California State Teachers Retirement System Purchases 44,865,323 Shares of T. Rowe Price Group, Inc. $TROW

Key Points

• California State Teachers Retirement System increased its T. Rowe Price stake by 44.9 million shares, bringing its holdings to 45.3 million shares valued at approximately $5.15 billion, or 21.23% of the company.
• T. Rowe Price exceeded quarterly expectations with adjusted EPS of $2.57 and revenue of $1.91 billion, while revenue rose 10.7% year over year. The company also declared a $1.30 quarterly dividend, equivalent to a 4.8% annualized yield.
• Analyst sentiment remains cautious, with an average “Reduce” rating and a $106.15 price target; shares recently opened at $107.74.

California State Teachers Retirement System lifted its position in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 10,632.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,287,275 shares of the asset manager's stock after purchasing an additional 44,865,323 shares during the quarter. California State Teachers Retirement System owned 21.23% of T. Rowe Price Group worth $5,148,710,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Wedmont Private Capital bought a new position in shares of T. Rowe Price Group during the 2nd quarter worth about $265,000. Kintra Wealth LLC raised its position in T. Rowe Price Group by 31.7% in the second quarter. Kintra Wealth LLC now owns 77,486 shares of the asset manager's stock worth $8,624,000 after purchasing an additional 18,664 shares in the last quarter. Nilsine Partners LLC grew its stake in shares of T. Rowe Price Group by 3.2% in the 2nd quarter. Nilsine Partners LLC now owns 4,083 shares of the asset manager's stock valued at $464,000 after purchasing an additional 127 shares during the period. Saudi Central Bank raised its holdings in shares of T. Rowe Price Group by 89.1% in the 2nd quarter. Saudi Central Bank now owns 15,233 shares of the asset manager's stock worth $1,732,000 after buying an additional 7,178 shares in the last quarter. Finally, BAM Wealth Management LLC raised its holdings in shares of T. Rowe Price Group by 23.1% in the 2nd quarter. BAM Wealth Management LLC now owns 4,141 shares of the asset manager's stock worth $471,000 after buying an additional 778 shares in the last quarter. 73.39% of the stock is owned by institutional investors.

Insider Buying and Selling

In other T. Rowe Price Group news, VP Joshua Nelson sold 10,000 shares of the firm's stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $111.82, for a total value of $1,118,200.00. Following the completion of the sale, the vice president owned 71,328 shares in the company, valued at approximately $7,975,896.96. This trade represents a 12.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.60% of the stock is currently owned by corporate insiders.

T. Rowe Price Group Stock Performance

Shares of TROW opened at $107.74 on Thursday. The stock has a fifty day moving average price of $114.30 and a two-hundred day moving average price of $104.26. T. Rowe Price Group, Inc. has a 52-week low of $85.22 and a 52-week high of $122.00. The company has a market cap of $22.98 billion, a price-to-earnings ratio of 10.81, a PEG ratio of 3.62 and a beta of 1.46.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last posted its quarterly earnings data on Friday, July 31st. The asset manager reported $2.57 EPS for the quarter, topping analysts' consensus estimates of $2.52 by $0.05. T. Rowe Price Group had a return on equity of 20.91% and a net margin of 29.26%.The company had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.89 billion. During the same quarter in the previous year, the firm earned $2.24 earnings per share. The business's revenue was up 10.7% on a year-over-year basis. As a group, research analysts predict that T. Rowe Price Group, Inc. will post 10.16 EPS for the current fiscal year.

T. Rowe Price Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be given a dividend of $1.30 per share. The ex-dividend date is Tuesday, September 15th. This represents a $5.20 annualized dividend and a yield of 4.8%. T. Rowe Price Group's dividend payout ratio is 52.16%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on TROW. UBS Group set a $110.00 price target on T. Rowe Price Group in a research note on Monday, August 31st. Evercore set a $118.00 target price on shares of T. Rowe Price Group in a research note on Monday, August 10th. Barclays lowered 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, August 3rd. TD Cowen increased their target price on shares of T. Rowe Price Group from $108.00 to $110.00 and gave the stock a "hold" rating in a research report on Monday, August 31st. Finally, Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $109.00 price target on shares of T. Rowe Price Group in a report on Monday, August 3rd. One analyst has rated the stock with a Buy rating, nine have given a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat, T. Rowe Price Group currently has an average rating of "Reduce" and an average price target of $106.15.

About T. Rowe Price Group

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland. Founded in 1937 by Thomas Rowe Price Jr., the company provides investment management, advisory and related services to individual investors, retirement plans, institutions, financial intermediaries and other clients.

The company offers a broad range of investment products and strategies, including mutual funds, exchange-traded funds, separately managed accounts and institutional portfolios.

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