Promethium Advisors LLC Acquires 14,473 Shares of T. Rowe Price Group, Inc. $TROW

Key Points

• Promethium Advisors LLC increased its stake in T. Rowe Price Group by 45.2%, now holding 46,460 shares worth approximately $4.27 million.
• T. Rowe Price Group recently reported earnings of $2.24 per share, exceeding analyst estimates and generating revenue of $1.72 billion for the quarter.
• The company declared a quarterly dividend of $1.27, with an ex-dividend date of September 15th, reflecting an annualized yield of 4.7%.

Promethium Advisors LLC increased its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 45.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 46,460 shares of the asset manager's stock after purchasing an additional 14,473 shares during the quarter. T. Rowe Price Group makes up 2.7% of Promethium Advisors LLC's investment portfolio, making the stock its 5th biggest holding. Promethium Advisors LLC's holdings in T. Rowe Price Group were worth $4,268,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of TROW. Zions Bancorporation National Association UT bought a new stake in shares of T. Rowe Price Group in the first quarter worth $27,000. Hexagon Capital Partners LLC boosted its position in T. Rowe Price Group by 44.8% during the first 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 last quarter. Smallwood Wealth Investment Management LLC bought a new stake in T. Rowe Price Group during the first quarter valued at $39,000. Chilton Capital Management LLC bought a new stake in T. Rowe Price Group during the first quarter valued at $41,000. Finally, Ameriflex Group Inc. bought a new stake in T. Rowe Price Group during the fourth quarter valued at $42,000. Institutional investors own 73.39% of the company's stock.

T. Rowe Price Group Stock Performance

Shares of NASDAQ TROW traded up $6.15 during trading on Thursday, hitting $111.52. 5,277,525 shares of the company traded hands, compared to its average volume of 1,076,656. T. Rowe Price Group, Inc. has a fifty-two week low of $77.85 and a fifty-two week high of $125.81. The firm has a market capitalization of $24.50 billion, a price-to-earnings ratio of 12.46, a P/E/G ratio of 2.75 and a beta of 1.51. The business's fifty day moving average is $104.70 and its 200 day moving average is $97.55.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last posted its earnings results 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 for the quarter, compared to analyst estimates of $1.72 billion. During the same quarter in the prior year, the business posted $2.26 EPS. The firm's revenue was down .6% compared to the same quarter last year. 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 firm 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 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date is Monday, September 15th. T. Rowe Price Group's dividend payout ratio is currently 56.76%.

Insider Buying and Selling at T. Rowe Price Group

In related news, VP Dorothy C. Sawyer sold 2,000 shares of the company's 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 sale, the vice president owned 44,789 shares in the company, valued at $4,274,214.27. This represents a 4.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have commented on TROW. Keefe, Bruyette & Woods upped their price target on shares of T. Rowe Price Group from $110.00 to $112.00 and gave the company a "market perform" rating in a research report on Monday, August 4th. Morgan Stanley upped their price target on shares of T. Rowe Price Group from $112.00 to $116.00 and gave the company an "equal weight" 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. 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. Finally, 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. Eight analysts have rated the stock with a Hold rating and four have given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average 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.