Wesbanco Bank Inc. Purchases New Stake in T. Rowe Price Group, Inc. $TROW

Key Points

• Wesbanco Bank Inc. has acquired a new stake in T. Rowe Price Group, purchasing 3,276 shares valued at approximately $316,000 in the second quarter.
• Analysts have varied ratings for T. Rowe Price Group, with a consensus rating of "Reduce" and an average price target of $101.55.
• T. Rowe Price Group announced a quarterly dividend of $1.27 per share, representing a 4.9% dividend yield, to be paid on September 29th.

Wesbanco Bank Inc. purchased a new stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 3,276 shares of the asset manager's stock, valued at approximately $316,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Zions Bancorporation National Association UT bought a new stake in T. Rowe Price Group during the 1st quarter valued at $27,000. Hexagon Capital Partners LLC increased its stake in T. Rowe Price Group by 44.8% during the 1st quarter. Hexagon Capital Partners LLC now owns 365 shares of the asset manager's stock valued at $34,000 after purchasing an additional 113 shares in the last quarter. Smallwood Wealth Investment Management LLC bought a new stake in T. Rowe Price Group during the 1st quarter valued at $39,000. Chilton Capital Management LLC purchased a new position in T. Rowe Price Group during the 1st quarter worth $41,000. Finally, Ameriflex Group Inc. purchased a new position in T. Rowe Price Group during the 4th quarter worth $42,000. Institutional investors own 73.39% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on TROW. Wells Fargo & Company lifted their price objective on shares of T. Rowe Price Group from $98.00 to $108.00 and gave the stock an "equal weight" rating in a report on Friday, July 11th. Zacks Research downgraded shares of T. Rowe Price Group from a "strong-buy" rating to a "hold" rating in a report on Monday, September 8th. JPMorgan Chase & Co. boosted their price target on shares of T. Rowe Price Group from $98.00 to $102.00 and gave the stock an "underweight" rating in a report on Monday, August 4th. Keefe, Bruyette & Woods boosted their price target on shares of T. Rowe Price Group from $110.00 to $112.00 and gave the stock a "market perform" rating in a report on Monday, August 4th. Finally, Evercore ISI reissued a "positive" rating on shares of T. Rowe Price Group in a report on Friday, September 5th. One equities research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and four have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Reduce" and an average price target of $101.55.

T. Rowe Price Group Stock Down 1.4%

NASDAQ TROW opened at $104.17 on Tuesday. The company has a market cap of $22.89 billion, a PE ratio of 11.64, a price-to-earnings-growth ratio of 2.76 and a beta of 1.51. T. Rowe Price Group, Inc. has a 52 week low of $77.85 and a 52 week high of $125.81. The firm's 50-day simple moving average is $105.79 and its two-hundred day simple moving average is $97.43.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last released its quarterly earnings data on Friday, August 1st. The asset manager reported $2.24 EPS for the quarter, beating the consensus estimate of $2.15 by $0.09. The business had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.72 billion. T. Rowe Price Group had a net margin of 28.72% and a return on equity of 19.77%. The company's revenue was down .6% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.26 earnings per share. As a group, equities research analysts anticipate that T. Rowe Price Group, Inc. will post 9.29 EPS for the current year.

T. Rowe Price Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be given a dividend of $1.27 per share. The ex-dividend date is Monday, September 15th. This represents a $5.08 annualized dividend and a dividend yield of 4.9%. T. Rowe Price Group's dividend payout ratio is currently 56.76%.

About T. Rowe Price Group

T. Rowe Price Group, Inc is a publicly owned investment manager. The firm provides its services to individuals, institutional investors, retirement plans, financial intermediaries, and institutions. It launches and manages equity and fixed income mutual funds. The firm invests in the public equity and fixed income markets across the globe.

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