Kintra Wealth LLC Grows Position in T. Rowe Price Group, Inc. $TROW

Key Points

• Kintra Wealth increased its T. Rowe Price position by 31.7% in the second quarter, holding 77,486 shares valued at approximately $8.6 million. Institutional investors collectively own 73.39% of the company.
• T. Rowe Price reported quarterly revenue of $1.91 billion and earnings of $2.57 per share, beating analyst estimates, while revenue rose 10.7% year over year.
• The company declared a quarterly dividend of $1.30 per share, equivalent to $5.20 annually and a 4.7% yield. Despite the dividend, analysts remain cautious, with an average “Reduce” rating and a $106.15 price target.

Kintra Wealth LLC lifted its position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 31.7% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 77,486 shares of the asset manager's stock after purchasing an additional 18,664 shares during the quarter. Kintra Wealth LLC's holdings in T. Rowe Price Group were worth $8,624,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. TD Private Client Wealth LLC lifted its position in 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 valued at $26,000 after acquiring an additional 123 shares during the period. DV Equities LLC purchased a new stake in T. Rowe Price Group in the fourth quarter worth about $32,000. Bank & Trust Co increased its stake 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 valued at $36,000 after purchasing an additional 108 shares in the last quarter. Motiv8 Investments LLC bought a new position in shares of T. Rowe Price Group during the fourth quarter valued at approximately $35,000. Finally, Keating Financial Advisory Services Inc. purchased a new position in shares of T. Rowe Price Group during the second quarter valued at approximately $39,000. 73.39% of the stock is owned by hedge funds and other institutional investors.

T. Rowe Price Group Trading Down 1.0%

Shares of TROW opened at $109.78 on Friday. The company has a market cap of $23.42 billion, a price-to-earnings ratio of 11.01, a P/E/G ratio of 3.63 and a beta of 1.46. The business's fifty day simple moving average is $114.64 and its two-hundred day simple moving average is $103.88. 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 posted its quarterly earnings results on Friday, July 31st. The asset manager reported $2.57 earnings per share for the quarter, topping the consensus estimate of $2.52 by $0.05. T. Rowe Price Group had a return on equity of 20.91% and a net margin of 29.26%.The firm had revenue of $1.91 billion during the quarter, compared to analysts' expectations of $1.89 billion. During the same quarter in the previous year, the business earned $2.24 earnings per share. The company's revenue was up 10.7% on a year-over-year basis. As a group, research analysts forecast that T. Rowe Price Group, Inc. will post 10.16 EPS for the current year.

T. Rowe Price Group Announces Dividend

The business 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. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date of this dividend is Tuesday, September 15th. T. Rowe Price Group's dividend payout ratio (DPR) is presently 52.16%.

Insider Activity

In other news, VP Joshua Nelson sold 10,000 shares of the firm's stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $111.82, for a total transaction of $1,118,200.00. Following the sale, the vice president owned 71,328 shares of the company's stock, valued at $7,975,896.96. This trade represents a 12.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.60% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Keefe, Bruyette & Woods restated a "market perform" rating and issued a $115.00 price target (down from $120.00) on shares of T. Rowe Price Group in a research note on Monday, August 3rd. UBS Group set a $110.00 price objective on T. Rowe Price Group in a research note on Monday, August 31st. Morgan Stanley set a $116.00 target price on T. Rowe Price Group in a research note on Wednesday, July 29th. Zacks Research downgraded T. Rowe Price Group from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 13th. Finally, TD Cowen lifted their price target on T. Rowe Price Group from $108.00 to $110.00 and gave the stock a "hold" rating in a research report on Monday, August 31st. One research analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Reduce" and an average target price of $106.15.

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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