Raiffeisen Bank International AG Grows Position in T. Rowe Price Group, Inc. $TROW

Key Points

• Raiffeisen Bank International AG dramatically increased its T. Rowe Price stake by 15,852.7% in the second quarter, bringing its holdings to 23,929 shares worth approximately $2.74 million. Institutional investors collectively own 73.39% of TROW.
• Analysts remain cautious, with a consensus rating of “Reduce” and an average price target of $106.15. Recent recommendations included “hold,” “sell,” and “underweight” ratings.
• T. Rowe Price exceeded quarterly earnings and revenue expectations, reporting $2.57 in EPS and $1.91 billion in revenue. The company declared a $1.30 quarterly dividend, representing a $5.20 annualized payout and a 4.7% yield.

Raiffeisen Bank International AG boosted its position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 15,852.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 23,929 shares of the asset manager's stock after buying an additional 23,779 shares during the period. Raiffeisen Bank International AG's holdings in T. Rowe Price Group were worth $2,737,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of T. Rowe Price Group in the 2nd quarter valued at $2,728,119,000. Goldman Sachs Group Inc. boosted its stake in T. Rowe Price Group by 332.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 8,770,071 shares of the asset manager's stock worth $897,880,000 after purchasing an additional 6,740,172 shares during the period. First Trust Advisors LP grew its position in T. Rowe Price Group by 126.5% during the 4th quarter. First Trust Advisors LP now owns 3,280,854 shares of the asset manager's stock worth $335,894,000 after purchasing an additional 1,832,231 shares during the last quarter. Legal & General Group Plc purchased a new position in T. Rowe Price Group during the 2nd quarter worth $183,130,000. Finally, Bank of America Corp DE acquired a new position in T. Rowe Price Group in the second quarter valued at $170,572,000. Hedge funds and other institutional investors own 73.39% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on TROW. Zacks Research cut shares of T. Rowe Price Group from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 13th. Weiss Ratings raised T. Rowe Price Group from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, July 2nd. The Goldman Sachs Group boosted their price target on T. Rowe Price Group from $90.00 to $92.00 and gave the company a "sell" rating in a research report on Tuesday, June 30th. BMO Capital Markets upped their price objective on T. Rowe Price Group from $110.00 to $120.00 and gave the company a "market perform" rating in a research note on Monday, August 3rd. Finally, Barclays decreased their price objective on T. Rowe Price Group from $108.00 to $103.00 and set an "underweight" rating for the company in a research report on Monday, August 3rd. Ten research analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Reduce" and an average target price of $106.15.

Insider Buying and Selling

In other T. Rowe Price Group news, VP Joshua Nelson sold 10,000 shares of the business's stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $111.82, for a total transaction of $1,118,200.00. Following the sale, the vice president directly owned 71,328 shares in the company, valued at approximately $7,975,896.96. The trade was a 12.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.60% of the company's stock.

T. Rowe Price Group Trading Down 1.0%

TROW stock opened at $109.78 on Friday. The company has a market cap of $23.42 billion, a P/E ratio of 11.01, a P/E/G ratio of 3.67 and a beta of 1.46. T. Rowe Price Group, Inc. has a 52 week low of $85.22 and a 52 week high of $122.00. The company's 50-day moving average price is $114.64 and its 200 day moving average price is $103.88.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued its 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 net margin of 29.26% and a return on equity of 20.91%. The company had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.89 billion. During the same period in the prior year, the business posted $2.24 earnings per share. The firm's revenue for the quarter was up 10.7% compared to the same quarter last year. On average, equities research analysts expect that T. Rowe Price Group, Inc. will post 10.16 earnings per share for the current year.

T. Rowe Price Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be issued a dividend of $1.30 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $5.20 annualized dividend and a yield of 4.7%. 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 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source