Jupiter Topco LLC Buys New Stake in T. Rowe Price Group, Inc. $TROW

Key Points

• Jupiter Topco LLC acquired 26,180 shares of T. Rowe Price Group in the second quarter, valued at approximately $2.98 million. Institutional investors and hedge funds collectively own 73.39% of the company.
• T. Rowe Price reported quarterly revenue of $1.91 billion and earnings of $2.57 per share, exceeding analyst expectations; revenue increased 10.7% year over year.
• 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 an average price target of $106.15.

Jupiter Topco LLC acquired a new stake in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 26,180 shares of the asset manager's stock, valued at approximately $2,976,000.

Other hedge funds also recently added to or reduced their stakes in the company. TD Private Client Wealth LLC boosted its position in shares of T. Rowe Price Group by 91.8% during the 4th quarter. TD Private Client Wealth LLC now owns 257 shares of the asset manager's stock worth $26,000 after acquiring an additional 123 shares in the last quarter. DV Equities LLC purchased a new position in shares of T. Rowe Price Group in the 4th quarter valued at about $32,000. Bank & Trust Co increased its holdings in shares of T. Rowe Price Group by 52.4% in the 2nd quarter. Bank & Trust Co now owns 314 shares of the asset manager's stock valued at $36,000 after acquiring an additional 108 shares during the last quarter. Motiv8 Investments LLC acquired a new stake in shares of T. Rowe Price Group during the 4th quarter worth about $35,000. Finally, Keating Financial Advisory Services Inc. acquired a new stake in shares of T. Rowe Price Group during the 2nd quarter worth about $39,000. 73.39% of the stock is currently owned by institutional investors and hedge funds.

T. Rowe Price Group Stock Performance

Shares of T. Rowe Price Group stock opened at $109.38 on Thursday. The company has a market capitalization of $23.33 billion, a P/E ratio of 10.97, a PEG ratio of 3.61 and a beta of 1.46. T. Rowe Price Group, Inc. has a 1 year low of $85.22 and a 1 year high of $122.00. The company's fifty day moving average is $114.56 and its two-hundred day moving average is $103.72.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last announced its 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 business had revenue of $1.91 billion during the quarter, compared to analysts' expectations of $1.89 billion. During the same period in the prior year, the company earned $2.24 earnings per share. The business's revenue was up 10.7% compared to the same quarter last year. As a group, equities analysts expect that T. Rowe Price Group, Inc. will post 10.15 earnings per share 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. Shareholders of record on Tuesday, September 15th will be paid a dividend of $1.30 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $5.20 annualized dividend and a yield of 4.8%. T. Rowe Price Group's dividend payout ratio is currently 52.16%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $109.00 price target on shares of T. Rowe Price Group in a report on Monday, August 3rd. Barclays cut their price objective on shares of T. Rowe Price Group from $108.00 to $103.00 and set an "underweight" rating on the stock in a report on Monday, August 3rd. Evercore set a $118.00 price objective on shares of T. Rowe Price Group in a research report on Monday, August 10th. Weiss Ratings upgraded shares of T. Rowe Price Group from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, July 2nd. Finally, TD Cowen increased their target price 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. Ten research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and an average target price of $106.15.

Insiders Place Their Bets

In other T. Rowe Price Group news, VP Joshua B. 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 sale, the vice president directly owned 71,328 shares of the company's stock, valued at approximately $7,975,896.96. This trade 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. Insiders own 1.60% of the company's stock.

About T. Rowe Price Group

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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