Empowered Funds LLC Acquires Shares of 32,923 T. Rowe Price Group, Inc. $TROW

Key Points

• Empowered Funds LLC acquired 32,923 shares of T. Rowe Price Group valued at approximately $3.74 million during the second quarter. Institutional investors own 73.39% of the company.
• T. Rowe Price reported quarterly EPS of $2.57, exceeding estimates by $0.05, while revenue rose 10.7% year over year to $1.91 billion.
• The company declared a quarterly dividend of $1.30 per share, equivalent to an annualized $5.20 dividend and a 4.8% yield. Analysts remain cautious, with a consensus “Reduce” rating and a $106.15 price target.

Empowered Funds LLC bought a new position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 32,923 shares of the asset manager's stock, valued at approximately $3,743,000.

Other large investors have also modified their holdings of the company. BlackRock Inc. acquired a new position in T. Rowe Price Group during the second quarter worth about $2,728,119,000. Goldman Sachs Group Inc. grew its stake in T. Rowe Price Group by 332.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 8,770,071 shares of the asset manager's stock valued at $897,880,000 after acquiring an additional 6,740,172 shares in the last quarter. First Trust Advisors LP raised its holdings in T. Rowe Price Group by 126.5% in the 4th quarter. First Trust Advisors LP now owns 3,280,854 shares of the asset manager's stock valued at $335,894,000 after acquiring an additional 1,832,231 shares during the last quarter. Legal & General Group Plc acquired a new stake in T. Rowe Price Group in the 2nd quarter valued at about $183,130,000. Finally, Bank of America Corp DE purchased a new position in T. Rowe Price Group in the 2nd quarter worth approximately $170,572,000. Hedge funds and other institutional investors own 73.39% of the company's stock.

T. Rowe Price Group Stock Performance

TROW stock opened at $108.97 on Wednesday. The firm has a market cap of $23.25 billion, a PE ratio of 10.93, a PEG ratio of 3.69 and a beta of 1.46. The firm's 50 day moving average price is $114.48 and its 200-day moving average price is $103.61. T. Rowe Price Group, Inc. has a one year low of $85.22 and a one year high of $122.00.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last released its quarterly earnings data on Friday, July 31st. The asset manager reported $2.57 EPS for the quarter, beating analysts' consensus estimates of $2.52 by $0.05. The firm had revenue of $1.91 billion for the quarter, compared to analysts' expectations 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 quarterly revenue was up 10.7% on a year-over-year basis. During the same period in the prior year, the firm posted $2.24 earnings per share. Equities research analysts predict that T. Rowe Price Group, Inc. will post 10.15 EPS for the current fiscal year.

T. Rowe Price Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders 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 dividend yield of 4.8%. T. Rowe Price Group's dividend payout ratio is currently 52.16%.

Insider Activity

In related news, VP Joshua B. Nelson sold 10,000 shares of the business'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 sale, the vice president directly owned 71,328 shares in the company, valued at approximately $7,975,896.96. The trade was a 12.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.60% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Morgan Stanley set a $116.00 price target on T. Rowe Price Group in a research report on Wednesday, July 29th. Evercore set a $118.00 price objective on T. Rowe Price Group in a research report on Monday, August 10th. Weiss Ratings raised T. Rowe Price Group from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, July 2nd. The Goldman Sachs Group upped their target price on T. Rowe Price Group from $90.00 to $92.00 and gave the company a "sell" rating in a report on Tuesday, June 30th. Finally, BMO Capital Markets raised their target price on T. Rowe Price Group from $110.00 to $120.00 and gave the stock a "market perform" rating in a research note on Monday, August 3rd. Ten research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, T. Rowe Price Group has a consensus rating of "Reduce" and a consensus price target of $106.15.

T. Rowe Price Group 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source