Zurcher Kantonalbank Zurich Cantonalbank Boosts Stake in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Key Points

• Zurcher Kantonalbank increased its stake in T. Rowe Price Group by 8.6%, bringing its total shares to 52,739, worth approximately $4.85 million.
• T. Rowe Price Group reported a quarterly EPS of $2.23, exceeding analysts' expectations of $2.13, although its revenue of $1.76 billion fell short of predictions.
• The firm announced a quarterly dividend of $1.27, resulting in an annualized yield of 5.0% and a dividend payout ratio of 57.60%.

Zurcher Kantonalbank Zurich Cantonalbank lifted its position in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 8.6% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 52,739 shares of the asset manager's stock after acquiring an additional 4,184 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in T. Rowe Price Group were worth $4,845,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in TROW. Empirical Finance LLC boosted its stake in T. Rowe Price Group by 3.1% during the first quarter. Empirical Finance LLC now owns 7,930 shares of the asset manager's stock worth $729,000 after acquiring an additional 238 shares in the last quarter. TD Asset Management Inc boosted its position in shares of T. Rowe Price Group by 0.3% in the 1st quarter. TD Asset Management Inc now owns 85,806 shares of the asset manager's stock worth $7,883,000 after purchasing an additional 254 shares in the last quarter. Mediolanum International Funds Ltd grew its stake in shares of T. Rowe Price Group by 468.1% in the 1st quarter. Mediolanum International Funds Ltd now owns 84,425 shares of the asset manager's stock worth $7,731,000 after buying an additional 69,565 shares during the last quarter. Avantax Advisory Services Inc. increased its position in T. Rowe Price Group by 20.8% during the 1st quarter. Avantax Advisory Services Inc. now owns 6,142 shares of the asset manager's stock valued at $564,000 after buying an additional 1,059 shares in the last quarter. Finally, FreeGulliver LLC purchased a new position in T. Rowe Price Group during the first quarter valued at $212,000. Hedge funds and other institutional investors own 73.39% of the company's stock.

T. Rowe Price Group Trading Down 2.4%

Shares of TROW opened at $101.45 on Friday. The firm has a fifty day simple moving average of $98.18 and a two-hundred day simple moving average of $98.48. The firm has a market cap of $22.35 billion, a PE ratio of 11.50, a P/E/G ratio of 3.06 and a beta of 1.49. T. Rowe Price Group, Inc. has a 1-year low of $77.85 and a 1-year high of $125.81.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last posted its quarterly earnings data on Friday, May 2nd. The asset manager reported $2.23 EPS for the quarter, beating analysts' consensus estimates of $2.13 by $0.10. The company had revenue of $1.76 billion during the quarter, compared to analysts' expectations of $1.80 billion. T. Rowe Price Group had a return on equity of 20.17% and a net margin of 28.38%. T. Rowe Price Group's revenue for the quarter was up .8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.38 earnings per share. As a group, research analysts forecast that T. Rowe Price Group, Inc. will post 9.29 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 13th were paid a $1.27 dividend. This represents a $5.08 annualized dividend and a dividend yield of 5.0%. The ex-dividend date was Friday, June 13th. T. Rowe Price Group's dividend payout ratio is 57.60%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. JPMorgan Chase & Co. increased their target price on T. Rowe Price Group from $90.00 to $98.00 and gave the stock an "underweight" rating in a research note on Wednesday, July 16th. Cowen reissued a "hold" rating on shares of T. Rowe Price Group in a research report on Monday, May 5th. Barclays raised their price objective on shares of T. Rowe Price Group from $90.00 to $91.00 and gave the company an "underweight" rating in a research note on Wednesday, July 16th. TD Cowen dropped their target price on shares of T. Rowe Price Group from $112.00 to $89.00 and set a "hold" rating on the stock in a research note on Wednesday, April 9th. Finally, Morgan Stanley raised their price target on shares of T. Rowe Price Group from $95.00 to $104.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 2nd. Four analysts have rated the stock with a sell rating and nine have given a hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $96.64.

Insider Activity at T. Rowe Price Group

In other T. Rowe Price Group news, insider Jessica M. Hiebler sold 968 shares of the stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $96.98, for a total value of $93,876.64. Following the transaction, the insider directly owned 13,611 shares in the company, valued at approximately $1,319,994.78. This trade represents a 6.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Dorothy C. Sawyer sold 2,000 shares of T. Rowe Price Group stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $95.43, for a total transaction of $190,860.00. Following the transaction, the vice president owned 44,789 shares in the company, valued at $4,274,214.27. This represents a 4.27% decrease in their position. The disclosure for this sale can be found here. 2.00% of the stock is owned by corporate insiders.

T. Rowe Price Group Company Profile

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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