Fidelity National Financial Inc. Makes New $16.83 Million Investment in T. Rowe Price Group, Inc. $TROW

Key Points

• Fidelity National Financial initiated a $16.83 million position in T. Rowe Price Group by purchasing 148,000 shares, representing about 0.07% of TROW and 0.5% of Fidelity’s portfolio.
• T. Rowe Price reported quarterly EPS of $2.57, beating estimates of $2.52, while revenue rose 10.7% year over year to $1.91 billion. The company also declared a $1.30 quarterly dividend, equivalent to a 4.7% annualized yield.
• Analysts remain cautious, with a consensus “Reduce” rating and an average price target of $105.67, below TROW’s reported share price of $110.32.

Fidelity National Financial Inc. bought a new stake in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 148,000 shares of the asset manager's stock, valued at approximately $16,826,000. T. Rowe Price Group accounts for approximately 0.5% of Fidelity National Financial Inc.'s investment portfolio, making the stock its 19th largest position. Fidelity National Financial Inc. owned about 0.07% of T. Rowe Price Group as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. TD Private Client Wealth LLC lifted its position in T. Rowe Price Group by 91.8% in the 4th quarter. TD Private Client Wealth LLC now owns 257 shares of the asset manager's stock worth $26,000 after buying an additional 123 shares in the last quarter. DV Equities LLC purchased a new position in shares of T. Rowe Price Group during the 4th quarter valued at $32,000. Motiv8 Investments LLC acquired a new position in shares of T. Rowe Price Group in the fourth quarter worth $35,000. Bank & Trust Co raised its holdings in shares of T. Rowe Price Group by 52.4% during the second quarter. Bank & Trust Co now owns 314 shares of the asset manager's stock worth $36,000 after acquiring an additional 108 shares in the last quarter. Finally, TD Waterhouse Canada Inc. raised its holdings in shares of T. Rowe Price Group by 92.0% during the fourth quarter. TD Waterhouse Canada Inc. now owns 386 shares of the asset manager's stock worth $40,000 after acquiring an additional 185 shares in the last quarter. 73.39% of the stock is owned by hedge funds and other institutional investors.

T. Rowe Price Group Stock Down 0.1%

Shares of T. Rowe Price Group stock opened at $110.32 on Wednesday. The stock has a market capitalization of $23.53 billion, a P/E ratio of 11.07, a PEG ratio of 4.30 and a beta of 1.47. The stock has a 50 day moving average price of $113.71 and a two-hundred day moving average price of $102.71. T. Rowe Price Group, Inc. has a 12-month low of $85.22 and a 12-month high of $122.00.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last released 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. T. Rowe Price Group had a net margin of 29.26% and a return on equity of 20.91%. The company had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.89 billion. During the same quarter last year, the firm posted $2.24 earnings per share. The company's quarterly revenue was up 10.7% compared to the same quarter last year. Sell-side analysts anticipate that T. Rowe Price Group, Inc. will post 10.13 earnings per share for the current year.

T. Rowe Price Group Dividend Announcement

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

Analysts Set New Price Targets

Several research analysts have weighed in on TROW shares. TD Cowen upped their target price on T. Rowe Price Group from $107.00 to $108.00 and gave the stock a "hold" rating in a research report on Monday, August 3rd. The Goldman Sachs Group lifted their price target 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. Evercore set a $118.00 price objective on T. Rowe Price Group in a report on Monday, August 10th. JPMorgan Chase & Co. cut their price objective on shares of T. Rowe Price Group from $106.00 to $103.00 and set an "underweight" rating on the stock in a research report on Friday, April 24th. Finally, Morgan Stanley set a $116.00 target price on shares of T. Rowe Price Group in a research note on Wednesday, July 29th. Ten investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, T. Rowe Price Group presently has a consensus rating of "Reduce" and a consensus target price of $105.67.

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.

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