1832 Asset Management L.P. Acquires New Stake in T. Rowe Price Group, Inc. $TROW

1832 Asset Management L.P. acquired a new stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 9,983 shares of the asset manager’s stock, valued at approximately $917,000.

Several other institutional investors and hedge funds have also recently modified their holdings of TROW. Zions Bancorporation National Association UT purchased a new stake in shares of T. Rowe Price Group in the 1st quarter valued at $27,000. Hexagon Capital Partners LLC grew its stake in T. Rowe Price Group by 44.8% during the 1st quarter. Hexagon Capital Partners LLC now owns 365 shares of the asset manager’s stock worth $34,000 after purchasing an additional 113 shares in the last quarter. Smallwood Wealth Investment Management LLC acquired a new position in T. Rowe Price Group during the 1st quarter worth $39,000. Chilton Capital Management LLC acquired a new position in T. Rowe Price Group during the 1st quarter worth $41,000. Finally, Ameriflex Group Inc. acquired a new position in T. Rowe Price Group during the 4th quarter worth $42,000. Hedge funds and other institutional investors own 73.39% of the company’s stock.

T. Rowe Price Group Trading Up 1.0%

TROW stock opened at $108.56 on Wednesday. The company has a market capitalization of $23.85 billion, a P/E ratio of 12.13, a PEG ratio of 2.82 and a beta of 1.47. T. Rowe Price Group, Inc. has a twelve month low of $77.85 and a twelve month high of $125.81. The business has a 50 day simple moving average of $102.75 and a 200-day simple moving average of $97.48.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings data on Friday, August 1st. The asset manager reported $2.24 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.09. The business 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 period in the prior year, the company earned $2.26 earnings per share. Research analysts predict that T. Rowe Price Group, Inc. will post 9.29 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be issued a $1.27 dividend. This represents a $5.08 annualized dividend and a dividend yield of 4.7%. The ex-dividend date of this dividend is Monday, September 15th. T. Rowe Price Group’s dividend payout ratio is presently 56.76%.

Analyst Ratings Changes

Several research firms recently commented on TROW. Wells Fargo & Company boosted their target price on T. Rowe Price Group from $98.00 to $108.00 and gave the stock an “equal weight” rating in a research note on Friday, July 11th. Morgan Stanley boosted their target price on T. Rowe Price Group from $112.00 to $116.00 and gave the stock an “equal weight” rating in a research note on Monday, August 4th. Barclays reissued an “underweight” rating and set a $95.00 target price (up from $91.00) on shares of T. Rowe Price Group in a research note on Monday, August 4th. JPMorgan Chase & Co. upped their price objective on T. Rowe Price Group from $98.00 to $102.00 and gave the stock an “underweight” 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 MarketBeat, T. Rowe Price Group has an average rating of “Reduce” and a consensus target price of $101.09.

Insider Buying and Selling at T. Rowe Price Group

In other T. Rowe Price Group news, VP Dorothy C. Sawyer sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 11th. The stock was 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 represents a 4.27% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.60% of the company’s stock.

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.