Trajan Wealth LLC purchased a new position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 16,932 shares of the asset manager's stock, valued at approximately $1,925,000.
Other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in T. Rowe Price Group during the 2nd quarter worth $2,728,119,000. Goldman Sachs Group Inc. lifted its stake in shares of 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 worth $897,880,000 after buying an additional 6,740,172 shares in the last quarter. First Trust Advisors LP lifted its stake in shares of T. Rowe Price Group by 126.5% in the fourth quarter. First Trust Advisors LP now owns 3,280,854 shares of the asset manager's stock worth $335,894,000 after buying an additional 1,832,231 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in T. Rowe Price Group during the second quarter worth about $167,984,000. Finally, Norges Bank purchased a new stake in T. Rowe Price Group during the 4th quarter valued at about $128,283,000. 73.39% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of analysts have commented on the stock. Evercore set a $118.00 price objective on shares of T. Rowe Price Group in a report on Monday, August 10th. Keefe, Bruyette & Woods restated a "market perform" rating and set a $115.00 target price (down from $120.00) on shares of T. Rowe Price Group in a report on Monday, August 3rd. Morgan Stanley set a $116.00 price target on T. Rowe Price Group in a research report on Wednesday, July 29th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $109.00 price target on shares of T. Rowe Price Group in a report on Monday, August 3rd. Finally, The Goldman Sachs Group lifted 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. Ten equities research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company's stock. According to MarketBeat.com, T. Rowe Price Group presently has a consensus rating of "Reduce" and a consensus target price of $105.67.
Check Out Our Latest Stock Report on T. Rowe Price Group
T. Rowe Price Group Price Performance
Shares of TROW stock opened at $112.30 on Tuesday. The company has a market capitalization of $23.96 billion, a PE ratio of 11.26, a price-to-earnings-growth ratio of 3.70 and a beta of 1.47. The firm's 50-day moving average is $114.02 and its two-hundred day moving average is $102.91. T. Rowe Price Group, Inc. has a 12 month low of $85.22 and a 12 month high of $122.00.
T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last posted its quarterly 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 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 business's revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.24 EPS. Sell-side analysts forecast that T. Rowe Price Group, Inc. will post 10.14 EPS for the current year.
T. Rowe Price Group Announces Dividend
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 given a $1.30 dividend. This represents a $5.20 annualized dividend and a yield of 4.6%. The ex-dividend date is Tuesday, September 15th. T. Rowe Price Group's dividend payout ratio is presently 52.16%.
About T. Rowe Price Group
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Free Report)
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.
See Also
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