Morningstar Investment Management LLC Invests $355,000 in T. Rowe Price Group, Inc. $TROW

Key Points

• Morningstar Investment Management LLC has invested approximately $355,000 in T. Rowe Price Group, buying 3,675 shares during the second quarter.
• T. Rowe Price Group recently announced a quarterly dividend of $1.27 per share, yielding around 4.8%, with a payout ratio of 56.76%.
• Multiple analyst ratings and price targets have been revised, with current consensus indicating a hold rating and an average price target of $106.38.

Morningstar Investment Management LLC bought a new position in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 3,675 shares of the asset manager's stock, valued at approximately $355,000.

Other large investors also recently modified their holdings of the company. Zions Bancorporation National Association UT bought a new stake in shares of T. Rowe Price Group in the first quarter worth about $27,000. Hexagon Capital Partners LLC grew its stake in shares of T. Rowe Price Group by 44.8% in the first quarter. Hexagon Capital Partners LLC now owns 365 shares of the asset manager's stock worth $34,000 after purchasing an additional 113 shares during the last quarter. Smallwood Wealth Investment Management LLC bought a new stake in shares of T. Rowe Price Group in the first quarter worth about $39,000. Chilton Capital Management LLC bought a new stake in shares of T. Rowe Price Group in the first quarter worth about $41,000. Finally, Cromwell Holdings LLC grew its stake in shares of T. Rowe Price Group by 3,483.3% in the second quarter. Cromwell Holdings LLC now owns 430 shares of the asset manager's stock worth $41,000 after purchasing an additional 418 shares during the last quarter. 73.39% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

TROW has been the topic of several research reports. JPMorgan Chase & Co. lifted their price objective 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. Evercore ISI lifted their price objective on T. Rowe Price Group from $115.00 to $118.00 and gave the company an "in-line" rating in a research report on Thursday, October 9th. TD Cowen lifted their price objective on T. Rowe Price Group from $103.00 to $108.00 and gave the company a "hold" rating in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods lifted their price objective on T. Rowe Price Group from $112.00 to $115.00 and gave the company a "hold" rating in a research report on Monday. Finally, Jefferies Financial Group lifted their price objective on T. Rowe Price Group from $104.00 to $106.00 and gave the company a "hold" rating in a research report on Tuesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, ten have assigned a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Reduce" and an average price target of $106.38.

Insiders Place Their Bets

In other news, Director Robert F. Maclellan sold 3,090 shares of the business's stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $105.01, for a total transaction of $324,480.90. Following the completion of the sale, the director owned 47,335 shares of the company's stock, valued at $4,970,648.35. The trade was a 6.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 1.60% of the company's stock.

T. Rowe Price Group Stock Up 0.7%

Shares of NASDAQ TROW opened at $106.13 on Wednesday. T. Rowe Price Group, Inc. has a twelve month low of $77.85 and a twelve month high of $125.81. The firm has a market cap of $23.32 billion, a P/E ratio of 11.86, a PEG ratio of 5.80 and a beta of 1.50. The company has a 50 day moving average of $105.82 and a 200 day moving average of $98.64.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last announced its quarterly earnings data on Friday, August 1st. The asset manager reported $2.24 earnings per share 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 analyst estimates of $1.72 billion. During the same period in the previous year, the business earned $2.26 EPS. The firm's revenue for the quarter was down .6% on a year-over-year basis. As a group, equities analysts expect that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current fiscal year.

T. Rowe Price Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Monday, September 15th were paid a dividend of $1.27 per share. The ex-dividend date was Monday, September 15th. This represents a $5.08 dividend on an annualized basis and a yield of 4.8%. T. Rowe Price Group's payout ratio is currently 56.76%.

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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