Cinctive Capital Management LP Invests $472,000 in T. Rowe Price Group, Inc. $TROW

Key Points

• Cinctive Capital Management LP acquired a new position in T. Rowe Price Group, investing approximately $472,000 for 5,142 shares in the 1st quarter.
• Analysts have been revising their price targets for T. Rowe Price Group, with JPMorgan raising it from $98.00 to $102.00 and Wells Fargo from $98.00 to $108.00.
• The company has declared a quarterly dividend of $1.27 per share, with an ex-dividend date on September 15th, representing an annualized yield of 4.7%.

Cinctive Capital Management LP acquired a new position in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 5,142 shares of the asset manager's stock, valued at approximately $472,000.

Other large investors have also made changes to their positions in the company. Aptus Capital Advisors LLC bought a new position in T. Rowe Price Group in the 4th quarter worth approximately $238,000. Cetera Investment Advisers boosted its position in shares of T. Rowe Price Group by 4.2% in the fourth quarter. Cetera Investment Advisers now owns 48,865 shares of the asset manager's stock valued at $5,526,000 after acquiring an additional 1,948 shares during the period. Deutsche Bank AG grew its stake in shares of T. Rowe Price Group by 13.0% in the fourth quarter. Deutsche Bank AG now owns 1,006,698 shares of the asset manager's stock worth $113,847,000 after acquiring an additional 115,422 shares during the last quarter. Fiduciary Trust Co increased its position in T. Rowe Price Group by 16.3% during the fourth quarter. Fiduciary Trust Co now owns 3,468 shares of the asset manager's stock worth $392,000 after acquiring an additional 485 shares during the period. Finally, Gen Wealth Partners Inc raised its stake in T. Rowe Price Group by 3.1% during the 4th quarter. Gen Wealth Partners Inc now owns 4,651 shares of the asset manager's stock valued at $526,000 after purchasing an additional 139 shares during the last quarter. Institutional investors and hedge funds own 73.39% of the company's stock.

Analyst Ratings Changes

Several analysts have issued reports on TROW shares. Morgan Stanley raised their price target on shares of T. Rowe Price Group from $112.00 to $116.00 and gave the stock an "equal weight" rating in a research report on Monday, August 4th. JPMorgan Chase & Co. increased their target price on shares of T. Rowe Price Group from $98.00 to $102.00 and gave the company an "underweight" rating in a research note on Monday, August 4th. Evercore ISI restated a "positive" rating on shares of T. Rowe Price Group in a research note on Friday. Wells Fargo & Company upped their price target on T. Rowe Price Group from $98.00 to $108.00 and gave the company an "equal weight" rating in a report on Friday, July 11th. Finally, Barclays reissued an "underweight" rating and set a $95.00 price objective (up previously from $91.00) on shares of T. Rowe Price Group in a report on Monday, August 4th. One analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the company's stock. According to data from MarketBeat, T. Rowe Price Group has a consensus rating of "Reduce" and an average target price of $101.55.

T. Rowe Price Group Trading Down 0.9%

NASDAQ:TROW traded down $1.02 during mid-day trading on Tuesday, hitting $107.15. The company's stock had a trading volume of 1,344,135 shares, compared to its average volume of 1,780,023. The company has a market capitalization of $23.54 billion, a price-to-earnings ratio of 11.97, a P/E/G ratio of 2.82 and a beta of 1.51. T. Rowe Price Group, Inc. has a fifty-two week low of $77.85 and a fifty-two week high of $125.81. The stock has a fifty day moving average of $105.17 and a 200-day moving average of $97.41.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last released its quarterly earnings data on Friday, August 1st. The asset manager reported $2.24 earnings per share for the quarter, beating 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 company had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.72 billion. During the same period in the prior year, the company posted $2.26 EPS. The company's revenue was down .6% compared to the same quarter last year. 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 business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be paid a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a yield of 4.7%. The ex-dividend date is Monday, September 15th. T. Rowe Price Group's dividend payout ratio is currently 56.76%.

Insider Transactions at T. Rowe Price Group

In other T. Rowe Price Group news, VP Dorothy C. Sawyer sold 2,000 shares of T. Rowe Price Group stock in a transaction 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 trade represents a 4.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.60% of the stock is owned by corporate insiders.

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.