 Million Investment in T. Rowe Price Group, Inc. $TROW

Key Points

• Brendel Financial Advisors LLC has invested approximately $2.98 million in T. Rowe Price Group, acquiring 30,904 shares valued at about 1.7% of their investment portfolio.
• The company recently reported a quarterly earnings per share of $2.24, exceeding analysts' estimates, with a revenue of $1.72 billion.
• T. Rowe Price has declared a quarterly dividend of $1.27 per share, translating to an annualized dividend of $5.08 and a yield of 4.8%.

Brendel Financial Advisors LLC bought a new position in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 30,904 shares of the asset manager's stock, valued at approximately $2,982,000. T. Rowe Price Group accounts for about 1.7% of Brendel Financial Advisors LLC's investment portfolio, making the stock its 26th largest holding.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of T. Rowe Price Group by 0.9% during the first quarter. Vanguard Group Inc. now owns 26,286,393 shares of the asset manager's stock valued at $2,414,931,000 after buying an additional 222,556 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of T. Rowe Price Group by 7.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 7,706,251 shares of the asset manager's stock valued at $707,973,000 after buying an additional 519,075 shares during the last quarter. Invesco Ltd. lifted its position in shares of T. Rowe Price Group by 43.2% during the first quarter. Invesco Ltd. now owns 3,433,684 shares of the asset manager's stock valued at $315,453,000 after buying an additional 1,035,865 shares during the last quarter. American Century Companies Inc. boosted its holdings in T. Rowe Price Group by 4.9% in the first quarter. American Century Companies Inc. now owns 2,955,703 shares of the asset manager's stock worth $271,541,000 after acquiring an additional 138,515 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings in T. Rowe Price Group by 3.6% in the first quarter. Northern Trust Corp now owns 2,374,063 shares of the asset manager's stock worth $218,105,000 after acquiring an additional 83,324 shares in the last quarter. Hedge funds and other institutional investors own 73.39% of the company's stock.

T. Rowe Price Group Trading Up 0.2%

Shares of TROW stock opened at $105.99 on Friday. The stock has a 50 day moving average of $106.09 and a 200 day moving average of $97.58. The stock has a market cap of $23.29 billion, a P/E ratio of 11.84, a P/E/G ratio of 2.74 and a beta of 1.51. T. Rowe Price Group, Inc. has a twelve month low of $77.85 and a twelve month high of $125.81.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last announced its quarterly earnings results on Friday, August 1st. The asset manager reported $2.24 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.09. The company had revenue of $1.72 billion during the quarter, compared to analysts' expectations of $1.72 billion. T. Rowe Price Group had a return on equity of 19.77% and a net margin of 28.72%.T. Rowe Price Group's quarterly revenue was down .6% on a year-over-year basis. During the same period last year, the business earned $2.26 earnings per share. On average, research analysts predict that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be given a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a dividend yield of 4.8%. The ex-dividend date is Monday, September 15th. T. Rowe Price Group's payout ratio is presently 56.76%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on TROW. Zacks Research downgraded T. Rowe Price Group from a "strong-buy" rating to a "hold" rating in a report on Monday, September 8th. Morgan Stanley raised their price target on T. Rowe Price Group from $112.00 to $116.00 and gave the stock an "equal weight" rating in a report on Monday, August 4th. Barclays reissued an "underweight" rating and issued a $95.00 price target (up previously from $91.00) on shares of T. Rowe Price Group in a report on Monday, August 4th. Evercore ISI reissued a "positive" rating on shares of T. Rowe Price Group in a report on Friday, September 5th. Finally, Keefe, Bruyette & Woods lifted their target price on T. Rowe Price Group from $110.00 to $112.00 and gave the stock a "market perform" rating in a report on Monday, August 4th. One investment analyst has rated the stock with a Buy rating, eight have given a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, T. Rowe Price Group has an average rating of "Reduce" and a consensus price target of $101.55.

About T. Rowe Price Group

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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