T. Rowe Price Group, Inc. (NASDAQ:TROW) Shares Acquired by RNC Capital Management LLC

RNC Capital Management LLC grew its position in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 57.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 22,340 shares of the asset manager’s stock after purchasing an additional 8,115 shares during the period. RNC Capital Management LLC’s holdings in T. Rowe Price Group were worth $2,406,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of T. Rowe Price Group by 3.2% in the first quarter. Vanguard Group Inc. now owns 20,183,563 shares of the asset manager’s stock valued at $3,051,553,000 after purchasing an additional 625,340 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in T. Rowe Price Group by 2.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,900,101 shares of the asset manager’s stock worth $513,874,000 after acquiring an additional 134,839 shares during the period. Morgan Stanley grew its holdings in T. Rowe Price Group by 0.7% during the third quarter. Morgan Stanley now owns 3,483,350 shares of the asset manager’s stock worth $365,299,000 after acquiring an additional 25,012 shares during the period. Northern Trust Corp grew its holdings in T. Rowe Price Group by 4.1% during the third quarter. Northern Trust Corp now owns 2,356,132 shares of the asset manager’s stock worth $247,088,000 after acquiring an additional 93,829 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in T. Rowe Price Group by 2.0% during the third quarter. Bank of New York Mellon Corp now owns 2,271,065 shares of the asset manager’s stock worth $238,167,000 after acquiring an additional 44,175 shares during the period. 73.39% of the stock is owned by institutional investors and hedge funds.

T. Rowe Price Group Stock Performance

NASDAQ TROW opened at $120.86 on Thursday. The stock’s fifty day moving average is $112.11 and its two-hundred day moving average is $105.55. The firm has a market capitalization of $27.03 billion, a P/E ratio of 15.57, a price-to-earnings-growth ratio of 2.35 and a beta of 1.39. T. Rowe Price Group, Inc. has a fifty-two week low of $87.43 and a fifty-two week high of $132.76.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings data on Thursday, February 8th. The asset manager reported $1.72 earnings per share for the quarter, topping analysts’ consensus estimates of $1.60 by $0.12. The company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.63 billion. T. Rowe Price Group had a return on equity of 18.41% and a net margin of 27.69%. The firm’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.74 earnings per share. As a group, sell-side analysts forecast that T. Rowe Price Group, Inc. will post 7.75 EPS for the current year.

T. Rowe Price Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 28th. Shareholders of record on Friday, March 15th will be paid a dividend of $1.24 per share. The ex-dividend date is Thursday, March 14th. This represents a $4.96 dividend on an annualized basis and a yield of 4.10%. This is a positive change from T. Rowe Price Group’s previous quarterly dividend of $1.22. T. Rowe Price Group’s payout ratio is 63.92%.

Analysts Set New Price Targets

Several research firms recently commented on TROW. Morgan Stanley raised their target price on T. Rowe Price Group from $101.00 to $106.00 and gave the stock an “equal weight” rating in a report on Friday, January 19th. JPMorgan Chase & Co. raised their price objective on T. Rowe Price Group from $90.00 to $94.00 and gave the company an “underweight” rating in a report on Friday, February 9th. TD Cowen began coverage on T. Rowe Price Group in a report on Thursday, January 4th. They issued an “underperform” rating and a $88.00 price objective on the stock. UBS Group raised their price objective on T. Rowe Price Group from $86.00 to $102.00 and gave the company a “sell” rating in a report on Wednesday, January 10th. Finally, Wells Fargo & Company raised their price objective on T. Rowe Price Group from $105.00 to $108.00 and gave the company an “underweight” rating in a report on Friday, February 9th. Six research analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $97.30.

Insider Activity

In other news, insider Jessica M. Hiebler sold 1,138 shares of the company’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $107.13, for a total value of $121,913.94. Following the transaction, the insider now owns 14,113 shares of the company’s stock, valued at approximately $1,511,925.69. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider Jessica M. Hiebler sold 1,138 shares of the company’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $107.13, for a total value of $121,913.94. Following the transaction, the insider now owns 14,113 shares of the company’s stock, valued at approximately $1,511,925.69. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Freeman A. Hrabowski III sold 8,740 shares of the company’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $118.32, for a total value of $1,034,116.80. Following the completion of the transaction, the director now directly owns 21,073 shares in the company, valued at approximately $2,493,357.36. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

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.