T. Rowe Price Group, Inc. $TROW Holdings Reduced by Blackhawk Capital Partners LLC

Key Points

• Blackhawk Capital Partners cut its T. Rowe Price stake by 53.9% in the second quarter, selling 10,905 shares and retaining 9,327 shares valued at approximately $1.06 million.
• T. Rowe Price reported quarterly EPS of $2.57, beating estimates by $0.05, while revenue rose 10.7% year over year to $1.91 billion.
• The company declared a quarterly dividend of $1.30 per share, equal to $5.20 annually and a 4.7% yield. Analysts maintain a consensus “Reduce” rating with an average price target of $105.67.

Blackhawk Capital Partners LLC lessened its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 53.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,327 shares of the asset manager's stock after selling 10,905 shares during the period. Blackhawk Capital Partners LLC's holdings in T. Rowe Price Group were worth $1,060,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Robeco Institutional Asset Management B.V. boosted its stake in shares of T. Rowe Price Group by 17.4% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 79,003 shares of the asset manager's stock worth $8,088,000 after acquiring an additional 11,691 shares during the period. SVB Wealth LLC raised its stake in T. Rowe Price Group by 77.5% during the 4th quarter. SVB Wealth LLC now owns 37,000 shares of the asset manager's stock valued at $3,788,000 after purchasing an additional 16,155 shares during the period. LBP AM SA raised its stake in T. Rowe Price Group by 23.9% during the 4th quarter. LBP AM SA now owns 156,879 shares of the asset manager's stock valued at $16,061,000 after purchasing an additional 30,226 shares during the period. Generali Asset Management SPA SGR lifted its holdings in T. Rowe Price Group by 1,680.4% in the 4th quarter. Generali Asset Management SPA SGR now owns 17,715 shares of the asset manager's stock worth $1,814,000 after purchasing an additional 16,720 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in T. Rowe Price Group by 3.8% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 520,782 shares of the asset manager's stock worth $54,489,000 after purchasing an additional 18,952 shares during the period. 73.39% of the stock is currently owned by institutional investors and hedge funds.

T. Rowe Price Group Stock Performance

NASDAQ:TROW opened at $111.42 on Thursday. The firm has a market capitalization of $23.77 billion, a PE ratio of 11.18, a PEG ratio of 4.43 and a beta of 1.47. The stock's fifty day moving average is $113.35 and its 200 day moving average is $102.56. T. Rowe Price Group, Inc. has a fifty-two week low of $85.22 and a fifty-two week high of $122.00.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last posted its quarterly earnings data on Friday, July 31st. The asset manager reported $2.57 EPS for the quarter, topping the consensus estimate 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 analyst estimates of $1.89 billion. During the same period in the previous year, the firm earned $2.24 earnings per share. T. Rowe Price Group's quarterly revenue was up 10.7% compared to the same quarter last year. Equities analysts forecast that T. Rowe Price Group, Inc. will post 10.13 EPS for the current year.

T. Rowe Price Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be paid a dividend of $1.30 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.7%. T. Rowe Price Group's payout ratio is currently 52.16%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on TROW. Evercore set a $118.00 price objective on shares of T. Rowe Price Group in a research report on Monday. Weiss Ratings upgraded shares of T. Rowe Price Group from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, July 2nd. Morgan Stanley set a $116.00 target price on shares of T. Rowe Price Group in a research report on Wednesday, July 29th. JPMorgan Chase & Co. cut their target price on shares of T. Rowe Price Group from $106.00 to $103.00 and set an "underweight" rating for the company in a research note on Friday, April 24th. Finally, Zacks Research upgraded shares of T. Rowe Price Group from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Reduce" and an average target price of $105.67.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source