Marathon Capital Management lessened its stake in T. Rowe Price (NASDAQ:TROW) by 0.7% in the first quarter, Holdings Channel reports. The firm owned 1,323,830 shares of the asset manager’s stock after selling 9,755 shares during the period. T. Rowe Price accounts for about 56.0% of Marathon Capital Management’s holdings, making the stock its biggest position. Marathon Capital Management’s holdings in T. Rowe Price were worth $142,933,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TROW. Equity Investment Corp increased its holdings in shares of T. Rowe Price by 11.2% in the first quarter. Equity Investment Corp now owns 8,708 shares of the asset manager’s stock worth $940,000 after acquiring an additional 878 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its holdings in shares of T. Rowe Price by 142.8% in the first quarter. Robeco Institutional Asset Management B.V. now owns 993,890 shares of the asset manager’s stock worth $107,313,000 after acquiring an additional 584,490 shares in the last quarter. Bailard Inc. bought a new stake in shares of T. Rowe Price in the first quarter worth about $200,000. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its holdings in shares of T. Rowe Price by 1.5% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 76,346 shares of the asset manager’s stock worth $8,243,000 after acquiring an additional 1,159 shares in the last quarter. Finally, Sandy Spring Bank increased its holdings in shares of T. Rowe Price by 7.8% in the first quarter. Sandy Spring Bank now owns 21,104 shares of the asset manager’s stock worth $2,278,000 after acquiring an additional 1,521 shares in the last quarter. Institutional investors and hedge funds own 73.55% of the company’s stock.
T. Rowe Price opened at $118.22 on Friday, MarketBeat.com reports. The stock has a market cap of $28.25 billion, a P/E ratio of 21.77, a PEG ratio of 1.54 and a beta of 1.21. T. Rowe Price has a 52-week low of $117.18 and a 52-week high of $118.76.
T. Rowe Price (NASDAQ:TROW) last posted its quarterly earnings data on Wednesday, April 25th. The asset manager reported $1.74 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.65 by $0.09. The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.28 billion. T. Rowe Price had a return on equity of 26.93% and a net margin of 31.10%. T. Rowe Price’s quarterly revenue was up 17.3% on a year-over-year basis. During the same period last year, the company earned $1.18 earnings per share. analysts anticipate that T. Rowe Price will post 7.01 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Investors of record on Friday, June 15th will be issued a dividend of $0.70 per share. The ex-dividend date is Thursday, June 14th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.37%. T. Rowe Price’s payout ratio is presently 51.57%.
T. Rowe Price declared that its board has initiated a share buyback program on Thursday, April 26th that permits the company to buyback 10,000,000 shares. This buyback authorization permits the asset manager to repurchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its shares are undervalued.
Several equities research analysts have issued reports on the company. Morgan Stanley lowered their price target on T. Rowe Price from $115.00 to $112.00 and set a “hold” rating for the company in a report on Tuesday, February 13th. ValuEngine upgraded T. Rowe Price from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. BidaskClub downgraded T. Rowe Price from a “strong-buy” rating to a “buy” rating in a report on Wednesday, January 31st. Deutsche Bank increased their price target on T. Rowe Price from $115.00 to $116.00 and gave the stock a “hold” rating in a report on Tuesday, March 6th. Finally, Citigroup lowered their price target on T. Rowe Price from $120.00 to $115.00 and set a “neutral” rating for the company in a report on Thursday, February 22nd. One analyst has rated the stock with a sell rating, seven have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $113.60.
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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