T. Rowe Price Group, Inc. $TROW Shares Sold by AXQ Capital LP

Key Points

• AXQ Capital LP reduced its T. Rowe Price stake by 66% in the second quarter, selling 22,399 shares and retaining 11,529 shares worth approximately $1.31 million. Institutional investors collectively own 73.39% of the company.
• Analysts maintain a cautious outlook, with a consensus rating of “Reduce” and an average price target of $106.15. TROW shares opened at $109.78, down 1%, after trading between $85.22 and $122.00 over the past year.
• 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 declared a $1.30 quarterly dividend, equivalent to a 4.7% annualized yield.

AXQ Capital LP trimmed its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 66.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,529 shares of the asset manager's stock after selling 22,399 shares during the quarter. AXQ Capital LP's holdings in T. Rowe Price Group were worth $1,311,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Woodline Partners LP boosted its position 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 valued at $1,728,000 after acquiring an additional 5,467 shares during the last quarter. Focus Partners Wealth grew its stake in shares of 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 buying an additional 1,250 shares during the period. EverSource Wealth Advisors LLC increased its holdings 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 worth $149,000 after buying an additional 478 shares during the last quarter. Jump Financial LLC purchased a new stake in shares of T. Rowe Price Group during the 2nd quarter valued at approximately $931,000. Finally, Daiwa Securities Group Inc. lifted its holdings in T. Rowe Price Group by 5.4% in the second 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 during the last quarter. Hedge funds and other institutional investors own 73.39% of the company's stock.

Wall Street Analyst Weigh In

TROW has been the subject of several recent analyst reports. Evercore set a $118.00 target price on T. Rowe Price Group in a research note on Monday, August 10th. TD Cowen upped their price target on T. Rowe Price Group from $108.00 to $110.00 and gave the company a "hold" rating in a research note on Monday, August 31st. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $115.00 price objective (down from $120.00) on shares of T. Rowe Price Group in a research report on Monday, August 3rd. Morgan Stanley set a $116.00 price objective on shares of T. Rowe Price Group in a report on Wednesday, July 29th. Finally, The Goldman Sachs Group upped their target price on shares of T. Rowe Price Group from $90.00 to $92.00 and gave the company a "sell" rating in a research report on Tuesday, June 30th. One analyst has rated the stock with a Buy rating, nine have issued a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Reduce" and a consensus price target of $106.15.

T. Rowe Price Group Trading Down 1.0%

Shares of NASDAQ:TROW opened at $109.78 on Friday. T. Rowe Price Group, Inc. has a 52 week low of $85.22 and a 52 week high of $122.00. The company's 50 day moving average is $114.64 and its two-hundred day moving average is $103.88. The company has a market cap of $23.42 billion, a PE ratio of 11.01, a P/E/G ratio of 3.63 and a beta of 1.46.

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 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.52 by $0.05. The business had revenue of $1.91 billion during the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same period in the previous year, the company earned $2.24 EPS. As a group, equities research analysts expect that T. Rowe Price Group, Inc. will post 10.16 EPS for the current year.

T. Rowe Price Group Dividend Announcement

The business 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 $1.30 dividend. The ex-dividend date of this dividend 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 52.16%.

Insider Transactions at T. Rowe Price Group

In other T. Rowe Price Group news, VP Joshua Nelson sold 10,000 shares of the company's stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $111.82, for a total value of $1,118,200.00. Following the completion of the transaction, the vice president 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 transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.60% of the stock is owned by corporate insiders.

T. Rowe Price Group Company 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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