Corient Private Wealth LP Takes Position in T. Rowe Price Group, Inc. $TROW

Key Points

• Corient Private Wealth LP purchased 131,420 shares of T. Rowe Price, worth approximately $14.9 million, giving it a 0.06% stake. Institutional investors collectively own 73.39% of the company.
• T. Rowe Price exceeded quarterly expectations, reporting $2.57 in EPS and $1.91 billion in revenue, with revenue rising 10.7% year over year. The company declared a quarterly dividend of $1.30 per share, representing a 4.7% annualized yield.
• Analyst sentiment remains cautious, with a consensus “Reduce” rating and an average price target of $105.67, below the stock’s reported $111.24 opening price.

Corient Private Wealth LP purchased a new stake in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 131,420 shares of the asset manager's stock, valued at approximately $14,941,000. Corient Private Wealth LP owned about 0.06% of T. Rowe Price Group at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Bamco Inc. NY bought a new stake in T. Rowe Price Group during the second quarter worth approximately $455,000. Bank of America Corp DE bought a new stake in shares of T. Rowe Price Group in the 2nd quarter valued at approximately $170,572,000. Bluefin Capital Management LLC bought a new stake in shares of T. Rowe Price Group in the 2nd quarter valued at approximately $216,000. Freestone Grove Partners LP purchased a new position in shares of T. Rowe Price Group in the 2nd quarter worth approximately $50,302,000. Finally, Caisse de depot et placement du Quebec bought a new position in shares of T. Rowe Price Group during the 2nd quarter valued at approximately $132,649,000. Hedge funds and other institutional investors own 73.39% of the company's stock.

T. Rowe Price Group Stock Down 1.0%

TROW stock opened at $111.24 on Friday. The business's fifty day simple moving average is $114.35 and its two-hundred day simple moving average is $103.34. T. Rowe Price Group, Inc. has a twelve month low of $85.22 and a twelve month high of $122.00. The firm has a market cap of $23.73 billion, a price-to-earnings ratio of 11.16, a PEG ratio of 3.68 and a beta of 1.47.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last released its earnings results on Friday, July 31st. The asset manager reported $2.57 earnings per share for the quarter, topping the consensus estimate of $2.52 by $0.05. The business had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.89 billion. T. Rowe Price Group had a return on equity of 20.91% and a net margin of 29.26%.The business's revenue for the quarter was up 10.7% compared to the same quarter last year. During the same period last year, the company earned $2.24 earnings per share. Research analysts expect that T. Rowe Price Group, Inc. will post 10.15 EPS for the current year.

T. Rowe Price Group Dividend Announcement

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

Insiders Place Their Bets

In related news, VP Joshua B. Nelson sold 10,000 shares of T. Rowe Price Group stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $111.82, for a total transaction of $1,118,200.00. Following the completion of the sale, the vice president owned 71,328 shares in the company, valued at $7,975,896.96. This trade represents a 12.30% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.60% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms recently weighed in on TROW. Evercore set a $118.00 price target on T. Rowe Price Group in a report on Monday, August 10th. Deutsche Bank Aktiengesellschaft reaffirmed 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. TD Cowen boosted their price objective on shares of T. Rowe Price Group from $107.00 to $108.00 and gave the company a "hold" rating in a research report on Monday, August 3rd. Weiss Ratings raised shares of T. Rowe Price Group from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, July 2nd. Finally, Zacks Research lowered shares of 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 issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Reduce" and a consensus price target of $105.67.

T. Rowe Price Group Company Profile

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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