Engineers Gate Manager LP Purchases 41,856 Shares of T. Rowe Price Group, Inc. $TROW

Key Points

• Engineers Gate Manager LP increased its T. Rowe Price Group holdings by 946.3% in the second quarter, purchasing 41,856 additional shares for a total position worth about $5.26 million. Institutional investors collectively own 73.39% of the company.
• T. Rowe Price reported quarterly EPS of $2.57, exceeding estimates of $2.52, while revenue rose 10.7% year over year to $1.91 billion. The company declared a quarterly dividend of $1.30 per share, representing a 4.9% yield.
• Analyst sentiment remains cautious, with a consensus “Reduce” rating, a $106.15 target price, and ratings consisting of one Buy, nine Holds, and four Sells. A company vice president also sold 10,000 shares for approximately $1.12 million.

Engineers Gate Manager LP grew its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 946.3% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 46,279 shares of the asset manager's stock after purchasing an additional 41,856 shares during the quarter. Engineers Gate Manager LP's holdings in T. Rowe Price Group were worth $5,261,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the business. Twin Tree Management LP bought a new position in T. Rowe Price Group in the 2nd quarter worth $2,989,000. Norges Bank purchased a new position in T. Rowe Price Group during the fourth quarter valued at $128,283,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new stake in T. Rowe Price Group during the fourth quarter valued at about $5,935,000. Envestnet Portfolio Solutions Inc. grew its holdings in T. Rowe Price Group by 6.1% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 174,047 shares of the asset manager's stock valued at $19,787,000 after purchasing an additional 10,077 shares during the period. Finally, Commerzbank Aktiengesellschaft FI increased its position in T. Rowe Price Group by 211.0% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 94,184 shares of the asset manager's stock worth $9,643,000 after buying an additional 63,903 shares in the last quarter. Institutional investors own 73.39% of the company's stock.

Insider Activity at T. Rowe Price Group

In other news, VP Joshua Nelson sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $111.82, for a total transaction of $1,118,200.00. Following the completion of the transaction, the vice president directly owned 71,328 shares in the company, valued at approximately $7,975,896.96. This represents a 12.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.60% of the company's stock.

T. Rowe Price Group Stock Performance

TROW stock opened at $106.29 on Friday. The company's fifty day moving average price is $113.83 and its 200-day moving average price is $104.36. T. Rowe Price Group, Inc. has a one year low of $85.22 and a one year high of $122.00. The company has a market capitalization of $22.67 billion, a PE ratio of 10.66, a price-to-earnings-growth ratio of 3.56 and a beta of 1.46.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last announced its quarterly earnings results 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 company had revenue of $1.91 billion during 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 was up 10.7% on a year-over-year basis. During the same period in the prior year, the company earned $2.24 earnings per share. On average, research analysts predict that T. Rowe Price Group, Inc. will post 10.16 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The company also recently disclosed 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. This represents a $5.20 annualized dividend and a dividend yield of 4.9%. The ex-dividend date of this dividend is Tuesday, September 15th. T. Rowe Price Group's dividend payout ratio is 52.16%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on TROW shares. Zacks Research downgraded T. Rowe Price Group from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 13th. Barclays reduced their price objective on shares of T. Rowe Price Group from $108.00 to $103.00 and set an "underweight" rating for the company in a research note on Monday, August 3rd. TD Cowen raised their price objective on shares of T. Rowe Price Group from $108.00 to $110.00 and gave the company a "hold" rating in a research report on Monday, August 31st. Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $109.00 target price on shares of T. Rowe Price Group in a research note on Monday, August 3rd. Finally, UBS Group set a $110.00 target price on shares of T. Rowe Price Group in a report on Monday, August 31st. One analyst has rated the stock with a Buy rating, nine have given a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Reduce" and a consensus target price of $106.15.

T. Rowe Price Group Profile

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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