L. Roy Papp & Associates LLP Sells 28,288 Shares of T. Rowe Price Group, Inc. $TROW

Key Points

• L. Roy Papp & Associates cut its T. Rowe Price stake by 50.7%, selling 28,288 shares in the second quarter and retaining 27,496 shares valued at approximately $3.13 million.
• T. Rowe Price reported quarterly results above expectations, with EPS of $2.57 and revenue of $1.91 billion; revenue increased 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 and strong earnings, analysts’ consensus rating remains “Reduce,” with a $105.67 target price.

L. Roy Papp & Associates LLP lowered its position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 50.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 27,496 shares of the asset manager's stock after selling 28,288 shares during the period. L. Roy Papp & Associates LLP's holdings in T. Rowe Price Group were worth $3,126,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Woodline Partners LP lifted its stake in T. Rowe Price Group by 41.0% in the first quarter. Woodline Partners LP now owns 18,809 shares of the asset manager's stock worth $1,728,000 after acquiring an additional 5,467 shares during the period. Focus Partners Wealth increased its position in T. Rowe Price Group by 10.6% during the 1st quarter. Focus Partners Wealth now owns 13,054 shares of the asset manager's stock valued at $1,199,000 after purchasing an additional 1,250 shares during the period. EverSource Wealth Advisors LLC raised its holdings in shares of T. Rowe Price Group by 44.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,546 shares of the asset manager's stock valued at $149,000 after purchasing an additional 478 shares in the last quarter. Jump Financial LLC bought a new stake in shares of T. Rowe Price Group in the 2nd quarter valued at about $931,000. Finally, Daiwa Securities Group Inc. lifted its position in shares of T. Rowe Price Group by 5.4% in the 2nd quarter. Daiwa Securities Group Inc. now owns 33,245 shares of the asset manager's stock worth $3,208,000 after purchasing an additional 1,703 shares during the period. 73.39% of the stock is currently owned by institutional investors.

T. Rowe Price Group Stock Performance

NASDAQ:TROW opened at $111.30 on Friday. The company's 50-day simple moving average is $113.43 and its 200-day simple moving average is $102.60. T. Rowe Price Group, Inc. has a fifty-two week low of $85.22 and a fifty-two week high of $122.00. The stock has a market capitalization of $23.74 billion, a P/E ratio of 11.16, a P/E/G ratio of 4.34 and a beta of 1.47.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last posted its quarterly earnings data on Friday, July 31st. The asset manager reported $2.57 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.89 billion. During the same quarter in the previous year, the business posted $2.24 EPS. T. Rowe Price Group's revenue was up 10.7% on a year-over-year basis. On average, research analysts forecast that T. Rowe Price Group, Inc. will post 10.13 EPS for the current year.

T. Rowe Price Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given a dividend of $1.30 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.7%. T. Rowe Price Group's dividend payout ratio is presently 52.16%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on TROW. Zacks Research upgraded shares of T. Rowe Price Group from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 15th. The Goldman Sachs Group boosted their price objective on shares of T. Rowe Price Group from $90.00 to $92.00 and gave the stock a "sell" rating in a research note on Tuesday, June 30th. Keefe, Bruyette & Woods restated a "market perform" rating and set a $115.00 target price (down from $120.00) on shares of T. Rowe Price Group in a report on Monday, August 3rd. JPMorgan Chase & Co. dropped their target price on 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, BMO Capital Markets lifted their price target on T. Rowe Price Group from $110.00 to $120.00 and gave the company a "market perform" rating in a report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Reduce" and a consensus target price of $105.67.

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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