Salem Investment Counselors Inc. Increases Holdings in T. Rowe Price Group, Inc. $TROW

Key Points

• Salem Investment Counselors Inc. increased its stake in T. Rowe Price Group by 60.4% in Q2, now owning 77,548 shares valued at approximately $7.48 million.
• T. Rowe Price Group's quarterly earnings beat analyst estimates, reporting an EPS of $2.24 and revenue of $1.72 billion, although revenue was down 0.6% compared to the same quarter last year.
• The company declared a quarterly dividend of $1.27, representing an annualized payout of $5.08 and a dividend yield of 4.8%, with a payout ratio of 56.76%.

Salem Investment Counselors Inc. raised its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 60.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 77,548 shares of the asset manager's stock after buying an additional 29,211 shares during the quarter. Salem Investment Counselors Inc.'s holdings in T. Rowe Price Group were worth $7,483,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in TROW. Invesco Ltd. raised its stake in T. Rowe Price Group by 43.2% during the first quarter. Invesco Ltd. now owns 3,433,684 shares of the asset manager's stock valued at $315,453,000 after buying an additional 1,035,865 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in T. Rowe Price Group by 7.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 7,706,251 shares of the asset manager's stock valued at $707,973,000 after buying an additional 519,075 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in T. Rowe Price Group by 28.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,762,910 shares of the asset manager's stock valued at $199,367,000 after buying an additional 387,604 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of T. Rowe Price Group by 9,555.5% in the first quarter. GAMMA Investing LLC now owns 333,212 shares of the asset manager's stock worth $30,612,000 after purchasing an additional 329,761 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of T. Rowe Price Group by 0.9% in the first quarter. Vanguard Group Inc. now owns 26,286,393 shares of the asset manager's stock worth $2,414,931,000 after purchasing an additional 222,556 shares during the last quarter. Hedge funds and other institutional investors own 73.39% of the company's stock.

T. Rowe Price Group Stock Performance

T. Rowe Price Group stock opened at $105.63 on Friday. The stock has a market cap of $23.21 billion, a PE ratio of 11.80, a price-to-earnings-growth ratio of 2.76 and a beta of 1.51. T. Rowe Price Group, Inc. has a one year low of $77.85 and a one year high of $125.81. The stock has a fifty day moving average of $105.69 and a 200 day moving average of $97.48.

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 EPS for the quarter, beating analysts' consensus estimates of $2.15 by $0.09. The company had revenue of $1.72 billion during the quarter, compared to analysts' expectations of $1.72 billion. T. Rowe Price Group had a return on equity of 19.77% and a net margin of 28.72%.T. Rowe Price Group's revenue for the quarter was down .6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.26 earnings per share. As a group, sell-side analysts predict that T. Rowe Price Group, Inc. will post 9.29 EPS for the current fiscal year.

T. Rowe Price Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be given a $1.27 dividend. 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 dividend payout ratio is presently 56.76%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Wells Fargo & Company boosted their price target on T. Rowe Price Group from $98.00 to $108.00 and gave the stock an "equal weight" rating in a research note on Friday, July 11th. Evercore ISI restated a "positive" rating on shares of T. Rowe Price Group in a research note on Friday, September 5th. Morgan Stanley boosted 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. Keefe, Bruyette & Woods boosted their price target on T. Rowe Price Group from $110.00 to $112.00 and gave the stock a "market perform" rating in a research note on Monday, August 4th. Finally, Zacks Research cut T. Rowe Price Group from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 8th. One equities 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 MarketBeat.com, the stock has a consensus 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.

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