Commerce Bank Purchases Shares of 42,809 T. Rowe Price Group, Inc. $TROW

Key Points

• Commerce Bank initiated a stake of 42,809 T. Rowe Price shares during the second quarter, valued at approximately $4.87 million. Institutional investors collectively own 73.39% of the company.
• T. Rowe Price exceeded quarterly expectations, reporting $2.57 in EPS on $1.91 billion in revenue, with revenue increasing 10.7% year over year.
• The company declared a quarterly dividend of $1.30 per share, equivalent to $5.20 annually and a 4.7% yield. Analysts remain cautious, assigning a consensus “Reduce” rating and an average price target of $105.67.

Commerce Bank bought a new stake in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 42,809 shares of the asset manager's stock, valued at approximately $4,867,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Wealthcare Capital Partners LLC grew its stake in T. Rowe Price Group by 1.0% during the 2nd quarter. Wealthcare Capital Partners LLC now owns 9,565 shares of the asset manager's stock valued at $1,087,000 after purchasing an additional 93 shares during the last quarter. Kesler Norman & Wride LLC raised its stake in shares of T. Rowe Price Group by 0.6% in the second quarter. Kesler Norman & Wride LLC now owns 15,914 shares of the asset manager's stock worth $1,809,000 after purchasing an additional 96 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its stake in shares of T. Rowe Price Group by 9.4% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,150 shares of the asset manager's stock worth $131,000 after purchasing an additional 99 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its holdings in shares of T. Rowe Price Group by 0.4% during the first quarter. Oregon Public Employees Retirement Fund now owns 25,062 shares of the asset manager's stock worth $2,259,000 after purchasing an additional 100 shares during the period. Finally, Concorde Asset Management LLC lifted its holdings in shares of T. Rowe Price Group by 3.9% during the first quarter. Concorde Asset Management LLC now owns 2,730 shares of the asset manager's stock worth $246,000 after purchasing an additional 102 shares during the period. 73.39% of the stock is owned by hedge funds and other institutional investors.

T. Rowe Price Group Stock Performance

Shares of TROW opened at $111.51 on Monday. T. Rowe Price Group, Inc. has a one year low of $85.22 and a one year high of $122.00. The stock has a market capitalization of $23.79 billion, a price-to-earnings ratio of 11.18, a PEG ratio of 3.70 and a beta of 1.47. The stock has a 50 day moving average price of $113.94 and a 200 day moving average price of $102.84.

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, beating 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 revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter last year, the firm posted $2.24 EPS. On average, analysts predict that T. Rowe Price Group, Inc. will post 10.14 earnings per share for the current year.

T. Rowe Price Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be paid a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 4.7%. The ex-dividend date of this dividend is Tuesday, September 15th. T. Rowe Price Group's dividend payout ratio is currently 52.16%.

Analysts Set New Price Targets

TROW has been the topic of a number of research reports. The Goldman Sachs Group increased 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. Weiss Ratings upgraded shares of T. Rowe Price Group from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, July 2nd. Evercore set a $118.00 price target on T. Rowe Price Group in a research report on Monday, August 10th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $109.00 price objective on shares of T. Rowe Price Group in a research note on Monday, August 3rd. Finally, Zacks Research cut T. Rowe Price Group from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 13th. Ten investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, T. Rowe Price Group has a consensus rating of "Reduce" and an average price target of $105.67.

About T. Rowe Price Group

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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