Generali Asset Management SPA SGR Raises Stake in T. Rowe Price Group, Inc. $TROW

Key Points

• Generali Asset Management SPA SGR significantly increased its stake in T. Rowe Price Group by 1,038.5% during the second quarter, totaling 10,235 shares valued at approximately $988,000.
• T. Rowe Price Group reported earnings of $2.24 per share, exceeding estimates and reflecting a 0.6% decrease in quarterly revenue compared to the same period last year.
• The company recently declared a quarterly dividend of $1.27 per share, contributing to an annualized dividend yield of 4.9%.

Generali Asset Management SPA SGR raised its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 1,038.5% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,235 shares of the asset manager's stock after buying an additional 9,336 shares during the quarter. Generali Asset Management SPA SGR's holdings in T. Rowe Price Group were worth $988,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TROW. Exchange Traded Concepts LLC grew its holdings in shares of T. Rowe Price Group by 27.9% during the 1st quarter. Exchange Traded Concepts LLC now owns 971 shares of the asset manager's stock worth $89,000 after purchasing an additional 212 shares during the period. Wealthfront Advisers LLC grew its holdings in shares of T. Rowe Price Group by 109.2% during the 1st quarter. Wealthfront Advisers LLC now owns 69,326 shares of the asset manager's stock worth $6,369,000 after purchasing an additional 36,190 shares during the period. Mather Group LLC. grew its holdings in shares of T. Rowe Price Group by 11.9% during the 1st quarter. Mather Group LLC. now owns 135,571 shares of the asset manager's stock worth $12,455,000 after purchasing an additional 14,371 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of T. Rowe Price Group by 12.8% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 213,769 shares of the asset manager's stock worth $19,575,000 after purchasing an additional 24,323 shares during the period. Finally, Alps Advisors Inc. grew its holdings in shares of T. Rowe Price Group by 22.9% during the 1st quarter. Alps Advisors Inc. now owns 308,837 shares of the asset manager's stock worth $28,373,000 after purchasing an additional 57,503 shares during the period. Hedge funds and other institutional investors own 73.39% of the company's stock.

T. Rowe Price Group Stock Performance

Shares of TROW opened at $103.70 on Friday. The stock has a 50-day simple moving average of $105.78 and a 200-day simple moving average of $98.84. The stock has a market capitalization of $22.78 billion, a PE ratio of 11.59, a PEG ratio of 5.66 and a beta of 1.50. T. Rowe Price Group, Inc. has a 1 year low of $77.85 and a 1 year high of $125.81.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last announced its quarterly earnings data on Friday, August 1st. The asset manager reported $2.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.09. The business had revenue of $1.72 billion during the quarter, compared to analysts' expectations of $1.72 billion. T. Rowe Price Group had a return on equity of 19.77% and a net margin of 28.72%.The business's quarterly revenue was down .6% compared to the same quarter last year. During the same quarter last year, the business posted $2.26 EPS. Analysts predict that T. Rowe Price Group, Inc. will post 9.29 EPS for the current year.

T. Rowe Price Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Monday, September 15th were paid a $1.27 dividend. This represents a $5.08 annualized dividend and a dividend yield of 4.9%. The ex-dividend date was Monday, September 15th. T. Rowe Price Group's dividend payout ratio (DPR) is presently 56.76%.

Analyst Ratings Changes

A number of research firms have recently weighed in on TROW. TD Cowen increased their price target on T. Rowe Price Group from $103.00 to $108.00 and gave the stock a "hold" rating in a report on Wednesday, October 8th. The Goldman Sachs Group raised their target price on T. Rowe Price Group from $91.00 to $92.00 and gave the company a "sell" rating in a report on Friday, October 3rd. Wells Fargo & Company lifted their target price on T. Rowe Price Group from $98.00 to $108.00 and gave the company an "equal weight" rating in a research report on Friday, July 11th. Barclays reaffirmed an "underweight" rating and issued a $95.00 target price (up from $91.00) on shares of T. Rowe Price Group in a research report on Monday, August 4th. Finally, JPMorgan Chase & Co. lifted their target price on T. Rowe Price Group from $102.00 to $109.00 and gave the company an "underweight" rating in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, ten have given a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Reduce" and an average target price of $106.92.

Insider Activity

In other news, Director Robert F. Maclellan sold 3,090 shares of T. Rowe Price Group stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $105.01, for a total value of $324,480.90. Following the completion of the transaction, the director owned 47,335 shares in the company, valued at approximately $4,970,648.35. This trade represents a 6.13% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 2.00% of the company's stock.

T. Rowe Price Group Profile

T. Rowe Price Group, Inc is a publicly owned investment manager. The firm provides its services to individuals, institutional investors, retirement plans, financial intermediaries, and institutions. It launches and manages equity and fixed income mutual funds. The firm invests in the public equity and fixed income markets across the globe.

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