Grimes & Company Inc. lifted its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 9.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 209,819 shares of the asset manager's stock after buying an additional 18,720 shares during the quarter. Grimes & Company Inc. owned approximately 0.09% of T. Rowe Price Group worth $19,276,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of TROW. Asset Management One Co. Ltd. boosted its stake in shares of T. Rowe Price Group by 1.0% in the fourth quarter. Asset Management One Co. Ltd. now owns 88,053 shares of the asset manager's stock worth $10,185,000 after buying an additional 871 shares during the last quarter. Valeo Financial Advisors LLC boosted its position in T. Rowe Price Group by 3.5% during the fourth quarter. Valeo Financial Advisors LLC now owns 2,996 shares of the asset manager's stock worth $339,000 after purchasing an additional 102 shares in the last quarter. Congress Asset Management Co. boosted its position in T. Rowe Price Group by 0.7% during the fourth quarter. Congress Asset Management Co. now owns 139,319 shares of the asset manager's stock worth $15,756,000 after purchasing an additional 1,013 shares in the last quarter. Principal Securities Inc. boosted its position in T. Rowe Price Group by 10.0% during the fourth quarter. Principal Securities Inc. now owns 1,905 shares of the asset manager's stock worth $215,000 after purchasing an additional 173 shares in the last quarter. Finally, Allworth Financial LP boosted its position in T. Rowe Price Group by 14.2% during the fourth quarter. Allworth Financial LP now owns 7,414 shares of the asset manager's stock worth $842,000 after purchasing an additional 922 shares in the last quarter. Hedge funds and other institutional investors own 73.39% of the company's stock.
T. Rowe Price Group Price Performance
Shares of T. Rowe Price Group stock opened at $93.21 on Tuesday. The business has a 50 day simple moving average of $91.91 and a two-hundred day simple moving average of $102.07. T. Rowe Price Group, Inc. has a 12 month low of $77.85 and a 12 month high of $125.81. The stock has a market capitalization of $20.54 billion, a P/E ratio of 10.18, a PEG ratio of 2.86 and a beta of 1.49.
T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last posted its quarterly earnings results on Friday, May 2nd. The asset manager reported $2.23 EPS for the quarter, beating the consensus estimate of $2.13 by $0.10. T. Rowe Price Group had a return on equity of 20.83% and a net margin of 29.61%. The firm had revenue of $1.76 billion during the quarter, compared to analysts' expectations of $1.80 billion. During the same quarter last year, the firm earned $2.38 earnings per share. The business's revenue for the quarter was up .8% on a year-over-year basis. As a group, research 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 business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 13th will be issued a $1.27 dividend. The ex-dividend date is Friday, June 13th. This represents a $5.08 annualized dividend and a dividend yield of 5.45%. T. Rowe Price Group's dividend payout ratio is presently 57.60%.
Analysts Set New Price Targets
A number of equities analysts have issued reports on the company. Cowen reiterated a "hold" rating on shares of T. Rowe Price Group in a research report on Monday, May 5th. JPMorgan Chase & Co. lowered their price target on T. Rowe Price Group from $110.00 to $90.00 and set an "underweight" rating on the stock in a research report on Wednesday, April 16th. TD Cowen lowered their price target on T. Rowe Price Group from $112.00 to $89.00 and set a "hold" rating on the stock in a research report on Wednesday, April 9th. Morgan Stanley increased their price target on T. Rowe Price Group from $94.00 to $95.00 and gave the stock an "equal weight" rating in a research report on Tuesday, May 6th. Finally, Wells Fargo & Company reduced their target price on T. Rowe Price Group from $116.00 to $98.00 and set an "equal weight" rating for the company in a report on Tuesday, April 8th. Four analysts have rated the stock with a sell rating and nine have given a hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $94.09.
Check Out Our Latest Stock Analysis on TROW
Insider Activity at T. Rowe Price Group
In related news, Director Robert F. Maclellan sold 3,955 shares of the stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $91.56, for a total value of $362,119.80. Following the completion of the sale, the director now owns 42,979 shares of the company's stock, valued at approximately $3,935,157.24. This trade represents a 8.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jessica M. Hiebler sold 968 shares of the firm's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $96.98, for a total value of $93,876.64. Following the sale, the insider now directly owns 13,611 shares of the company's stock, valued at approximately $1,319,994.78. This trade represents a 6.64% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 6,923 shares of company stock valued at $646,856. 2.00% of the stock is currently owned by insiders.
T. Rowe Price Group Company Profile
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Free Report)
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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