FORA Capital LLC Makes New $1.21 Million Investment in T. Rowe Price Group, Inc. $TROW

Key Points

• FORA Capital LLC has acquired a new position in T. Rowe Price Group, purchasing 13,213 shares valued at approximately $1.2 million. This acquisition is part of a trend where institutional investors are increasing their stakes in the company.
• T. Rowe Price Group reported earnings of $2.24 per share for the last quarter, exceeding analysts' expectations, although revenue saw a 0.6% decline compared to the previous year.
• The company has declared a quarterly dividend of $1.27 per share, reflecting a 4.7% yield, scheduled to be paid on September 29th.

FORA Capital LLC acquired a new stake in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 13,213 shares of the asset manager's stock, valued at approximately $1,214,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Exchange Traded Concepts LLC boosted its holdings in T. Rowe Price Group by 27.9% during the first quarter. Exchange Traded Concepts LLC now owns 971 shares of the asset manager's stock worth $89,000 after buying an additional 212 shares in the last quarter. Wealthfront Advisers LLC boosted its holdings in T. Rowe Price Group by 109.2% during the first quarter. Wealthfront Advisers LLC now owns 69,326 shares of the asset manager's stock worth $6,369,000 after buying an additional 36,190 shares in the last quarter. Mather Group LLC. boosted its holdings in T. Rowe Price Group by 11.9% during the first quarter. Mather Group LLC. now owns 135,571 shares of the asset manager's stock worth $12,455,000 after buying an additional 14,371 shares in the last quarter. GAMMA Investing LLC boosted its holdings in T. Rowe Price Group by 9,555.5% during the first quarter. GAMMA Investing LLC now owns 333,212 shares of the asset manager's stock worth $30,612,000 after buying an additional 329,761 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in T. Rowe Price Group by 12.8% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 213,769 shares of the asset manager's stock worth $19,575,000 after buying an additional 24,323 shares in the last quarter. 73.39% of the stock is currently owned by institutional investors.

Insider Activity

In related news, VP Dorothy C. Sawyer sold 2,000 shares of T. Rowe Price Group stock in a transaction on Wednesday, June 11th. The shares were 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 approximately $4,274,214.27. The trade was a 4.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on TROW shares. Evercore ISI raised their target price on shares of T. Rowe Price Group from $106.00 to $110.00 and gave the stock an "in-line" rating in a report on Monday, August 4th. JPMorgan Chase & Co. raised their target price on shares of T. Rowe Price Group from $98.00 to $102.00 and gave the stock an "underweight" rating in a report on Monday, August 4th. Barclays restated an "underweight" rating and set a $95.00 target price (up from $91.00) on shares of T. Rowe Price Group in a report on Monday, August 4th. Cowen restated a "hold" rating on shares of T. Rowe Price Group in a report on Monday, May 5th. Finally, Wells Fargo & Company raised their target price on shares of T. Rowe Price Group from $98.00 to $108.00 and gave the stock an "equal weight" rating in a report on Friday, July 11th. Eight equities research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Reduce" and an average target price of $101.09.

T. Rowe Price Group Trading Down 0.6%

TROW stock traded down $0.66 during midday trading on Friday, reaching $107.62. The company had a trading volume of 1,171,833 shares, compared to its average volume of 1,285,725. T. Rowe Price Group, Inc. has a 1 year low of $77.85 and a 1 year high of $125.81. The company has a market capitalization of $23.65 billion, a P/E ratio of 12.02, a PEG ratio of 2.83 and a beta of 1.47. The company has a 50 day moving average of $103.70 and a two-hundred day moving average of $97.54.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last released its 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. T. Rowe Price Group had a net margin of 28.72% and a return on equity of 19.77%. The company had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.72 billion. During the same quarter in the prior year, the firm earned $2.26 EPS. The company's revenue was down .6% compared to the same quarter last year. On average, 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 declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be issued a dividend of $1.27 per share. The ex-dividend date is Monday, September 15th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 4.7%. T. Rowe Price Group's dividend payout ratio (DPR) is currently 56.76%.

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.