10,710 Shares in T. Rowe Price Group, Inc. $TROW Bought by Convergence Investment Partners LLC

Key Points

• Convergence Investment Partners opened a new position in T. Rowe Price Group, buying 10,710 shares valued at about $1.1 million in the fourth quarter.
• Institutional ownership remains high, with hedge funds and other investors holding 73.39% of the company’s shares. The article also notes some smaller funds increased stakes while others entered new positions.
• T. Rowe Price reported better-than-expected quarterly earnings of $2.52 per share and revenue of $1.86 billion, and it announced a quarterly dividend of $1.30 per share, implying a 5.1% annual yield.

Convergence Investment Partners LLC bought a new position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 10,710 shares of the asset manager's stock, valued at approximately $1,096,000.

Other large investors have also added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in T. Rowe Price Group by 540.9% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 282 shares of the asset manager's stock worth $29,000 after purchasing an additional 238 shares during the last quarter. Root Financial Partners LLC acquired a new position in T. Rowe Price Group during the third quarter worth $30,000. Canton Hathaway LLC acquired a new position in T. Rowe Price Group during the fourth quarter worth $31,000. Sound Income Strategies LLC boosted its holdings in T. Rowe Price Group by 170.3% during the fourth quarter. Sound Income Strategies LLC now owns 300 shares of the asset manager's stock worth $32,000 after purchasing an additional 189 shares during the last quarter. Finally, Quent Capital LLC acquired a new position in T. Rowe Price Group during the third quarter worth $39,000. Institutional investors and hedge funds own 73.39% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on TROW. Weiss Ratings restated a "hold (c)" rating on shares of T. Rowe Price Group in a report on Friday, May 8th. JPMorgan Chase & Co. cut their price target on shares of T. Rowe Price Group from $106.00 to $103.00 and set an "underweight" rating for the company in a research note on Friday, April 24th. Evercore decreased their price objective on shares of T. Rowe Price Group from $106.00 to $104.00 in a research report on Monday, May 11th. Jefferies Financial Group lowered their price objective on shares of T. Rowe Price Group from $107.00 to $91.00 and set a "hold" rating on the stock in a research note on Wednesday, April 8th. Finally, The Goldman Sachs Group boosted their price objective on shares of T. Rowe Price Group from $85.00 to $90.00 in a research note on Friday, May 1st. Eleven research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat, T. Rowe Price Group currently has an average rating of "Reduce" and an average target price of $99.54.

Insider Buying and Selling at T. Rowe Price Group

In other news, VP Stephon A. Jackson sold 3,000 shares of the stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $102.56, for a total value of $307,680.00. Following the transaction, the vice president directly owned 83,883 shares of the company's stock, valued at $8,603,040.48. This represents a 3.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.60% of the stock is owned by insiders.

T. Rowe Price Group Price Performance

T. Rowe Price Group stock opened at $102.01 on Friday. The firm has a market capitalization of $21.86 billion, a PE ratio of 10.93, a P/E/G ratio of 4.46 and a beta of 1.51. The company's 50-day moving average is $94.55 and its 200-day moving average is $99.23. T. Rowe Price Group, Inc. has a fifty-two week low of $85.22 and a fifty-two week high of $118.22.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The asset manager reported $2.52 earnings per share for the quarter, topping the consensus estimate of $2.37 by $0.15. The company had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.85 billion. T. Rowe Price Group had a net margin of 28.28% and a return on equity of 20.60%. T. Rowe Price Group's revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the previous year, the business earned $2.23 EPS. As a group, analysts expect that T. Rowe Price Group, Inc. will post 9.61 EPS for the current year.

T. Rowe Price Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 29th. Stockholders of record on Monday, June 15th will be given a $1.30 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $5.20 annualized dividend and a dividend yield of 5.1%. T. Rowe Price Group's dividend payout ratio is presently 55.73%.

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.

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