Freestone Grove Partners LP bought a new position in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 442,445 shares of the asset manager's stock, valued at approximately $50,302,000. Freestone Grove Partners LP owned 0.21% of T. Rowe Price Group as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. SVB Wealth LLC lifted its holdings in shares of T. Rowe Price Group by 77.5% in the fourth quarter. SVB Wealth LLC now owns 37,000 shares of the asset manager's stock valued at $3,788,000 after purchasing an additional 16,155 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of T. Rowe Price Group by 3.8% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 520,782 shares of the asset manager's stock worth $54,489,000 after buying an additional 18,952 shares in the last quarter. Generali Asset Management SPA SGR grew its holdings in shares of T. Rowe Price Group by 1,680.4% during the fourth quarter. Generali Asset Management SPA SGR now owns 17,715 shares of the asset manager's stock worth $1,814,000 after buying an additional 16,720 shares in the last quarter. Twin Tree Management LP acquired a new stake in T. Rowe Price Group in the 2nd quarter valued at approximately $2,989,000. Finally, Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new stake in T. Rowe Price Group in the 4th quarter valued at approximately $5,935,000. 73.39% of the stock is owned by institutional investors.
Analysts Set New Price Targets
A number of equities analysts have weighed in on TROW shares. Weiss Ratings raised T. Rowe Price Group from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, July 2nd. TD Cowen raised their price target on shares of T. Rowe Price Group from $107.00 to $108.00 and gave the stock a "hold" rating in a research note on Monday, August 3rd. Morgan Stanley set a $116.00 price objective on shares of T. Rowe Price Group in a report on Wednesday, July 29th. The Goldman Sachs Group increased their target price on shares of T. Rowe Price Group from $90.00 to $92.00 and gave the stock a "sell" rating in a report on Tuesday, June 30th. Finally, BMO Capital Markets raised their target price on shares of T. Rowe Price Group from $110.00 to $120.00 and gave the company a "market perform" rating in a research report on Monday, August 3rd. Ten investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Reduce" and an average target price of $105.67.
Get Our Latest Analysis on T. Rowe Price Group
Insiders Place Their Bets
In related news, VP Joshua B. Nelson sold 10,000 shares of the business's stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $111.82, for a total transaction of $1,118,200.00. Following the transaction, the vice president directly owned 71,328 shares in the company, valued at approximately $7,975,896.96. The trade was a 12.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.60% of the company's stock.
T. Rowe Price Group Stock Performance
Shares of NASDAQ TROW opened at $112.55 on Thursday. The stock has a 50 day moving average price of $114.18 and a 200 day moving average price of $103.16. The stock has a market capitalization of $24.01 billion, a PE ratio of 11.29, a price-to-earnings-growth ratio of 3.74 and a beta of 1.47. T. Rowe Price Group, Inc. has a 52 week low of $85.22 and a 52 week high of $122.00.
T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last posted its quarterly earnings results on Friday, July 31st. The asset manager reported $2.57 earnings per share for the quarter, topping the consensus estimate of $2.52 by $0.05. T. Rowe Price Group had a return on equity of 20.91% and a net margin of 29.26%.The firm had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.89 billion. During the same quarter in the previous year, the firm earned $2.24 EPS. The business's quarterly revenue was up 10.7% on a year-over-year basis. As a group, research analysts forecast that T. Rowe Price Group, Inc. will post 10.15 EPS for the current year.
T. Rowe Price Group Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be paid a $1.30 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $5.20 annualized dividend and a dividend yield of 4.6%. T. Rowe Price Group's dividend payout ratio (DPR) is currently 52.16%.
About T. Rowe Price Group
(
Free Report)
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.
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