Corient Private Wealth LLC Buys 9,174 Shares of T. Rowe Price Group, Inc. $TROW

Key Points

• Corient Private Wealth LLC increased its T. Rowe Price Group stake by 27% in the fourth quarter, buying 9,174 more shares and bringing its total holding to 43,207 shares worth about $4.44 million.
• Wall Street remains cautious on TROW: analysts now have an average rating of "Reduce" with a consensus price target of $100.38, even as several firms recently raised their targets.
• T. Rowe Price reported better-than-expected quarterly earnings of $2.52 per share on revenue of $1.86 billion, and it declared a quarterly dividend of $1.30 per share payable June 29, implying a 4.7% annualized yield.

Corient Private Wealth LLC grew its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 27.0% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 43,207 shares of the asset manager's stock after buying an additional 9,174 shares during the period. Corient Private Wealth LLC's holdings in T. Rowe Price Group were worth $4,436,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the stock. TD Private Client Wealth LLC raised its stake in shares of T. Rowe Price Group by 91.8% in the 4th quarter. TD Private Client Wealth LLC now owns 257 shares of the asset manager's stock valued at $26,000 after buying an additional 123 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. lifted its stake in T. Rowe Price Group by 540.9% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 282 shares of the asset manager's stock worth $29,000 after purchasing an additional 238 shares during the period. Canton Hathaway LLC acquired a new stake in T. Rowe Price Group during the fourth quarter valued at approximately $31,000. Sound Income Strategies LLC boosted its holdings in T. Rowe Price Group by 170.3% during the fourth quarter. Sound Income Strategies LLC now owns 300 shares of the asset manager's stock valued at $32,000 after purchasing an additional 189 shares in the last quarter. Finally, DV Equities LLC bought a new stake in shares of T. Rowe Price Group in the 4th quarter valued at approximately $32,000. Institutional investors own 73.39% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on TROW shares. Morgan Stanley increased their price objective on T. Rowe Price Group from $105.00 to $109.00 and gave the stock an "equal weight" rating in a research note on Friday. Evercore upped their target price on shares of T. Rowe Price Group from $106.00 to $111.00 in a report on Monday, June 8th. The Goldman Sachs Group increased their target price on shares of T. Rowe Price Group from $85.00 to $90.00 in a research report on Friday, May 1st. Jefferies Financial Group cut their price target on shares of T. Rowe Price Group from $107.00 to $91.00 and set a "hold" rating for the company in a report on Wednesday, April 8th. Finally, TD Cowen boosted their price target on shares of T. Rowe Price Group from $93.00 to $94.00 and gave the company a "hold" rating in a research report on Friday, May 1st. Eleven equities research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Reduce" and a consensus price target of $100.38.

T. Rowe Price Group Stock Performance

TROW stock opened at $110.27 on Friday. T. Rowe Price Group, Inc. has a 52 week low of $85.22 and a 52 week high of $118.22. The company has a market capitalization of $23.63 billion, a PE ratio of 11.82, a price-to-earnings-growth ratio of 5.47 and a beta of 1.50. The company's 50-day simple moving average is $103.94 and its 200 day simple moving average is $99.95.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The asset manager reported $2.52 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.37 by $0.15. T. Rowe Price Group had a net margin of 28.28% and a return on equity of 20.60%. The firm had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.85 billion. During the same quarter in the previous year, the firm posted $2.23 EPS. The business's revenue for the quarter was up 5.3% compared to the same quarter last year. On average, analysts forecast that T. Rowe Price Group, Inc. will post 9.58 EPS for the current year.

T. Rowe Price Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 29th. Investors of record on Monday, June 15th will be given a dividend of $1.30 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $5.20 dividend on an annualized basis and a yield of 4.7%. T. Rowe Price Group's dividend payout ratio is currently 55.73%.

Insider Buying and Selling

In other news, VP Stephon A. Jackson sold 3,000 shares of the company's stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $102.56, for a total transaction of $307,680.00. Following the completion of the sale, the vice president directly owned 83,883 shares in the company, valued at approximately $8,603,040.48. This represents a 3.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through 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 global investment management firm headquartered in Baltimore, Maryland, founded by Thomas Rowe Price Jr. in 1937. The company provides a broad range of investment products and services for individual investors, financial intermediaries, retirement plan sponsors and institutional clients. Its offerings are built around active investment management and in-house research across equity, fixed income and multi-asset strategies, reflecting a long history as a research-driven asset manager.

The firm's product lineup includes mutual funds, separate accounts, collective investment trusts, target-date and target-risk funds, and managed account solutions, as well as services for defined contribution and defined benefit retirement plans.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.