QRG Capital Management Inc. Increases Stock Position in T. Rowe Price Group, Inc. $TROW

Key Points

• QRG Capital Management increased its T. Rowe Price stake by 28.2% in the second quarter, bringing its holdings to 71,336 shares valued at approximately $8.11 million. Institutional investors collectively own 73.39% of TROW.
• Analysts remain cautious, with a consensus “Reduce” rating and an average price target of $106.15; TROW recently traded at $104.27, below its 50-day moving average.
• T. Rowe Price exceeded quarterly expectations with $2.57 in EPS and $1.91 billion in revenue, while maintaining a quarterly dividend of $1.30 per share, equivalent to a roughly 5.0% yield.

QRG Capital Management Inc. grew its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 28.2% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 71,336 shares of the asset manager's stock after buying an additional 15,678 shares during the quarter. QRG Capital Management Inc.'s holdings in T. Rowe Price Group were worth $8,110,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. BlackRock Inc. acquired a new position in T. Rowe Price Group in the second quarter worth about $2,728,119,000. State Street Corp boosted its holdings in T. Rowe Price Group by 2.7% during the second quarter. State Street Corp now owns 14,653,478 shares of the asset manager's stock valued at $1,665,954,000 after purchasing an additional 381,183 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of T. Rowe Price Group by 332.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 8,770,071 shares of the asset manager's stock valued at $897,880,000 after purchasing an additional 6,740,172 shares during the period. First Trust Advisors LP grew its stake in shares of T. Rowe Price Group by 12.6% in the 1st quarter. First Trust Advisors LP now owns 3,694,171 shares of the asset manager's stock valued at $332,993,000 after purchasing an additional 413,317 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of T. Rowe Price Group by 20.0% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,150,561 shares of the asset manager's stock worth $358,187,000 after buying an additional 524,544 shares in the last quarter. 73.39% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at T. Rowe Price Group

In related news, VP Joshua Nelson sold 10,000 shares of the business's stock in a transaction that occurred on 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 completion of the sale, the vice president directly owned 71,328 shares of the company's stock, valued at $7,975,896.96. The trade was a 12.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 1.60% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts recently commented on TROW shares. TD Cowen boosted their price target on T. Rowe Price Group from $108.00 to $110.00 and gave the company a "hold" rating in a research note on Monday, August 31st. The Goldman Sachs Group increased their price objective on 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 reissued a "market perform" rating and set a $115.00 price target (down from $120.00) on shares of T. Rowe Price Group in a report on Monday, August 3rd. Barclays reduced their price objective on T. Rowe Price Group from $108.00 to $103.00 and set an "underweight" rating on the stock in a research note on Monday, August 3rd. Finally, Morgan Stanley set a $116.00 target price on T. Rowe Price Group in a report on Wednesday, July 29th. One investment analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and four have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Reduce" and an average target price of $106.15.

T. Rowe Price Group Stock Down 0.3%

Shares of TROW opened at $104.27 on Friday. The stock's fifty day simple moving average is $111.37 and its 200-day simple moving average is $105.10. The firm has a market capitalization of $22.24 billion, a PE ratio of 10.46, a price-to-earnings-growth ratio of 3.45 and a beta of 1.46. 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 announced its quarterly earnings data on Friday, July 31st. The asset manager reported $2.57 EPS for the quarter, topping analysts' consensus estimates of $2.52 by $0.05. The firm had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.89 billion. T. Rowe Price Group had a return on equity of 20.91% and a net margin of 29.26%.The company's revenue was up 10.7% on a year-over-year basis. During the same period last year, the company earned $2.24 earnings per share. Analysts anticipate that T. Rowe Price Group, Inc. will post 10.16 EPS for the current year.

T. Rowe Price Group Dividend Announcement

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 is Tuesday, September 15th. This represents a $5.20 annualized dividend and a dividend yield of 5.0%. T. Rowe Price Group's payout ratio is currently 52.16%.

T. Rowe Price Group Company Profile

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland. Founded in 1937 by Thomas Rowe Price Jr., the company provides investment management, advisory and related services to individual investors, retirement plans, institutions, financial intermediaries and other clients.

The company offers a broad range of investment products and strategies, including mutual funds, exchange-traded funds, separately managed accounts and institutional portfolios.

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