T. Rowe Price Group (TROW) announced that it has registered about 1% sequential growth in preliminary assets under management (AUM) during the month ended July 31 to $1.64 trillion. This increase was mainly driven by a rise in equity assets. Also, the Baltimore-based global investment manager witnessed an 11.3% year-to-date growth in its AUM.
T. Rowe Price’s client transfers from mutual funds to other portfolios, including trusts and separate accounts, stood at $0.3 billion in July.
March-end total assets in the U.S. mutual funds portfolio came in at $874 billion, almost 1% up from the prior month. Equity assets make up 63.7% of the portfolio, 26.4% are multi-assets and the remaining 9.9% are fixed income and money market assets. (See T. Rowe Price stock charts on TipRanks)
Total assets from other investment portfolios were $762 billion, up slightly from the previous month. Overall, equity and fixed income, including the money market, accounted for $531 billion or 69.7% of other investment portfolios, while multi-assets stood at $231 billion or 30.3%.
T. Rowe Price recorded $381 billion in target date-retirement portfolios, up marginally from $379 billion reported in June.
Following the release, Goldman Sachs analyst Alexander Blostein maintaining a Hold rating on the stock and lowered the price target to $179 from $180. The new price target implies 17.6% downside potential from current level.
Based on 2 Buys, 5 Holds and 1 Sell, the stock has a Hold consensus. The average T. Rowe Price price target of $203.50 implies 6.3% downside potential from current levels.
TipRanks’ Hedge Fund Trading Activity tool shows that confidence in T. Rowe Price is currently Positive, as the cumulative change in holdings across all 7 hedge funds that were active in the last quarter was an increase of 13,100 shares.
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