Brookstone Capital Management Purchases 7,026 Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW)

Brookstone Capital Management lifted its position in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 7.0% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 107,202 shares of the asset manager's stock after purchasing an additional 7,026 shares during the period. Brookstone Capital Management's holdings in T. Rowe Price Group were worth $9,849,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of T. Rowe Price Group by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 26,063,837 shares of the asset manager's stock worth $2,947,559,000 after purchasing an additional 135,203 shares during the last quarter. Fayez Sarofim & Co grew its holdings in shares of T. Rowe Price Group by 7.6% in the fourth quarter. Fayez Sarofim & Co now owns 6,052,469 shares of the asset manager's stock worth $684,474,000 after purchasing an additional 425,142 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of T. Rowe Price Group by 2.1% in the fourth quarter. Geode Capital Management LLC now owns 5,631,429 shares of the asset manager's stock worth $635,260,000 after purchasing an additional 116,231 shares during the last quarter. Invesco Ltd. grew its holdings in shares of T. Rowe Price Group by 1.7% in the fourth quarter. Invesco Ltd. now owns 2,397,819 shares of the asset manager's stock worth $271,169,000 after purchasing an additional 40,514 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in 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 acquiring an additional 208,304 shares during the period. Institutional investors own 73.39% of the company's stock.

Insider Activity

In related news, insider Jessica M. Hiebler sold 968 shares of T. Rowe Price Group stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $96.98, for a total value of $93,876.64. Following the completion of the sale, the insider directly owned 13,611 shares in the company, valued at approximately $1,319,994.78. This trade represents a 6.64% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Dorothy C. Sawyer sold 2,000 shares of T. Rowe Price Group stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $95.43, for a total value of $190,860.00. Following the completion of the sale, the vice president owned 44,789 shares of the company's stock, valued at $4,274,214.27. The trade was a 4.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on TROW. Citigroup dropped their price target on T. Rowe Price Group from $100.00 to $95.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. JPMorgan Chase & Co. dropped their price target on T. Rowe Price Group from $110.00 to $90.00 and set an "underweight" rating for the company in a research note on Wednesday, April 16th. Bank of America dropped their price target on T. Rowe Price Group from $90.00 to $85.00 and set an "underperform" rating for the company in a research note on Thursday, April 3rd. The Goldman Sachs Group dropped their price target on T. Rowe Price Group from $89.00 to $80.00 and set a "sell" rating for the company in a research note on Monday, April 14th. Finally, Evercore ISI dropped their price target on T. Rowe Price Group from $104.00 to $80.00 and set an "in-line" rating for the company in a research note on Friday, April 11th. Four analysts have rated the stock with a sell rating and nine have issued a hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $94.91.

T. Rowe Price Group Stock Up 0.9%

Shares of NASDAQ:TROW traded up $0.85 on Tuesday, hitting $99.75. 666,490 shares of the company traded hands, compared to its average volume of 1,532,991. 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 50 day simple moving average of $94.47 and a 200-day simple moving average of $99.51. The company has a market cap of $21.98 billion, a PE ratio of 11.31, a PEG ratio of 3.21 and a beta of 1.49.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued its quarterly earnings results on Friday, May 2nd. The asset manager reported $2.23 earnings per share for the quarter, beating the consensus estimate of $2.13 by $0.10. T. Rowe Price Group had a return on equity of 20.17% and a net margin of 28.38%. The firm had revenue of $1.76 billion during the quarter, compared to the consensus estimate of $1.80 billion. During the same period last year, the company earned $2.38 earnings per share. The company's revenue was up .8% on a year-over-year basis. As a group, sell-side analysts anticipate that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current year.

T. Rowe Price Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 13th were issued a $1.27 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $5.08 annualized dividend and a yield of 5.09%. T. Rowe Price Group's payout ratio is 57.60%.

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.