Patton Fund Management Inc. Buys Shares of 2,490 T. Rowe Price Group, Inc. $TROW

Key Points

• Patton Fund Management Inc. has purchased 2,490 shares of T. Rowe Price Group, valued at approximately $240,000, marking a significant new position in the asset manager's stock.
• T. Rowe Price Group reported earnings of $2.24 per share for the recent quarter, exceeding analysts' expectations, while its revenue remained steady at $1.72 billion.
• The company announced a quarterly dividend of $1.27 per share, set to be paid on September 29th, reflecting a dividend yield of 4.9% and a payout ratio of 56.76%.

Patton Fund Management Inc. purchased a new position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 2,490 shares of the asset manager's stock, valued at approximately $240,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Cooper Financial Group grew its position in shares of T. Rowe Price Group by 5.2% during the first quarter. Cooper Financial Group now owns 2,234 shares of the asset manager's stock worth $205,000 after acquiring an additional 110 shares during the last quarter. Hexagon Capital Partners LLC boosted its stake in T. Rowe Price Group by 44.8% during the 1st quarter. Hexagon Capital Partners LLC now owns 365 shares of the asset manager's stock valued at $34,000 after purchasing an additional 113 shares during the period. Associated Banc Corp grew its position in T. Rowe Price Group by 0.5% in the 1st quarter. Associated Banc Corp now owns 24,864 shares of the asset manager's stock worth $2,284,000 after purchasing an additional 114 shares during the last quarter. Dakota Wealth Management increased its stake in shares of T. Rowe Price Group by 4.7% in the second quarter. Dakota Wealth Management now owns 2,537 shares of the asset manager's stock valued at $245,000 after purchasing an additional 114 shares during the period. Finally, Wealthcare Capital Partners LLC raised its holdings in shares of T. Rowe Price Group by 1.2% during the first quarter. Wealthcare Capital Partners LLC now owns 9,429 shares of the asset manager's stock valued at $866,000 after buying an additional 115 shares during the last quarter. Institutional investors and hedge funds own 73.39% of the company's stock.

T. Rowe Price Group Price Performance

NASDAQ TROW opened at $103.47 on Monday. T. Rowe Price Group, Inc. has a 12 month low of $77.85 and a 12 month high of $125.81. The company has a market capitalization of $22.73 billion, a P/E ratio of 11.56, a PEG ratio of 2.68 and a beta of 1.51. The company's 50 day simple moving average is $106.13 and its 200 day simple moving average is $97.82.

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

T. Rowe Price Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be issued a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a dividend yield of 4.9%. The ex-dividend date of this dividend is Monday, September 15th. T. Rowe Price Group's dividend payout ratio is currently 56.76%.

Insider Activity at T. Rowe Price Group

In related news, Director Robert F. Maclellan sold 3,090 shares of the stock in a transaction on 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 $4,970,648.35. This trade represents a 6.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.60% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

TROW has been the subject of several analyst reports. Keefe, Bruyette & Woods boosted their price objective on T. Rowe Price Group from $110.00 to $112.00 and gave the stock a "market perform" rating in a research report on Monday, August 4th. JPMorgan Chase & Co. boosted their price target on T. Rowe Price Group from $98.00 to $102.00 and gave the stock an "underweight" rating in a research report on Monday, August 4th. Morgan Stanley increased their price target 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. Evercore ISI restated a "positive" rating on shares of T. Rowe Price Group in a research note on Friday, September 5th. Finally, Wells Fargo & Company upped their price objective on shares of 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. One research analyst has rated the stock with a Buy rating, eight have issued a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat.com, T. Rowe Price Group has a consensus rating of "Reduce" and a consensus price target of $101.55.

About T. Rowe Price Group

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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