Squarepoint Ops LLC Increases Position in T. Rowe Price Group, Inc. $TROW

Key Points

• Squarepoint Ops LLC increased its T. Rowe Price Group stake by 18.3% in the second quarter, adding 237,070 shares to own 1.53 million shares worth approximately $173.9 million. Institutional investors collectively own 73.39% of the company.
• T. Rowe Price exceeded quarterly expectations with earnings of $2.57 per share and revenue of $1.91 billion, while revenue rose 10.7% year over year. The company declared a quarterly dividend of $1.30 per share, representing a 4.8% annualized yield.
• Analyst sentiment remains cautious, with one Buy, nine Hold, and four Sell ratings; the average rating is “Reduce” and the average price target is $106.15, below the stock’s reported $109.42 price.

Squarepoint Ops LLC raised its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 18.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,529,520 shares of the asset manager's stock after buying an additional 237,070 shares during the quarter. Squarepoint Ops LLC owned about 0.72% of T. Rowe Price Group worth $173,891,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. TD Private Client Wealth LLC boosted its position in shares of T. Rowe Price Group by 91.8% during the fourth quarter. TD Private Client Wealth LLC now owns 257 shares of the asset manager's stock valued at $26,000 after buying an additional 123 shares during the last quarter. DV Equities LLC purchased a new position in T. Rowe Price Group in the 4th quarter worth about $32,000. Motiv8 Investments LLC purchased a new position in T. Rowe Price Group in the 4th quarter worth about $35,000. Bank & Trust Co lifted its stake in T. Rowe Price Group by 52.4% during the 2nd quarter. Bank & Trust Co now owns 314 shares of the asset manager's stock valued at $36,000 after acquiring an additional 108 shares during the period. Finally, Keating Financial Advisory Services Inc. purchased a new stake in shares of T. Rowe Price Group during the 2nd quarter valued at about $39,000. 73.39% of the stock is owned by institutional investors.

T. Rowe Price Group Trading Down 0.3%

NASDAQ:TROW opened at $109.42 on Wednesday. The stock has a 50-day moving average price of $114.46 and a 200 day moving average price of $104.17. The stock has a market capitalization of $23.34 billion, a P/E ratio of 10.97, a P/E/G ratio of 3.63 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 released its quarterly earnings data on Friday, July 31st. The asset manager reported $2.57 EPS for the quarter, beating the consensus estimate of $2.52 by $0.05. The business had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.89 billion. T. Rowe Price Group had a net margin of 29.26% and a return on equity of 20.91%. The business's revenue was up 10.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.24 EPS. On average, research analysts predict that T. Rowe Price Group, Inc. will post 10.16 earnings per share 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. This represents a $5.20 annualized dividend and a yield of 4.8%. The ex-dividend date of this dividend is Tuesday, September 15th. T. Rowe Price Group's payout ratio is presently 52.16%.

Analysts Set New Price Targets

TROW has been the subject of a number of research analyst reports. UBS Group set a $110.00 target price on shares of T. Rowe Price Group in a research report on Monday, August 31st. The Goldman Sachs Group lifted their price objective on T. Rowe Price Group from $90.00 to $92.00 and gave the stock a "sell" rating in a report on Tuesday, June 30th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $109.00 target price on shares of T. Rowe Price Group in a report on Monday, August 3rd. TD Cowen upped their price target on shares of T. Rowe Price Group from $108.00 to $110.00 and gave the company a "hold" rating in a research report on Monday, August 31st. Finally, Zacks Research downgraded shares of T. Rowe Price Group from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 13th. One research analyst has rated the stock with a Buy rating, nine have issued a Hold rating and four have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Reduce" and an average target price of $106.15.

Insiders Place Their Bets

In other T. Rowe Price Group news, VP Joshua Nelson sold 10,000 shares of the company's stock in a transaction that occurred 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 $7,975,896.96. This represents a 12.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 1.60% of the stock is owned by insiders.

About T. Rowe Price Group

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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