1832 Asset Management L.P. Buys New Shares in T. Rowe Price Group, Inc. $TROW

Key Points

• 1832 Asset Management L.P. has acquired a new position in T. Rowe Price Group, purchasing 9,983 shares valued at approximately $917,000.
• During the first quarter, several other institutional investors, including Invesco and Charles Schwab Investment Management, also increased their stakes in T. Rowe Price Group significantly.
• T. Rowe Price Group announced a quarterly dividend of $1.27 per share, reflecting an annualized payout of $5.08 and a yield of 4.7%.

1832 Asset Management L.P. bought a new position in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 9,983 shares of the asset manager's stock, valued at approximately $917,000.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. increased its holdings in shares of T. Rowe Price Group by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 26,286,393 shares of the asset manager's stock worth $2,414,931,000 after purchasing an additional 222,556 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of T. Rowe Price Group by 7.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 7,706,251 shares of the asset manager's stock worth $707,973,000 after purchasing an additional 519,075 shares in the last quarter. Invesco Ltd. increased its holdings in shares of T. Rowe Price Group by 43.2% in the 1st quarter. Invesco Ltd. now owns 3,433,684 shares of the asset manager's stock worth $315,453,000 after purchasing an additional 1,035,865 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of T. Rowe Price Group by 4.9% in the 1st quarter. American Century Companies Inc. now owns 2,955,703 shares of the asset manager's stock worth $271,541,000 after purchasing an additional 138,515 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in shares of T. Rowe Price Group by 3.6% in the 1st quarter. Northern Trust Corp now owns 2,374,063 shares of the asset manager's stock worth $218,105,000 after purchasing an additional 83,324 shares in the last quarter. Institutional investors own 73.39% of the company's stock.

T. Rowe Price Group Trading Down 0.6%

Shares of TROW traded down $0.66 during midday trading on Friday, hitting $107.62. 1,171,833 shares of the company's stock traded hands, compared to its average volume of 1,285,725. T. Rowe Price Group, Inc. has a 1 year low of $77.85 and a 1 year high of $125.81. The firm's fifty day moving average is $103.70 and its 200-day moving average is $97.54. The stock has a market capitalization of $23.65 billion, a price-to-earnings ratio of 12.02, a price-to-earnings-growth ratio of 2.83 and a beta of 1.47.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued its quarterly earnings data on Friday, August 1st. The asset manager reported $2.24 EPS for the quarter, beating the consensus estimate of $2.15 by $0.09. T. Rowe Price Group had a return on equity of 19.77% and a net margin of 28.72%.The firm had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.72 billion. During the same quarter in the prior year, the business posted $2.26 EPS. The business's revenue for the quarter was down .6% compared to the same quarter last year. On average, equities research analysts anticipate that T. Rowe Price Group, Inc. will post 9.29 EPS for the current year.

T. Rowe Price Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be issued a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a dividend yield of 4.7%. The ex-dividend date is Monday, September 15th. T. Rowe Price Group's dividend payout ratio is currently 56.76%.

Insider Activity at T. Rowe Price Group

In related news, VP Dorothy C. Sawyer sold 2,000 shares of the company's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $95.43, for a total value of $190,860.00. Following the transaction, the vice president directly owned 44,789 shares of the company's stock, valued at $4,274,214.27. This represents a 4.27% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 2.00% of the company's stock.

Wall Street Analyst Weigh In

TROW has been the subject of a number of research analyst reports. Cowen reissued a "hold" rating on shares of T. Rowe Price Group in a report on Monday, May 5th. JPMorgan Chase & Co. lifted their price objective on T. Rowe Price Group from $98.00 to $102.00 and gave the stock an "underweight" rating in a report on Monday, August 4th. Morgan Stanley lifted their price objective on T. Rowe Price Group from $112.00 to $116.00 and gave the stock an "equal weight" rating in a report on Monday, August 4th. Wells Fargo & Company lifted their price objective on T. Rowe Price Group from $98.00 to $108.00 and gave the stock an "equal weight" rating in a report on Friday, July 11th. Finally, Barclays reaffirmed an "underweight" rating and issued a $95.00 price objective (up previously from $91.00) on shares of T. Rowe Price Group in a report on Monday, August 4th. Eight analysts have rated the stock with a Hold rating and four have given a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Reduce" and a consensus price target of $101.09.

T. Rowe Price Group Profile

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.