T. Rowe Price Group, Inc. (NASDAQ:TROW) Shares Purchased by Commonwealth Equity Services LLC

Key Points

• Commonwealth Equity Services LLC increased its position in T. Rowe Price Group by 2.1% in the first quarter, owning 364,979 shares worth approximately $33.5 million.
• T. Rowe Price Group reported earnings per share (EPS) of $2.24 for the quarter, exceeding analysts' expectations of $2.15, but revenue was down 0.6% year-over-year.
• The company announced a quarterly dividend of $1.27 per share, representing an annual yield of 4.8% and a payout ratio of 56.76%.

Commonwealth Equity Services LLC lifted its position in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 2.1% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 364,979 shares of the asset manager's stock after purchasing an additional 7,423 shares during the period. Commonwealth Equity Services LLC owned 0.17% of T. Rowe Price Group worth $33,531,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Hexagon Capital Partners LLC increased its holdings in shares of T. Rowe Price Group by 44.8% in the 1st quarter. Hexagon Capital Partners LLC now owns 365 shares of the asset manager's stock valued at $34,000 after acquiring an additional 113 shares during the period. Smallwood Wealth Investment Management LLC bought a new stake in T. Rowe Price Group during the first quarter valued at about $39,000. Chilton Capital Management LLC purchased a new position in T. Rowe Price Group in the first quarter valued at about $41,000. Ameriflex Group Inc. bought a new position in T. Rowe Price Group in the fourth quarter worth about $42,000. Finally, Wayfinding Financial LLC purchased a new stake in shares of T. Rowe Price Group during the first quarter valued at about $43,000. Institutional investors own 73.39% of the company's stock.

T. Rowe Price Group Price Performance

T. Rowe Price Group stock traded down $1.36 during trading hours on Thursday, hitting $104.06. 1,192,032 shares of the stock traded hands, compared to its average volume of 1,892,619. The firm's 50 day moving average price is $99.26 and its 200-day moving average price is $98.20. The stock has a market capitalization of $22.86 billion, a price-to-earnings ratio of 11.63, a P/E/G ratio of 2.86 and a beta of 1.47. T. Rowe Price Group, Inc. has a 1 year low of $77.85 and a 1 year 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 EPS for the quarter, topping analysts' consensus estimates of $2.15 by $0.09. The firm had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.72 billion. T. Rowe Price Group had a return on equity of 19.77% and a net margin of 28.72%. The company's revenue was down .6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.26 earnings per share. Research analysts forecast that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 13th were issued a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a dividend yield of 4.9%. The ex-dividend date of this dividend was Friday, June 13th. T. Rowe Price Group's dividend payout ratio (DPR) is 56.76%.

Insider Buying and Selling at T. Rowe Price Group

In other T. Rowe Price Group news, insider Jessica M. Hiebler sold 968 shares of the company's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $96.98, for a total value of $93,876.64. Following the sale, the insider directly owned 13,611 shares of the company's stock, valued at approximately $1,319,994.78. This represents a 6.64% 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, VP Dorothy C. Sawyer sold 2,000 shares of T. Rowe Price Group stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $95.43, for a total value of $190,860.00. Following the transaction, the vice president owned 44,789 shares of the company's stock, valued at $4,274,214.27. The trade was a 4.27% decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.00% of the company's stock.

Analysts Set New Price Targets

TROW has been the topic of a number of analyst reports. Barclays reaffirmed an "underweight" rating and issued a $95.00 price objective (up previously from $91.00) on shares of T. Rowe Price Group in a research report on Monday. TD Cowen lowered their target price on shares of T. Rowe Price Group from $112.00 to $89.00 and set a "hold" rating for the company in a research note on Wednesday, April 9th. The Goldman Sachs Group reduced their price target on T. Rowe Price Group from $89.00 to $80.00 and set a "sell" rating on the stock in a research report on Monday, April 14th. Wells Fargo & Company increased their price objective on T. Rowe Price Group from $98.00 to $108.00 and gave the company an "equal weight" rating in a report on Friday, July 11th. Finally, JPMorgan Chase & Co. boosted their target price on T. Rowe Price Group from $98.00 to $102.00 and gave the stock an "underweight" rating in a research note on Monday. Four investment analysts have rated the stock with a sell rating and nine have issued a hold rating to the company. According to data from MarketBeat.com, T. Rowe Price Group presently has a consensus rating of "Hold" and a consensus price target of $101.09.

About T. Rowe Price Group

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.