State Street Corp Raises Stock Holdings in T. Rowe Price Group, Inc. $TROW

Key Points

• State Street increased its T. Rowe Price stake by 2.7% in the second quarter, adding 381,183 shares to reach 14.65 million shares valued at approximately $1.67 billion. Institutional investors and hedge funds collectively own 73.39% of TROW.
• Analyst sentiment remains cautious: TROW has a consensus rating of “Reduce”, with one Buy, nine Hold, and four Sell ratings, and an average price target of $106.15.
• T. Rowe Price reported quarterly EPS of $2.57, beating estimates, while revenue rose 10.7% year over year to $1.91 billion. The company also declared a $1.30 quarterly dividend, implying a 5.0% yield and $5.20 annualized payout.

State Street Corp boosted its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 2.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,653,478 shares of the asset manager's stock after buying an additional 381,183 shares during the quarter. State Street Corp owned 6.87% of T. Rowe Price Group worth $1,665,954,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in TROW. Motiv8 Investments LLC acquired a new position in T. Rowe Price Group in the 4th quarter valued at about $35,000. Bank & Trust Co increased its stake in T. Rowe Price Group by 52.4% during the second quarter. Bank & Trust Co now owns 314 shares of the asset manager's stock worth $36,000 after purchasing an additional 108 shares during the period. Keating Financial Advisory Services Inc. acquired a new stake in shares of T. Rowe Price Group during the second quarter worth about $39,000. Curio Wealth LLC boosted its stake in shares of T. Rowe Price Group by 64.3% in the fourth quarter. Curio Wealth LLC now owns 386 shares of the asset manager's stock valued at $40,000 after purchasing an additional 151 shares during the period. Finally, Clearstead Trust LLC purchased a new position in shares of T. Rowe Price Group in the second quarter valued at approximately $41,000. 73.39% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

TROW has been the subject of a number of research reports. Weiss Ratings upgraded shares of T. Rowe Price Group from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, September 4th. Barclays decreased their price target on shares of 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. Keefe, Bruyette & Woods restated a "market perform" rating and issued a $115.00 price target (down from $120.00) on shares of T. Rowe Price Group in a research note on Monday, August 3rd. BMO Capital Markets upped their price objective on T. Rowe Price Group from $110.00 to $120.00 and gave the stock a "market perform" rating in a research report on Monday, August 3rd. Finally, Morgan Stanley set a $116.00 price objective on T. Rowe Price Group in a research note on Wednesday, July 29th. One analyst has rated the stock with a Buy rating, nine have issued a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and a consensus price target of $106.15.

T. Rowe Price Group Trading Down 0.4%

T. Rowe Price Group stock opened at $104.17 on Wednesday. The stock has a market cap of $22.22 billion, a P/E ratio of 10.45, a price-to-earnings-growth ratio of 3.46 and a beta of 1.46. The company has a fifty day simple moving average of $111.94 and a 200-day simple moving average of $104.91. 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 posted its earnings results on Friday, July 31st. The asset manager reported $2.57 EPS for the quarter, beating the consensus estimate of $2.52 by $0.05. T. Rowe Price Group had a return on equity of 20.91% and a net margin of 29.26%.The firm had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.89 billion. During the same quarter in the prior year, the company posted $2.24 earnings per share. T. Rowe Price Group's revenue for the quarter was up 10.7% compared to the same quarter last year. As a group, sell-side analysts forecast 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 firm also recently announced 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. This represents a $5.20 annualized dividend and a dividend yield of 5.0%. The ex-dividend date of this dividend is Tuesday, September 15th. T. Rowe Price Group's dividend payout ratio (DPR) is 52.16%.

Insider Buying and Selling 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 stock was 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 owned 71,328 shares in the company, 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.60% of the company's stock.

About T. Rowe Price Group

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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