Advisors Asset Management Inc. Acquires 6,406 Shares of T. Rowe Price Group, Inc. $TROW

Key Points

• Advisors Asset Management Inc. increased its stake in T. Rowe Price Group by 8.9%, now owning 78,334 shares valued at approximately $7.2 million.
• Institutional investors now own 73.39% of T. Rowe Price Group stock, indicating strong interest from major financial institutions.
• T. Rowe Price Group announced a quarterly dividend of $1.27 per share, which reflects an annualized yield of 4.8%.

Advisors Asset Management Inc. raised its position in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 8.9% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 78,334 shares of the asset manager's stock after buying an additional 6,406 shares during the period. Advisors Asset Management Inc.'s holdings in T. Rowe Price Group were worth $7,197,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Exchange Traded Concepts LLC grew its stake in T. Rowe Price Group by 27.9% during the 1st quarter. Exchange Traded Concepts LLC now owns 971 shares of the asset manager's stock valued at $89,000 after acquiring an additional 212 shares in the last quarter. Wealthfront Advisers LLC increased its position in shares of T. Rowe Price Group by 109.2% in the 1st quarter. Wealthfront Advisers LLC now owns 69,326 shares of the asset manager's stock valued at $6,369,000 after purchasing an additional 36,190 shares during the last quarter. Mather Group LLC. increased its position in shares of T. Rowe Price Group by 11.9% in the 1st quarter. Mather Group LLC. now owns 135,571 shares of the asset manager's stock valued at $12,455,000 after purchasing an additional 14,371 shares during the last quarter. GAMMA Investing LLC grew its position in shares of T. Rowe Price Group by 9,555.5% in the 1st quarter. GAMMA Investing LLC now owns 333,212 shares of the asset manager's stock valued at $30,612,000 after buying an additional 329,761 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in shares of T. Rowe Price Group by 12.8% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 213,769 shares of the asset manager's stock valued at $19,575,000 after buying an additional 24,323 shares during the last quarter. Institutional investors and hedge funds own 73.39% of the company's stock.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Barclays restated an "underweight" rating and issued a $95.00 target price (up previously from $91.00) on shares of T. Rowe Price Group in a research note on Monday, August 4th. Keefe, Bruyette & Woods lifted their price objective on T. Rowe Price Group from $110.00 to $112.00 and gave the stock a "market perform" rating in a research report on Monday, August 4th. Wells Fargo & Company boosted their price objective on shares of T. Rowe Price Group from $98.00 to $108.00 and gave the company an "equal weight" rating in a research report on Friday, July 11th. Evercore ISI boosted their target price on shares of T. Rowe Price Group from $110.00 to $115.00 and gave the company an "in-line" rating in a report on Friday. Finally, Morgan Stanley lifted their price target on shares of T. Rowe Price Group from $112.00 to $116.00 and gave the company an "equal weight" rating in a research report on Monday, August 4th. Eight investment analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Reduce" and an average target price of $101.55.

Insider Buying and Selling

In other news, VP Dorothy C. Sawyer sold 2,000 shares of the firm's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $95.43, for a total value of $190,860.00. Following the sale, the vice president owned 44,789 shares in the company, valued at approximately $4,274,214.27. This trade represents a 4.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.00% of the stock is currently owned by company insiders.

T. Rowe Price Group Trading Down 3.0%

TROW stock traded down $3.36 during trading on Friday, hitting $108.16. The company had a trading volume of 2,070,610 shares, compared to its average volume of 1,281,070. T. Rowe Price Group, Inc. has a fifty-two week low of $77.85 and a fifty-two week high of $125.81. The firm has a market capitalization of $23.76 billion, a price-to-earnings ratio of 12.08, a P/E/G ratio of 2.82 and a beta of 1.51. The business has a 50 day moving average of $104.94 and a 200 day moving average of $97.48.

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

T. Rowe Price Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders 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 yield of 4.7%. The ex-dividend date is Monday, September 15th. T. Rowe Price Group's dividend payout ratio (DPR) is 56.76%.

T. Rowe Price Group Company 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.