Gateway Investment Advisers LLC reduced its position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW – Free Report) by 40.4% during the second quarter, Holdings Channel reports. The firm owned 12,401 shares of the asset manager’s stock after selling 8,421 shares during the period. Gateway Investment Advisers LLC’s holdings in T. Rowe Price Group were worth $1,410,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Acorn Financial Advisory Services Inc. ADV increased its position in shares of T. Rowe Price Group by 39.5% during the 2nd quarter. Acorn Financial Advisory Services Inc. ADV now owns 8,832 shares of the asset manager’s stock valued at $1,004,000 after purchasing an additional 2,502 shares during the last quarter. Live Oak Private Wealth LLC grew its position in T. Rowe Price Group by 36.9% during the second quarter. Live Oak Private Wealth LLC now owns 10,402 shares of the asset manager’s stock valued at $1,183,000 after buying an additional 2,801 shares during the period. Poehling Capital Management INC. increased its holdings in T. Rowe Price Group by 1.0% during the second quarter. Poehling Capital Management INC. now owns 29,888 shares of the asset manager’s stock worth $3,398,000 after buying an additional 291 shares during the last quarter. Sowell Financial Services LLC purchased a new stake in T. Rowe Price Group during the second quarter worth about $213,000. Finally, Bank & Trust Co raised its position in T. Rowe Price Group by 52.4% in the second quarter. Bank & Trust Co now owns 314 shares of the asset manager’s stock worth $36,000 after acquiring an additional 108 shares during the period. 73.39% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Several brokerages have recently issued reports on TROW. Barclays decreased their price target on shares of T. Rowe Price Group from $108.00 to $103.00 and set an “underweight” rating for the company in a research note on Monday, August 3rd. Evercore set a $118.00 target price on T. Rowe Price Group in a research report on Monday. Zacks Research upgraded T. Rowe Price Group from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 15th. Weiss Ratings raised T. Rowe Price Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, July 2nd. Finally, BMO Capital Markets increased their price target on T. Rowe Price Group from $110.00 to $120.00 and gave the stock a “market perform” rating in a research note on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, T. Rowe Price Group presently has an average rating of “Reduce” and a consensus target price of $105.67.
T. Rowe Price Group Stock Performance
T. Rowe Price Group stock opened at $111.42 on Thursday. T. Rowe Price Group, Inc. has a fifty-two week low of $85.22 and a fifty-two week high of $122.00. The stock has a market cap of $23.77 billion, a P/E ratio of 11.18, a PEG ratio of 4.43 and a beta of 1.47. The firm’s fifty day moving average price is $113.35 and its 200-day moving average price is $102.56.
T. Rowe Price Group (NASDAQ:TROW – Get Free Report) last announced its earnings results on Friday, July 31st. The asset manager reported $2.57 earnings per share for the quarter, beating analysts’ consensus estimates of $2.52 by $0.05. T. Rowe Price Group had a net margin of 29.26% and a return on equity of 20.91%. The business had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.89 billion. During the same period last year, the firm posted $2.24 earnings per share. T. Rowe Price Group’s quarterly revenue was up 10.7% on a year-over-year basis. Sell-side analysts predict that T. Rowe Price Group, Inc. will post 10.13 earnings per share for the current year.
T. Rowe Price Group Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be given a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 4.7%. The ex-dividend date is Tuesday, September 15th. T. Rowe Price Group’s dividend payout ratio is presently 52.16%.
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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