T. Rowe Price Group, Inc. $TROW Shares Bought by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its T. Rowe Price Group stake by 152% in the second quarter, purchasing 56,679 additional shares for a total holding of 93,979 shares valued at approximately $10.7 million. Institutional investors collectively own 73.39% of TROW.
• Analyst sentiment remains cautious, with the stock carrying a consensus rating of “Reduce” and an average price target of $105.67. Recent reports include multiple “Hold” ratings, along with “Underweight” and “Sell” recommendations.
• T. Rowe Price exceeded quarterly expectations, reporting $2.57 in EPS and $1.91 billion in revenue, up 10.7% year over year. The company declared a quarterly dividend of $1.30 per share, implying an annualized yield of approximately 4.6%.

Assenagon Asset Management S.A. lifted its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 152.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 93,979 shares of the asset manager's stock after purchasing an additional 56,679 shares during the period. Assenagon Asset Management S.A.'s holdings in T. Rowe Price Group were worth $10,684,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in TROW. Woodline Partners LP boosted its position in 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 acquiring an additional 5,467 shares during the period. Focus Partners Wealth boosted its stake in shares of T. Rowe Price Group by 10.6% during the 1st quarter. Focus Partners Wealth now owns 13,054 shares of the asset manager's stock valued at $1,199,000 after buying an additional 1,250 shares during the period. EverSource Wealth Advisors LLC boosted its stake in shares of T. Rowe Price Group by 44.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,546 shares of the asset manager's stock valued at $149,000 after buying an additional 478 shares during the period. Jump Financial LLC purchased a new position in shares of T. Rowe Price Group during the 2nd quarter valued at $931,000. Finally, Daiwa Securities Group Inc. grew its holdings in shares of T. Rowe Price Group by 5.4% during the 2nd quarter. Daiwa Securities Group Inc. now owns 33,245 shares of the asset manager's stock valued at $3,208,000 after acquiring an additional 1,703 shares in the last quarter. 73.39% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

TROW has been the subject of several recent research reports. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $115.00 price objective (down from $120.00) on shares of T. Rowe Price Group in a report on Monday, August 3rd. Barclays reduced their price objective on 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. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $109.00 target price on shares of T. Rowe Price Group in a research report on Monday, August 3rd. The Goldman Sachs Group raised their price target on T. Rowe Price Group from $90.00 to $92.00 and gave the stock a "sell" rating in a research note on Tuesday, June 30th. Finally, BMO Capital Markets lifted their price target on T. Rowe Price Group from $110.00 to $120.00 and gave the company a "market perform" rating in a report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Reduce" and a consensus price target of $105.67.

T. Rowe Price Group Price Performance

NASDAQ TROW opened at $113.77 on Tuesday. 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 50-day moving average is $113.01 and its two-hundred day moving average is $102.48. The firm has a market cap of $24.27 billion, a P/E ratio of 11.41, a price-to-earnings-growth ratio of 4.44 and a beta of 1.47.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last released its quarterly earnings results on Friday, July 31st. The asset manager reported $2.57 earnings per share (EPS) for the quarter, topping 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 company had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.89 billion. During the same quarter in the prior year, the company posted $2.24 EPS. The firm's revenue was up 10.7% on a year-over-year basis. On average, equities analysts expect that T. Rowe Price Group, Inc. will post 10.13 EPS for the current year.

T. Rowe Price Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date is Tuesday, September 15th. T. Rowe Price Group's dividend payout ratio is 52.16%.

Insider Activity

In other news, VP Stephon A. Jackson sold 3,000 shares of the firm's stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $102.56, for a total value of $307,680.00. Following the sale, the vice president directly owned 83,883 shares of the company's stock, valued at approximately $8,603,040.48. This trade represents a 3.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.60% of the company's stock.

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.

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