Empowered Funds LLC Invests $3.74 Million in T. Rowe Price Group, Inc. $TROW

Empowered Funds LLC acquired a new stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) in the second quarter, Holdings Channel.com reports. The fund acquired 32,923 shares of the asset manager’s stock, valued at approximately $3,743,000.

Several other hedge funds have also recently bought and sold shares of TROW. TD Private Client Wealth LLC boosted its holdings in T. Rowe Price Group by 91.8% during the 4th quarter. TD Private Client Wealth LLC now owns 257 shares of the asset manager’s stock valued at $26,000 after acquiring an additional 123 shares during the period. DV Equities LLC purchased a new stake in T. Rowe Price Group during the fourth quarter worth about $32,000. Motiv8 Investments LLC acquired a new stake in shares of T. Rowe Price Group during the fourth quarter worth about $35,000. Bank & Trust Co boosted its stake in shares of T. Rowe Price Group by 52.4% in the second quarter. Bank & Trust Co now owns 314 shares of the asset manager’s stock valued at $36,000 after purchasing an additional 108 shares during the period. Finally, Keating Financial Advisory Services Inc. purchased a new position in shares of T. Rowe Price Group in the second quarter valued at approximately $39,000. Institutional investors and hedge funds own 73.39% of the company’s stock.

T. Rowe Price Group Price Performance

T. Rowe Price Group stock opened at $108.97 on Wednesday. T. Rowe Price Group, Inc. has a 1-year low of $85.22 and a 1-year high of $122.00. The stock has a market cap of $23.25 billion, a PE ratio of 10.93, a P/E/G ratio of 3.69 and a beta of 1.46. The stock’s fifty day moving average is $114.48 and its two-hundred day moving average is $103.61.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings data on Friday, July 31st. The asset manager reported $2.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.52 by $0.05. T. Rowe Price Group had a return on equity of 20.91% and a net margin of 29.26%.The business had revenue of $1.91 billion during the quarter, compared to analysts’ expectations of $1.89 billion. During the same period in the prior year, the firm posted $2.24 EPS. The business’s quarterly revenue was up 10.7% compared to the same quarter last year. On average, research analysts expect that T. Rowe Price Group, Inc. will post 10.15 earnings per share 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 $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date of this dividend is Tuesday, September 15th. T. Rowe Price Group’s dividend payout ratio is 52.16%.

Analyst Upgrades and Downgrades

TROW has been the topic of several recent research reports. Morgan Stanley set a $116.00 target price on shares of T. Rowe Price Group in a research note on Wednesday, July 29th. Zacks Research downgraded shares of T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 13th. BMO Capital Markets upped their price objective on T. Rowe Price Group from $110.00 to $120.00 and gave the stock a “market perform” rating in a research report on Monday, August 3rd. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $115.00 price objective (down from $120.00) on shares of T. Rowe Price Group in a research note on Monday, August 3rd. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $109.00 target price on shares of T. Rowe Price Group in a report on Monday, August 3rd. Ten investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average price target of $106.15.

Insider Buying and Selling

In other T. Rowe Price Group news, VP Joshua B. Nelson sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $111.82, for a total value of $1,118,200.00. Following the transaction, the vice president directly owned 71,328 shares in the company, valued at $7,975,896.96. This represents a 12.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.60% of the stock is owned by corporate 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.