Allstate Corp Purchases 11,730 Shares of T. Rowe Price Group, Inc. $TROW

Key Points

• Allstate Corp has increased its holdings in T. Rowe Price Group by 177.3% in the 1st quarter, bringing their total stake to $1.69 million.
• The company recently declared a quarterly dividend of $1.27 per share, with an annualized yield of 4.7% set for payment on September 29th.
• T. Rowe Price Group reported earnings of $2.24 per share for the last quarter, exceeding analyst expectations, although revenue decreased by 0.6% year-over-year.

Allstate Corp boosted its position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 177.3% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 18,345 shares of the asset manager's stock after acquiring an additional 11,730 shares during the quarter. Allstate Corp's holdings in T. Rowe Price Group were worth $1,685,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of TROW. Invesco Ltd. increased its position in T. Rowe Price Group by 43.2% during the first quarter. Invesco Ltd. now owns 3,433,684 shares of the asset manager's stock valued at $315,453,000 after acquiring an additional 1,035,865 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in T. Rowe Price Group by 7.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 7,706,251 shares of the asset manager's stock valued at $707,973,000 after acquiring an additional 519,075 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in T. Rowe Price Group by 28.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,762,910 shares of the asset manager's stock valued at $199,367,000 after acquiring an additional 387,604 shares during the last quarter. GAMMA Investing LLC increased its position in T. Rowe Price Group by 9,555.5% in the first quarter. GAMMA Investing LLC now owns 333,212 shares of the asset manager's stock worth $30,612,000 after buying an additional 329,761 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in T. Rowe Price Group by 0.9% in the first quarter. Vanguard Group Inc. now owns 26,286,393 shares of the asset manager's stock worth $2,414,931,000 after buying an additional 222,556 shares in the last quarter. Hedge funds and other institutional investors own 73.39% of the company's stock.

Insider Buying and Selling

In related news, VP Dorothy C. Sawyer sold 2,000 shares of the stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $95.43, for a total transaction of $190,860.00. Following the completion of the transaction, the vice president directly owned 44,789 shares of the company's stock, valued at approximately $4,274,214.27. This represents a 4.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.60% of the company's stock.

Wall Street Analyst Weigh In

TROW has been the subject of a number of analyst reports. Cowen restated a "hold" rating on shares of T. Rowe Price Group in a research report on Monday, May 5th. Evercore ISI upped their price target on T. Rowe Price Group from $106.00 to $110.00 and gave the stock an "in-line" rating in a research report on Monday, August 4th. JPMorgan Chase & Co. upped their price target on T. Rowe Price Group from $98.00 to $102.00 and gave the stock an "underweight" rating in a research report on Monday, August 4th. Keefe, Bruyette & Woods upped their price target 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. Finally, Wells Fargo & Company upped their price target on T. Rowe Price Group from $98.00 to $108.00 and gave the stock an "equal weight" rating in a research report on Friday, July 11th. Eight equities research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Reduce" and a consensus price target of $101.09.

T. Rowe Price Group Stock Up 0.7%

TROW stock traded up $0.81 during midday trading on Wednesday, hitting $109.37. The company's stock had a trading volume of 933,594 shares, compared to its average volume of 1,777,064. T. Rowe Price Group, Inc. has a 12 month low of $77.85 and a 12 month high of $125.81. The firm has a market capitalization of $24.03 billion, a price-to-earnings ratio of 12.22, a price-to-earnings-growth ratio of 2.82 and a beta of 1.47. The company has a 50 day moving average of $102.75 and a two-hundred day moving average of $97.48.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last posted its quarterly earnings results on Friday, August 1st. The asset manager reported $2.24 earnings per share for the quarter, topping 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 business had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.72 billion. During the same period in the prior year, the company posted $2.26 EPS. The firm's revenue for the quarter was down .6% compared to the same quarter last year. On average, analysts anticipate that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current fiscal year.

T. Rowe Price Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be paid a dividend of $1.27 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $5.08 dividend on an annualized basis and a yield of 4.6%. T. Rowe Price Group's dividend payout ratio is presently 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.