Tidal Investments LLC Increases Stock Holdings in T. Rowe Price Group, Inc. $TROW

Key Points

• Tidal Investments increased its T. Rowe Price Group stake by 91.2% in the second quarter, bringing its holdings to 34,812 shares valued at approximately $4.0 million. Institutional investors collectively own 73.39% of the company.
• T. Rowe Price reported quarterly earnings of $2.57 per share and revenue of $1.91 billion, exceeding analyst expectations; revenue rose 10.7% year over year.
• The company declared a quarterly dividend of $1.30 per share, equal to $5.20 annually and a 4.9% yield. Despite the income appeal, analysts maintain a consensus “Reduce” rating with a $106.15 price target.

Tidal Investments LLC increased its position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 91.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 34,812 shares of the asset manager's stock after purchasing an additional 16,603 shares during the period. Tidal Investments LLC's holdings in T. Rowe Price Group were worth $3,958,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. California State Teachers Retirement System grew its position in T. Rowe Price Group by 10,632.8% in the second quarter. California State Teachers Retirement System now owns 45,287,275 shares of the asset manager's stock worth $5,148,710,000 after acquiring an additional 44,865,323 shares during the period. BlackRock Inc. purchased a new stake in T. Rowe Price Group in the second quarter valued at $2,728,119,000. Goldman Sachs Group Inc. raised its position in T. Rowe Price Group by 332.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 8,770,071 shares of the asset manager's stock valued at $897,880,000 after purchasing an additional 6,740,172 shares during the period. Legal & General Group Plc acquired a new position in shares of T. Rowe Price Group in the 2nd quarter valued at $183,130,000. Finally, Bank of America Corp DE acquired a new position in shares of T. Rowe Price Group in the 2nd quarter valued at $170,572,000. 73.39% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at T. Rowe Price Group

In other T. Rowe Price Group news, VP Joshua Nelson sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $111.82, for a total transaction of $1,118,200.00. Following the sale, the vice president directly owned 71,328 shares in the company, valued at $7,975,896.96. This represents a 12.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.60% of the company's stock.

T. Rowe Price Group Trading Down 0.5%

TROW opened at $105.80 on Tuesday. The stock's 50-day moving average price is $113.56 and its 200 day moving average price is $104.52. T. Rowe Price Group, Inc. has a 12-month low of $85.22 and a 12-month high of $122.00. The firm has a market cap of $22.57 billion, a price-to-earnings ratio of 10.61, a PEG ratio of 3.52 and a beta of 1.46.

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 for the quarter, beating the consensus estimate of $2.52 by $0.05. The company had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.89 billion. T. Rowe Price Group had a return on equity of 20.91% and a net margin of 29.26%.T. Rowe Price Group's revenue was up 10.7% compared to the same quarter last year. During the same period in the previous year, the company posted $2.24 EPS. On average, research analysts forecast that T. Rowe Price Group, Inc. will post 10.16 earnings per share for the current year.

T. Rowe Price Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be issued a $1.30 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.9%. T. Rowe Price Group's payout ratio is 52.16%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on TROW shares. The Goldman Sachs Group raised their price objective on T. Rowe Price Group from $90.00 to $92.00 and gave the stock a "sell" rating in a research report on Tuesday, June 30th. Zacks Research cut shares of T. Rowe Price Group from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 13th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $109.00 target price on shares of T. Rowe Price Group in a research note on Monday, August 3rd. Keefe, Bruyette & Woods reissued 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. Finally, Barclays decreased their price objective on shares of T. Rowe Price Group from $108.00 to $103.00 and set an "underweight" rating on the stock in a report on Monday, August 3rd. One analyst has rated the stock with a Buy rating, nine have given a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Reduce" and a consensus price target of $106.15.

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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