Carnegie Investment Counsel Grows Stock Position in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Key Points

• Carnegie Investment Counsel increased its stake in T. Rowe Price Group by 77.5%, now owning 20,024 shares valued at approximately $1.73 million.
• T. Rowe Price reported EPS of $2.23 for the latest quarter, surpassing estimates by $0.10, despite a slight decrease in revenue compared to the previous year.
• The company declared a quarterly dividend of $1.27, yielding approximately 4.75%, with a payout ratio of 57.60%.

Carnegie Investment Counsel lifted its position in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 77.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 20,024 shares of the asset manager's stock after purchasing an additional 8,743 shares during the quarter. Carnegie Investment Counsel's holdings in T. Rowe Price Group were worth $1,733,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of TROW. Hexagon Capital Partners LLC boosted its stake in T. Rowe Price Group by 44.8% during the first quarter. Hexagon Capital Partners LLC now owns 365 shares of the asset manager's stock worth $34,000 after buying an additional 113 shares during the period. Smallwood Wealth Investment Management LLC acquired a new stake in shares of T. Rowe Price Group during the first quarter worth about $39,000. Chilton Capital Management LLC acquired a new stake in shares of T. Rowe Price Group during the first quarter worth about $41,000. Ameriflex Group Inc. acquired a new stake in shares of T. Rowe Price Group during the fourth quarter worth about $42,000. Finally, Wayfinding Financial LLC acquired a new stake in shares of T. Rowe Price Group during the first quarter worth about $43,000. Hedge funds and other institutional investors own 73.39% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on TROW shares. Barclays increased their price target on shares of T. Rowe Price Group from $90.00 to $91.00 and gave the stock an "underweight" rating in a research report on Wednesday, July 16th. Bank of America reduced their price target on shares of T. Rowe Price Group from $90.00 to $85.00 and set an "underperform" rating on the stock in a research report on Thursday, April 3rd. Morgan Stanley increased their price target on shares of T. Rowe Price Group from $95.00 to $104.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 2nd. TD Cowen reduced their target price on shares of T. Rowe Price Group from $112.00 to $89.00 and set a "hold" rating on the stock in a report on Wednesday, April 9th. Finally, Cowen reaffirmed a "hold" rating on shares of T. Rowe Price Group in a report on Monday, May 5th. Four analysts have rated the stock with a sell rating and nine have issued a hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $96.64.

Insider Buying and Selling

In related news, insider Jessica M. Hiebler sold 968 shares of the stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $96.98, for a total transaction of $93,876.64. Following the completion of the sale, the insider owned 13,611 shares of the company's stock, valued at approximately $1,319,994.78. This represents a 6.64% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 sale, the vice president directly owned 44,789 shares of the company's stock, valued at approximately $4,274,214.27. This trade represents a 4.27% decrease in their position. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by corporate insiders.

T. Rowe Price Group Stock Down 0.6%

Shares of T. Rowe Price Group stock traded down $0.63 on Friday, hitting $106.93. The company's stock had a trading volume of 1,380,272 shares, compared to its average volume of 1,641,296. T. Rowe Price Group, Inc. has a 52-week low of $77.85 and a 52-week high of $125.81. The firm has a fifty day moving average price of $97.54 and a 200-day moving average price of $98.58. The company has a market capitalization of $23.56 billion, a P/E ratio of 12.12, a price-to-earnings-growth ratio of 3.18 and a beta of 1.49.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last announced its 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 net margin of 28.38% and a return on equity of 20.17%. The firm had revenue of $1.76 billion during the quarter, compared to the consensus estimate of $1.80 billion. During the same quarter in the previous year, the company posted $2.38 EPS. The firm's revenue for the quarter was up .8% on a year-over-year basis. As a group, analysts expect that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current year.

T. Rowe Price Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 13th were paid a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a dividend yield of 4.75%. The ex-dividend date of this dividend was Friday, June 13th. T. Rowe Price Group's dividend payout ratio is currently 57.60%.

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.