Wellington Management Group LLP Grows Stock Holdings in T. Rowe Price Group, Inc. $TROW

Key Points

• Wellington Management increased its T. Rowe Price position by 69.8% in the second quarter, bringing its holdings to 168,537 shares valued at approximately $19.2 million. Institutional investors collectively own 73.39% of TROW.
• T. Rowe Price exceeded quarterly expectations, reporting EPS of $2.57 versus the $2.52 consensus and revenue of $1.91 billion, up 10.7% year over year.
• The company declared 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 “Reduce” rating and a $106.15 target price.

Wellington Management Group LLP grew its position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 69.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 168,537 shares of the asset manager's stock after purchasing an additional 69,273 shares during the period. Wellington Management Group LLP owned about 0.08% of T. Rowe Price Group worth $19,161,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of TROW. BlackRock Inc. bought a new stake in T. Rowe Price Group in the 2nd quarter worth approximately $2,728,119,000. State Street Corp grew its position in T. Rowe Price Group by 0.3% during the fourth quarter. State Street Corp now owns 14,159,797 shares of the asset manager's stock valued at $1,449,680,000 after acquiring an additional 45,530 shares during the last quarter. Goldman Sachs Group Inc. grew its position in T. Rowe Price Group by 332.0% during 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 acquiring an additional 6,740,172 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of T. Rowe Price Group by 1.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 8,073,846 shares of the asset manager's stock worth $826,600,000 after acquiring an additional 143,109 shares in the last quarter. Finally, First Trust Advisors LP raised its stake in shares of T. Rowe Price Group by 12.6% during the first quarter. First Trust Advisors LP now owns 3,694,171 shares of the asset manager's stock worth $332,993,000 after acquiring an additional 413,317 shares in the last quarter. 73.39% of the stock is currently owned by hedge funds and other institutional investors.

T. Rowe Price Group Price Performance

Shares of TROW opened at $109.78 on Monday. The stock has a market capitalization of $23.42 billion, a P/E ratio of 11.01, a PEG ratio of 3.63 and a beta of 1.46. The firm has a fifty day simple moving average of $114.64 and a two-hundred day simple moving average of $103.95. T. Rowe Price Group, Inc. has a twelve month low of $85.22 and a twelve month high of $122.00.

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, beating analysts' consensus estimates of $2.52 by $0.05. The firm had revenue of $1.91 billion for 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% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.24 earnings per share. Sell-side analysts expect that T. Rowe Price Group, Inc. will post 10.16 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors 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 4.7%. The ex-dividend date is Tuesday, September 15th. T. Rowe Price Group's payout ratio is currently 52.16%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on TROW shares. Zacks Research cut shares of T. Rowe Price Group from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 13th. UBS Group set a $110.00 price target on shares of T. Rowe Price Group in a research note on Monday, August 31st. 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 research report on Monday, August 3rd. The Goldman Sachs Group raised their price objective on T. Rowe Price Group from $90.00 to $92.00 and gave the company a "sell" rating in a research note on Tuesday, June 30th. Finally, Evercore set a $118.00 price objective on T. Rowe Price Group in a report on Monday, August 10th. One analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and four have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Reduce" and a consensus target price of $106.15.

Insider Buying and Selling

In other T. Rowe Price Group news, VP Joshua Nelson sold 10,000 shares of the company's stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $111.82, for a total transaction of $1,118,200.00. Following the completion of the transaction, the vice president owned 71,328 shares of the company's stock, valued at $7,975,896.96. This represents a 12.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.60% of the stock is owned by insiders.

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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