Cresset Asset Management LLC Buys 38,887 Shares of T. Rowe Price Group, Inc. $TROW

Key Points

• Cresset Asset Management LLC increased its stake in T. Rowe Price Group, Inc. by 174.8%, acquiring an additional 38,887 shares, bringing their total holdings to 61,132 shares valued at approximately $5.6 million.
• T. Rowe Price Group reported $2.24 earnings per share for the last quarter, exceeding analysts' estimates, with a revenue of $1.72 billion that matched expectations.
• The firm announced a quarterly dividend of $1.27 per share, representing an annualized dividend of $5.08 and a yield of 4.7%, with the ex-dividend date set for September 15th.

Cresset Asset Management LLC increased its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 174.8% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 61,132 shares of the asset manager's stock after acquiring an additional 38,887 shares during the period. Cresset Asset Management LLC's holdings in T. Rowe Price Group were worth $5,616,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of TROW. Zions Bancorporation National Association UT acquired a new position in T. Rowe Price Group during the first quarter worth approximately $27,000. Ameriflex Group Inc. acquired a new position in T. Rowe Price Group during the fourth quarter worth approximately $42,000. Hexagon Capital Partners LLC increased its position 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 last quarter. Smallwood Wealth Investment Management LLC acquired a new position in T. Rowe Price Group during the first quarter worth approximately $39,000. Finally, Chilton Capital Management LLC acquired a new position in T. Rowe Price Group during the first quarter worth approximately $41,000. Institutional investors own 73.39% of the company's stock.

T. Rowe Price Group Price Performance

Shares of NASDAQ:TROW opened at $107.04 on Monday. The company has a market capitalization of $23.52 billion, a P/E ratio of 11.96, a P/E/G ratio of 2.91 and a beta of 1.47. T. Rowe Price Group, Inc. has a 1 year low of $77.85 and a 1 year high of $125.81. The business's 50 day simple moving average is $100.94 and its 200 day simple moving average is $97.68.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The asset manager reported $2.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.15 by $0.09. The business had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.72 billion. T. Rowe Price Group had a return on equity of 19.77% and a net margin of 28.72%. The firm's quarterly revenue was down .6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.26 earnings per share. On average, sell-side analysts anticipate that T. Rowe Price Group, Inc. will post 9.29 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The firm also recently announced 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. The ex-dividend date is Monday, September 15th. This represents a $5.08 annualized dividend and a yield of 4.7%. T. Rowe Price Group's dividend payout ratio is presently 56.76%.

Insiders Place Their Bets

In other T. Rowe Price Group news, VP Dorothy C. Sawyer sold 2,000 shares of the company's 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 sale, the vice president directly owned 44,789 shares in the company, valued at $4,274,214.27. This represents a 4.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.60% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on TROW shares. Wells Fargo & Company boosted their price target on T. Rowe Price Group from $98.00 to $108.00 and gave the stock an "equal weight" rating in a research report on Friday, July 11th. Morgan Stanley boosted their price target on 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. upped their target price on T. Rowe Price Group from $98.00 to $102.00 and gave the company an "underweight" rating in a research report on Monday, August 4th. Keefe, Bruyette & Woods upped their target price on T. Rowe Price Group from $110.00 to $112.00 and gave the company a "market perform" rating in a research report on Monday, August 4th. Finally, Evercore ISI upped their target price on T. Rowe Price Group from $106.00 to $110.00 and gave the company an "in-line" rating in a research report on Monday, August 4th. Four research analysts have rated the stock with a sell rating and nine have issued a hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $101.09.

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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