Northern Trust Corp Buys 83,324 Shares of T. Rowe Price Group, Inc. $TROW

Key Points

• Northern Trust Corp increased its ownership in T. Rowe Price Group by 3.6%, acquiring an additional 83,324 shares, bringing its total to approximately 2.37 million shares valued at $218.1 million.
• T. Rowe Price Group reported earnings per share of $2.24, exceeding estimates of $2.15, while quarterly revenue of $1.72 billion matched analysts' expectations.
• The firm announced a quarterly dividend of $1.27 per share, which will be paid on September 29th, representing a yield of 4.9% based on an annualized amount of $5.08.

Northern Trust Corp raised its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 3.6% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 2,374,063 shares of the asset manager's stock after acquiring an additional 83,324 shares during the period. Northern Trust Corp owned approximately 1.08% of T. Rowe Price Group worth $218,105,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of TROW. OneDigital Investment Advisors LLC lifted its stake in T. Rowe Price Group by 4.4% during the 4th quarter. OneDigital Investment Advisors LLC now owns 5,103 shares of the asset manager's stock valued at $577,000 after acquiring an additional 216 shares during the period. Pinebridge Investments L.P. lifted its stake in T. Rowe Price Group by 182.5% during the 4th quarter. Pinebridge Investments L.P. now owns 159,777 shares of the asset manager's stock valued at $18,069,000 after acquiring an additional 103,209 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in T. Rowe Price Group by 1.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 306,512 shares of the asset manager's stock valued at $34,664,000 after acquiring an additional 4,496 shares during the period. MGO One Seven LLC bought a new position in T. Rowe Price Group during the 4th quarter valued at about $308,000. Finally, Coppell Advisory Solutions LLC lifted its stake in T. Rowe Price Group by 175.9% during the 4th quarter. Coppell Advisory Solutions LLC now owns 1,851 shares of the asset manager's stock valued at $211,000 after acquiring an additional 1,180 shares during the period. Institutional investors own 73.39% of the company's stock.

T. Rowe Price Group Trading Down 1.2%

T. Rowe Price Group stock opened at $104.53 on Friday. The firm has a 50 day moving average of $101.79 and a 200 day moving average of $97.65. The firm has a market capitalization of $22.97 billion, a price-to-earnings ratio of 11.68, a P/E/G ratio of 2.77 and a beta of 1.47. T. Rowe Price Group, Inc. has a 12-month low of $77.85 and a 12-month high of $125.81.

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 the consensus estimate of $2.15 by $0.09. The company had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.72 billion. T. Rowe Price Group had a net margin of 28.72% and a return on equity of 19.77%. The firm's quarterly revenue was down .6% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.26 EPS. On average, analysts predict that T. Rowe Price Group, Inc. will post 9.29 EPS for the current year.

T. Rowe Price Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be issued a $1.27 dividend. This represents a $5.08 annualized dividend and a yield of 4.9%. The ex-dividend date of this dividend is Monday, September 15th. T. Rowe Price Group's dividend payout ratio is currently 56.76%.

Insider Transactions at T. Rowe Price Group

In other T. Rowe Price Group news, VP Dorothy C. Sawyer sold 2,000 shares of the stock in a transaction that occurred on Wednesday, June 11th. The shares were 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 of the company's stock, valued at $4,274,214.27. This trade represents a 4.27% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 2.00% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on TROW. Keefe, Bruyette & Woods upped their target price on shares of T. Rowe Price Group from $110.00 to $112.00 and gave the company a "market perform" rating in a research note on Monday, August 4th. Barclays reaffirmed an "underweight" rating and set a $95.00 price target (up previously from $91.00) on shares of T. Rowe Price Group in a research report on Monday, August 4th. JPMorgan Chase & Co. upped their price target on shares of 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 upped their price target on shares of 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. Finally, Cowen reaffirmed a "hold" rating on shares of T. Rowe Price Group in a research report on Monday, May 5th. Eight analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, T. Rowe Price Group has a consensus rating of "Reduce" and an average price target of $101.09.

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.

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