Pendal Group Ltd acquired a new stake in shares of T. Rowe Price (NASDAQ:TROW) during the first quarter, HoldingsChannel.com reports. The institutional investor acquired 92,414 shares of the asset manager’s stock, valued at approximately $9,978,000.
Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Synovus Financial Corp acquired a new stake in shares of T. Rowe Price during the first quarter valued at $198,000. Penobscot Investment Management Company Inc. acquired a new stake in shares of T. Rowe Price during the first quarter valued at $902,000. Schwab Charles Investment Management Inc. boosted its stake in shares of T. Rowe Price by 19.0% during the first quarter. Schwab Charles Investment Management Inc. now owns 1,562,121 shares of the asset manager’s stock valued at $168,663,000 after acquiring an additional 249,772 shares during the last quarter. Eaton Vance Management boosted its stake in shares of T. Rowe Price by 0.9% during the first quarter. Eaton Vance Management now owns 616,107 shares of the asset manager’s stock valued at $66,521,000 after acquiring an additional 5,768 shares during the last quarter. Finally, Equity Investment Corp boosted its stake in shares of T. Rowe Price by 11.2% during the first quarter. Equity Investment Corp now owns 8,708 shares of the asset manager’s stock valued at $940,000 after acquiring an additional 878 shares during the last quarter. 72.79% of the stock is currently owned by institutional investors and hedge funds.
A number of research firms recently commented on TROW. UBS increased their price objective on T. Rowe Price from $113.00 to $117.00 and gave the company a “neutral” rating in a research note on Thursday, April 26th. Zacks Investment Research raised T. Rowe Price from a “sell” rating to a “hold” rating in a research note on Tuesday, April 24th. BidaskClub lowered T. Rowe Price from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, January 31st. Barclays increased their price objective on T. Rowe Price from $101.00 to $105.00 and gave the company an “underweight” rating in a research note on Monday, April 23rd. Finally, Citigroup decreased their price target on T. Rowe Price from $120.00 to $115.00 and set a “neutral” rating on the stock in a research note on Thursday, February 22nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $113.60.
T. Rowe Price (NASDAQ:TROW) last released its quarterly earnings data on Wednesday, April 25th. The asset manager reported $1.74 earnings per share for the quarter, beating the consensus estimate of $1.65 by $0.09. The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.28 billion. T. Rowe Price had a return on equity of 26.93% and a net margin of 31.10%. The company’s revenue was up 17.3% compared to the same quarter last year. During the same period in the previous year, the company posted $1.18 EPS. sell-side analysts anticipate that T. Rowe Price will post 7.01 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Friday, June 15th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.37%. The ex-dividend date is Thursday, June 14th. T. Rowe Price’s dividend payout ratio is currently 51.57%.
T. Rowe Price declared that its board has authorized a stock repurchase plan on Thursday, April 26th that permits the company to repurchase 10,000,000 outstanding shares. This repurchase authorization permits the asset manager to repurchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
About T. Rowe Price
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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