Redwood Investment Management LLC Purchases New Stake in T. Rowe Price Group, Inc. $TROW

Key Points

• Redwood Investment Management purchased 10,383 shares of T. Rowe Price Group in the second quarter, valued at approximately $1.18 million. Institutional investors collectively own 73.39% of the company.
• T. Rowe Price exceeded quarterly expectations, reporting $2.57 in EPS and $1.91 billion in revenue, with revenue rising 10.7% year over year.
• The company declared a quarterly dividend of $1.30 per share, or $5.20 annualized, representing a 4.6% yield. Analysts remain cautious, with a consensus “Reduce” rating and an average price target of $105.67.

Redwood Investment Management LLC purchased a new stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 10,383 shares of the asset manager's stock, valued at approximately $1,180,000.

A number of other large investors have also added to or reduced their stakes in TROW. TD Private Client Wealth LLC lifted its holdings in T. Rowe Price Group by 91.8% in the 4th quarter. TD Private Client Wealth LLC now owns 257 shares of the asset manager's stock worth $26,000 after buying an additional 123 shares during the period. DV Equities LLC purchased a new position in shares of T. Rowe Price Group during the fourth quarter valued at approximately $32,000. Bank & Trust Co increased its stake in shares of T. Rowe Price Group by 52.4% during the second quarter. Bank & Trust Co now owns 314 shares of the asset manager's stock valued at $36,000 after buying an additional 108 shares during the period. Motiv8 Investments LLC bought a new position in shares of T. Rowe Price Group during the fourth quarter valued at approximately $35,000. Finally, Keating Financial Advisory Services Inc. bought a new position in shares of T. Rowe Price Group during the second quarter valued at approximately $39,000. Institutional investors own 73.39% of the company's stock.

T. Rowe Price Group Price Performance

NASDAQ:TROW opened at $112.55 on Thursday. The firm's 50-day moving average price is $114.18 and its 200-day moving average price is $103.16. The company has a market capitalization of $24.01 billion, a PE ratio of 11.29, a P/E/G ratio of 3.74 and a beta of 1.47. T. Rowe Price Group, Inc. has a 1-year low of $85.22 and a 1-year high of $122.00.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued its quarterly earnings results on Friday, July 31st. The asset manager reported $2.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $1.89 billion. During the same period last year, the company posted $2.24 EPS. T. Rowe Price Group's revenue was up 10.7% on a year-over-year basis. Equities analysts anticipate that T. Rowe Price Group, Inc. will post 10.15 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be paid a dividend of $1.30 per share. The ex-dividend date is Tuesday, September 15th. This represents a $5.20 dividend on an annualized basis and a yield of 4.6%. T. Rowe Price Group's payout ratio is presently 52.16%.

Analyst Ratings Changes

A number of research analysts have issued reports on TROW shares. TD Cowen boosted their price objective on shares of T. Rowe Price Group from $107.00 to $108.00 and gave the company a "hold" rating in a research report on Monday, August 3rd. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $115.00 target price (down from $120.00) on shares of T. Rowe Price Group in a research note on Monday, August 3rd. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $109.00 price target on shares of T. Rowe Price Group in a research report on Monday, August 3rd. Barclays lowered their price objective on shares of T. Rowe Price Group from $108.00 to $103.00 and set an "underweight" rating for the company in a report on Monday, August 3rd. Finally, Morgan Stanley set a $116.00 price objective on T. Rowe Price Group in a research report on Wednesday, July 29th. Ten equities research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat, T. Rowe Price Group has a consensus rating of "Reduce" and an average price target of $105.67.

Insider Transactions at T. Rowe Price Group

In other T. Rowe Price Group news, VP Joshua B. 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 value of $1,118,200.00. Following the sale, the vice president directly owned 71,328 shares of the company's stock, 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 legal filing with the SEC, which can be accessed through this link. Insiders own 1.60% of the company's stock.

T. Rowe Price Group 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.

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