Stoneridge Investment Partners LLC Purchases New Position in T. Rowe Price Group, Inc. $TROW

Key Points

• Stoneridge Investment Partners purchased 9,331 shares of T. Rowe Price Group valued at approximately $1.04 million, while institutional investors and hedge funds collectively own 73.39% of the company.
• T. Rowe Price exceeded quarterly expectations, reporting $2.57 in EPS versus the $2.52 consensus and $1.91 billion in revenue, up 10.7% year over year.
• The company declared a quarterly dividend of $1.30 per share, equivalent to $5.20 annually and a 4.7% yield. Analysts remain cautious, assigning the stock a consensus “Reduce” rating with an average price target of $105.67.

Stoneridge Investment Partners LLC purchased a new position in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 9,331 shares of the asset manager's stock, valued at approximately $1,043,000.

A number of other large investors also recently bought and sold shares of the business. Woodline Partners LP raised its stake in shares of T. Rowe Price Group by 41.0% during the 1st quarter. Woodline Partners LP now owns 18,809 shares of the asset manager's stock worth $1,728,000 after buying an additional 5,467 shares during the period. Focus Partners Wealth grew its stake in T. Rowe Price Group by 10.6% in the 1st quarter. Focus Partners Wealth now owns 13,054 shares of the asset manager's stock valued at $1,199,000 after acquiring an additional 1,250 shares during the period. EverSource Wealth Advisors LLC grew its stake in T. Rowe Price Group by 44.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,546 shares of the asset manager's stock valued at $149,000 after acquiring an additional 478 shares during the period. Jump Financial LLC purchased a new stake in T. Rowe Price Group in the 2nd quarter worth $931,000. Finally, Daiwa Securities Group Inc. increased its holdings in T. Rowe Price Group by 5.4% in the 2nd quarter. Daiwa Securities Group Inc. now owns 33,245 shares of the asset manager's stock worth $3,208,000 after acquiring an additional 1,703 shares in the last quarter. Institutional investors and hedge funds own 73.39% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Morgan Stanley set a $116.00 price objective on shares of T. Rowe Price Group in a report on Wednesday, July 29th. Zacks Research cut shares of T. Rowe Price Group from a "strong-buy" rating to a "hold" rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft restated 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. Weiss Ratings raised shares of T. Rowe Price Group from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, July 2nd. Finally, JPMorgan Chase & Co. lowered their price objective on T. Rowe Price Group from $106.00 to $103.00 and set an "underweight" rating on the stock in a report on Friday, April 24th. Ten research analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Reduce" and an average price target of $105.67.

T. Rowe Price Group Stock Performance

Shares of TROW stock opened at $110.56 on Friday. T. Rowe Price Group, Inc. has a fifty-two week low of $85.22 and a fifty-two week high of $122.00. The stock's fifty day moving average is $113.52 and its two-hundred day moving average is $102.66. The firm has a market capitalization of $23.58 billion, a P/E ratio of 11.09, a PEG ratio of 4.30 and a beta of 1.47.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last released its earnings results on Friday, July 31st. The asset manager reported $2.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.52 by $0.05. The business had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.89 billion. T. Rowe Price Group had a net margin of 29.26% and a return on equity of 20.91%. The company's revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.24 earnings per share. On average, equities analysts forecast that T. Rowe Price Group, Inc. will post 10.13 earnings per share for the current year.

T. Rowe Price Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be given 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 4.7%. T. Rowe Price Group's payout ratio is presently 52.16%.

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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