Martin Capital Partners LLC Purchases 38,823 Shares of T. Rowe Price Group, Inc. $TROW

Key Points

• Martin Capital Partners LLC increased its stake in T. Rowe Price Group by 224.0%, acquiring an additional 38,823 shares during the second quarter, making T. Rowe Price 2.1% of their portfolio.
• T. Rowe Price Group reported $2.24 earnings per share (EPS) in its latest quarter, beating expectations of $2.15, although revenue decreased by 0.6% year-over-year.
• The asset manager has announced a quarterly dividend of $1.27 per share, representing an annualized yield of 4.8%, with the ex-dividend date set for September 15th.

Martin Capital Partners LLC grew its position in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 224.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 56,155 shares of the asset manager's stock after acquiring an additional 38,823 shares during the quarter. T. Rowe Price Group accounts for 2.1% of Martin Capital Partners LLC's portfolio, making the stock its 23rd biggest holding. Martin Capital Partners LLC's holdings in T. Rowe Price Group were worth $5,419,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in T. Rowe Price Group by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 26,286,393 shares of the asset manager's stock worth $2,414,931,000 after acquiring an additional 222,556 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in T. Rowe Price Group by 7.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 7,706,251 shares of the asset manager's stock worth $707,973,000 after acquiring an additional 519,075 shares during the last quarter. Invesco Ltd. increased its stake in T. Rowe Price Group by 43.2% in the 1st quarter. Invesco Ltd. now owns 3,433,684 shares of the asset manager's stock worth $315,453,000 after acquiring an additional 1,035,865 shares during the last quarter. American Century Companies Inc. increased its stake in T. Rowe Price Group by 4.9% in the 1st quarter. American Century Companies Inc. now owns 2,955,703 shares of the asset manager's stock worth $271,541,000 after acquiring an additional 138,515 shares during the last quarter. Finally, Northern Trust Corp increased its stake in T. Rowe Price Group by 3.6% in the 1st quarter. Northern Trust Corp now owns 2,374,063 shares of the asset manager's stock worth $218,105,000 after acquiring an additional 83,324 shares during the last quarter. Institutional investors own 73.39% of the company's stock.

T. Rowe Price Group Stock Down 0.1%

TROW opened at $105.63 on Monday. The business has a fifty day moving average of $105.69 and a 200 day moving average of $97.44. T. Rowe Price Group, Inc. has a 52-week low of $77.85 and a 52-week high of $125.81. The stock has a market cap of $23.21 billion, a P/E ratio of 11.80, a PEG ratio of 2.76 and a beta of 1.51.

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

T. Rowe Price Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be issued a dividend of $1.27 per share. The ex-dividend date is Monday, September 15th. This represents a $5.08 dividend on an annualized basis and a yield of 4.8%. T. Rowe Price Group's payout ratio is presently 56.76%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Morgan Stanley lifted their price objective on T. Rowe Price Group from $112.00 to $116.00 and gave the stock an "equal weight" rating in a research note on Monday, August 4th. Wells Fargo & Company lifted their target price on T. Rowe Price Group from $98.00 to $108.00 and gave the stock an "equal weight" rating in a report on Friday, July 11th. Barclays reiterated an "underweight" rating and issued a $95.00 target price (up previously from $91.00) on shares of T. Rowe Price Group in a report on Monday, August 4th. Zacks Research cut T. Rowe Price Group from a "strong-buy" rating to a "hold" rating in a report on Monday, September 8th. Finally, Keefe, Bruyette & Woods lifted their target price on T. Rowe Price Group from $110.00 to $112.00 and gave the stock a "market perform" rating in a report on Monday, August 4th. One research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Reduce" and an average price target of $101.55.

T. Rowe Price Group Company 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.

Want to see what other hedge funds are holding TROW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.