Twin Tree Management LP Takes Position in T. Rowe Price Group, Inc. $TROW

Key Points

• Twin Tree Management LP initiated a position in T. Rowe Price Group during the second quarter, purchasing 26,292 shares valued at approximately $2.99 million. Institutional investors collectively own 73.39% of the company.
• T. Rowe Price reported quarterly EPS of $2.57, exceeding estimates of $2.52, while revenue rose 10.7% year over year to $1.91 billion.
• The company announced a quarterly dividend of $1.30 per share, equivalent to an annualized $5.20 payout and a 4.7% yield. Analysts remain cautious, with a consensus rating of “Reduce” and an average price target of $105.67.

Twin Tree Management LP bought a new stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 26,292 shares of the asset manager's stock, valued at approximately $2,989,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Woodline Partners LP grew its holdings in shares of T. Rowe Price Group by 41.0% in the first quarter. Woodline Partners LP now owns 18,809 shares of the asset manager's stock worth $1,728,000 after purchasing an additional 5,467 shares during the last quarter. Focus Partners Wealth increased its stake in shares of T. Rowe Price Group by 10.6% in the first quarter. Focus Partners Wealth now owns 13,054 shares of the asset manager's stock worth $1,199,000 after buying an additional 1,250 shares during the period. EverSource Wealth Advisors LLC raised its holdings in 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 last quarter. Jump Financial LLC bought a new stake in T. Rowe Price Group during the 2nd quarter valued at $931,000. Finally, Daiwa Securities Group Inc. boosted its position in 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 buying an additional 1,703 shares during the period. 73.39% of the stock is currently owned by institutional investors.

T. Rowe Price Group Price Performance

Shares of NASDAQ TROW opened at $111.51 on Friday. T. Rowe Price Group, Inc. has a 1 year low of $85.22 and a 1 year high of $122.00. The company's 50-day moving average is $113.94 and its 200 day moving average is $102.87. The stock has a market capitalization of $23.79 billion, a P/E ratio of 11.18, a P/E/G ratio of 4.34 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 analysts' consensus estimates 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 net margin of 29.26% and a return on equity of 20.91%. T. Rowe Price Group's revenue was up 10.7% on a year-over-year basis. During the same period in the prior year, the firm earned $2.24 earnings per share. Research analysts anticipate that T. Rowe Price Group, Inc. will post 10.14 earnings per share for the current year.

T. Rowe Price Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders 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 annualized dividend and a dividend yield of 4.7%. T. Rowe Price Group's dividend payout ratio is currently 52.16%.

Analysts Set New Price Targets

TROW has been the topic of a number of recent analyst reports. Zacks Research lowered shares of T. Rowe Price Group from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 13th. Morgan Stanley set a $116.00 price objective on shares of T. Rowe Price Group in a research note on Wednesday, July 29th. BMO Capital Markets increased their target price on shares of T. Rowe Price Group from $110.00 to $120.00 and gave the stock a "market perform" rating in a report on Monday, August 3rd. Weiss Ratings raised T. Rowe Price Group from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, July 2nd. Finally, Keefe, Bruyette & Woods restated a "market perform" rating and set a $115.00 price target (down from $120.00) on shares of T. Rowe Price Group in a report on Monday, August 3rd. Ten analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat, T. Rowe Price Group has an average rating of "Reduce" and a consensus price target of $105.67.

About T. Rowe Price Group

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