Mogy Joel R Investment Counsel Inc. Lowers Stock Holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Mogy Joel R Investment Counsel Inc. reduced its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 40.9% during the 4th quarter, HoldingsChannel reports. The firm owned 11,775 shares of the asset manager’s stock after selling 8,140 shares during the period. Mogy Joel R Investment Counsel Inc.’s holdings in T. Rowe Price Group were worth $1,268,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Creative Financial Designs Inc. ADV grew its stake in shares of T. Rowe Price Group by 83.5% in the 4th quarter. Creative Financial Designs Inc. ADV now owns 233 shares of the asset manager’s stock valued at $25,000 after purchasing an additional 106 shares during the last quarter. OFI Invest Asset Management acquired a new stake in shares of T. Rowe Price Group in the 3rd quarter valued at approximately $25,000. Park Place Capital Corp lifted its holdings in shares of T. Rowe Price Group by 1,775.0% in the 4th quarter. Park Place Capital Corp now owns 300 shares of the asset manager’s stock valued at $32,000 after buying an additional 284 shares during the period. Fortitude Family Office LLC acquired a new stake in shares of T. Rowe Price Group in the 4th quarter valued at approximately $33,000. Finally, CVA Family Office LLC acquired a new stake in shares of T. Rowe Price Group in the 4th quarter valued at approximately $39,000. 73.39% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on TROW. Citigroup raised their price target on T. Rowe Price Group from $110.00 to $125.00 and gave the company a “neutral” rating in a report on Friday, April 5th. StockNews.com cut T. Rowe Price Group from a “buy” rating to a “hold” rating in a report on Friday, February 9th. Wells Fargo & Company raised their price target 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. JPMorgan Chase & Co. lifted their price objective on T. Rowe Price Group from $94.00 to $103.00 and gave the stock an “underweight” rating in a report on Tuesday, April 16th. Finally, TD Cowen raised T. Rowe Price Group from a “sell” rating to a “hold” rating and lifted their price objective for the stock from $92.00 to $114.00 in a report on Monday, April 8th. Four analysts have rated the stock with a sell rating and six have given a hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $112.67.

T. Rowe Price Group Stock Performance

TROW stock traded up $5.19 during midday trading on Friday, hitting $114.02. 2,943,278 shares of the stock were exchanged, compared to its average volume of 1,335,708. T. Rowe Price Group, Inc. has a fifty-two week low of $87.43 and a fifty-two week high of $132.76. The stock has a market cap of $25.50 billion, a price-to-earnings ratio of 14.69, a PEG ratio of 2.04 and a beta of 1.40. The stock’s 50-day moving average price is $115.10 and its 200-day moving average price is $107.07.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings results on Friday, April 26th. The asset manager reported $2.38 earnings per share for the quarter, topping analysts’ consensus estimates of $2.04 by $0.34. T. Rowe Price Group had a return on equity of 18.41% and a net margin of 27.69%. The company had revenue of $1.75 billion during the quarter, compared to analysts’ expectations of $1.71 billion. During the same period in the previous year, the firm posted $1.69 earnings per share. The business’s revenue for the quarter was up 13.8% compared to the same quarter last year. Research analysts anticipate that T. Rowe Price Group, Inc. will post 8.36 EPS for the current year.

T. Rowe Price Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were issued a $1.24 dividend. This represents a $4.96 dividend on an annualized basis and a dividend yield of 4.35%. This is a boost from T. Rowe Price Group’s previous quarterly dividend of $1.22. The ex-dividend date was Thursday, March 14th. T. Rowe Price Group’s payout ratio is 63.92%.

Insider Transactions at T. Rowe Price Group

In other news, Director Freeman A. Hrabowski III sold 8,740 shares of the business’s stock in a transaction on Friday, March 8th. The stock was 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 of the company’s stock, valued at $2,493,357.36. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Jessica M. Hiebler sold 1,138 shares of T. Rowe Price Group 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 completion of the sale, the insider now owns 14,113 shares of the company’s stock, valued at $1,511,925.69. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Freeman A. Hrabowski III sold 8,740 shares of T. Rowe Price Group 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 sale, the director now directly owns 21,073 shares of the company’s stock, valued at approximately $2,493,357.36. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

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.