Commerce Bank Makes New Investment in T. Rowe Price Group, Inc. $TROW

Commerce Bank bought a new stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) in the 2nd quarter, HoldingsChannel reports. The firm bought 42,809 shares of the asset manager’s stock, valued at approximately $4,867,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. BlackRock Inc. purchased a new position in shares of T. Rowe Price Group during the 2nd quarter worth $2,728,119,000. Goldman Sachs Group Inc. grew its holdings in shares of T. Rowe Price Group by 332.0% in 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 purchasing an additional 6,740,172 shares during the period. First Trust Advisors LP grew its holdings in shares of T. Rowe Price Group by 126.5% in the fourth quarter. First Trust Advisors LP now owns 3,280,854 shares of the asset manager’s stock valued at $335,894,000 after purchasing an additional 1,832,231 shares during the period. Bank of New York Mellon Corp acquired a new stake in T. Rowe Price Group during the second quarter worth about $167,984,000. Finally, Norges Bank acquired a new stake in T. Rowe Price Group during the fourth quarter worth about $128,283,000. 73.39% of the stock is owned by institutional investors and hedge funds.

T. Rowe Price Group Stock Performance

T. Rowe Price Group stock opened at $111.51 on Monday. The company’s 50 day simple moving average is $113.94 and its 200-day simple moving average is $102.84. T. Rowe Price Group, Inc. has a 1 year low of $85.22 and a 1 year high of $122.00. The company has a market capitalization of $23.79 billion, a price-to-earnings ratio of 11.18, a price-to-earnings-growth ratio of 3.70 and a beta of 1.47.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings data on Friday, July 31st. The asset manager reported $2.57 earnings per share for the quarter, topping 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 firm had revenue of $1.91 billion during the quarter, compared to analysts’ expectations of $1.89 billion. During the same quarter last year, the company posted $2.24 EPS. The firm’s quarterly revenue was up 10.7% on a year-over-year basis. Equities analysts expect that T. Rowe Price Group, Inc. will post 10.14 earnings per share for the current year.

T. Rowe Price Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders 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 dividend yield of 4.7%. The ex-dividend date is Tuesday, September 15th. T. Rowe Price Group’s dividend payout ratio (DPR) is currently 52.16%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on TROW shares. 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. The Goldman Sachs Group lifted their price target on shares of T. Rowe Price Group from $90.00 to $92.00 and gave the company a “sell” rating in a research report on Tuesday, June 30th. Zacks Research cut T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 13th. BMO Capital Markets increased 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. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and set a $115.00 target price (down from $120.00) on shares of T. Rowe Price Group in a research note on Monday, August 3rd. Ten investment analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and an average price target of $105.67.

T. Rowe Price Group Company 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.