Bennett Associates Wealth Management Invests $333,000 in T. Rowe Price Group, Inc. $TROW

Key Points

• Bennett Associates Wealth Management has invested $333,000 in T. Rowe Price Group, acquiring 3,454 shares during the second quarter.
• Significant institutional interest is noted, with 73.39% of T. Rowe Price's stock owned by institutional investors, including Vanguard and Charles Schwab.
• T. Rowe Price Group declared a quarterly dividend of $1.27, resulting in an annualized dividend yield of 4.8%.

Bennett Associates Wealth Management purchased a new stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 3,454 shares of the asset manager's stock, valued at approximately $333,000.

Other large investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in 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 buying an additional 222,556 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of T. Rowe Price Group by 7.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 7,706,251 shares of the asset manager's stock worth $707,973,000 after acquiring an additional 519,075 shares during the period. Invesco Ltd. raised its holdings in shares of 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 purchasing an additional 1,035,865 shares during the last quarter. American Century Companies Inc. lifted its position in T. Rowe Price Group by 4.9% during the first quarter. American Century Companies Inc. now owns 2,955,703 shares of the asset manager's stock valued at $271,541,000 after purchasing an additional 138,515 shares during the period. Finally, Northern Trust Corp boosted its holdings in T. Rowe Price Group by 3.6% in the first 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 during the last quarter. 73.39% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Barclays reiterated an "underweight" rating and set a $95.00 target price (up from $91.00) on shares of T. Rowe Price Group in a research note on Monday, August 4th. Zacks Research cut T. Rowe Price Group from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 8th. Morgan Stanley raised their target price on T. Rowe Price Group from $116.00 to $125.00 and gave the stock a "positive" rating in a research report on Monday. The Goldman Sachs Group upped their price target on shares of T. Rowe Price Group from $91.00 to $92.00 and gave the company a "sell" rating in a research report on Friday. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of T. Rowe Price Group in a research note on Saturday, September 27th. Two analysts have rated the stock with a Buy rating, nine have issued a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, T. Rowe Price Group has an average rating of "Reduce" and a consensus price target of $104.83.

T. Rowe Price Group Stock Up 2.3%

Shares of TROW opened at $105.69 on Tuesday. The business has a 50-day simple moving average of $105.71 and a two-hundred day simple moving average of $98.22. T. Rowe Price Group, Inc. has a 52 week low of $77.85 and a 52 week high of $125.81. The stock has a market cap of $23.22 billion, a price-to-earnings ratio of 11.81, a PEG ratio of 6.68 and a beta of 1.50.

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 for the quarter, beating analysts' consensus estimates of $2.15 by $0.09. The firm had revenue of $1.72 billion for the quarter, compared to analysts' expectations of $1.72 billion. T. Rowe Price Group had a return on equity of 19.77% and a net margin of 28.72%.The business's quarterly revenue was down .6% on a year-over-year basis. During the same period in the previous year, the firm earned $2.26 EPS. On average, equities analysts anticipate that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Monday, September 15th were given a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date was Monday, September 15th. T. Rowe Price Group's dividend payout ratio is presently 56.76%.

Insider Activity

In other news, Director Robert F. Maclellan sold 3,090 shares of the stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $105.01, for a total value of $324,480.90. Following the completion of the sale, the director directly owned 47,335 shares of the company's stock, valued at $4,970,648.35. This represents a 6.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.60% of the stock is currently owned by company insiders.

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.

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