T. Rowe Price Group, Inc. $TROW Shares Bought by Ameriprise Financial Inc.

Key Points

• Ameriprise Financial Inc. increased its stake in T. Rowe Price Group, owning approximately 0.34% of the company worth $69.64 million after buying an additional 56,706 shares.
• T. Rowe Price Group has declared a quarterly dividend of $1.27, payable on September 29, which represents a yield of 4.7%.
• Shares of T. Rowe Price Group have seen a recent 1.0% increase, with a current price of $108.56, amid various analysts providing target price adjustments up to $116.00.

Ameriprise Financial Inc. lifted its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 8.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 758,020 shares of the asset manager's stock after purchasing an additional 56,706 shares during the period. Ameriprise Financial Inc. owned about 0.34% of T. Rowe Price Group worth $69,639,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in TROW. Price T Rowe Associates Inc. MD grew its holdings in shares of T. Rowe Price Group by 1.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 306,512 shares of the asset manager's stock worth $34,664,000 after purchasing an additional 4,496 shares during the last quarter. MGO One Seven LLC bought a new position in shares of T. Rowe Price Group in the fourth quarter worth about $308,000. Northern Trust Corp grew its holdings in shares of T. Rowe Price Group by 10.0% in the fourth quarter. Northern Trust Corp now owns 2,290,739 shares of the asset manager's stock worth $259,060,000 after purchasing an additional 208,304 shares during the last quarter. Lido Advisors LLC grew its holdings in shares of T. Rowe Price Group by 11.6% in the fourth quarter. Lido Advisors LLC now owns 11,085 shares of the asset manager's stock worth $1,254,000 after purchasing an additional 1,150 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC grew its holdings in shares of T. Rowe Price Group by 209.9% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 19,162 shares of the asset manager's stock worth $2,167,000 after purchasing an additional 12,979 shares during the last quarter. 73.39% of the stock is currently owned by institutional investors.

Insider Activity

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

T. Rowe Price Group Price Performance

Shares of TROW stock traded down $0.66 during mid-day trading on Friday, hitting $107.62. 1,171,833 shares of the stock traded hands, compared to its average volume of 1,285,725. The stock has a market cap of $23.65 billion, a P/E ratio of 12.02, a P/E/G ratio of 2.83 and a beta of 1.47. The stock's fifty day moving average is $103.70 and its two-hundred day moving average is $97.54. T. Rowe Price Group, Inc. has a 52-week low of $77.85 and a 52-week high of $125.81.

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 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.09. T. Rowe Price Group had a net margin of 28.72% and a return on equity of 19.77%. The firm had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.72 billion. During the same quarter in the prior year, the company posted $2.26 earnings per share. The company's revenue for the quarter was down .6% compared to the same quarter last year. As a group, equities analysts forecast that T. Rowe Price Group, Inc. will post 9.29 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The business 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. The ex-dividend date is Monday, September 15th. This represents a $5.08 annualized dividend and a dividend yield of 4.7%. T. Rowe Price Group's dividend payout ratio is 56.76%.

Analysts Set New Price Targets

A number of research firms have recently commented on TROW. JPMorgan Chase & Co. upped their price target on shares of T. Rowe Price Group from $98.00 to $102.00 and gave the stock an "underweight" rating in a report on Monday, August 4th. Cowen reaffirmed a "hold" rating on shares of T. Rowe Price Group in a research note on Monday, May 5th. Evercore ISI upped their price objective on shares of T. Rowe Price Group from $106.00 to $110.00 and gave the stock an "in-line" rating in a research note on Monday, August 4th. Wells Fargo & Company upped their price objective on shares of T. Rowe Price Group from $98.00 to $108.00 and gave the stock an "equal weight" rating in a research note on Friday, July 11th. Finally, Barclays reaffirmed an "underweight" rating and issued a $95.00 price objective (up from $91.00) on shares of T. Rowe Price Group in a research note on Monday, August 4th. Eight equities research analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Reduce" and an average target price of $101.09.

About T. Rowe Price Group

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.