Steel Grove Capital Advisors LLC Raises Stake in T. Rowe Price Group, Inc. $TROW

Steel Grove Capital Advisors LLC boosted its position in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 22.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 19,510 shares of the asset manager’s stock after buying an additional 3,542 shares during the period. Steel Grove Capital Advisors LLC’s holdings in T. Rowe Price Group were worth $1,883,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of TROW. GAMMA Investing LLC boosted its position in T. Rowe Price Group by 5.1% in the first quarter. GAMMA Investing LLC now owns 3,627 shares of the asset manager’s stock valued at $333,000 after buying an additional 176 shares during the last quarter. Exchange Traded Concepts LLC boosted its position in T. Rowe Price Group by 27.9% in the first quarter. Exchange Traded Concepts LLC now owns 971 shares of the asset manager’s stock valued at $89,000 after buying an additional 212 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its position in T. Rowe Price Group by 2.9% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 43,433 shares of the asset manager’s stock valued at $3,990,000 after buying an additional 1,214 shares during the last quarter. Asset Management One Co. Ltd. boosted its position in T. Rowe Price Group by 8.5% in the first quarter. Asset Management One Co. Ltd. now owns 95,508 shares of the asset manager’s stock valued at $8,774,000 after buying an additional 7,455 shares during the last quarter. Finally, Moran Wealth Management LLC purchased a new stake in T. Rowe Price Group in the first quarter valued at approximately $8,073,000. Hedge funds and other institutional investors own 73.39% of the company’s stock.

Insider Activity

In related news, Director Robert F. Maclellan sold 3,090 shares of the stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $105.01, for a total value of $324,480.90. Following the completion of the transaction, the director directly owned 47,335 shares of the company’s stock, valued at approximately $4,970,648.35. This represents a 6.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.60% of the stock is owned by company insiders.

T. Rowe Price Group Price Performance

Shares of NASDAQ:TROW opened at $104.25 on Wednesday. T. Rowe Price Group, Inc. has a 1 year low of $77.85 and a 1 year high of $125.81. The firm has a market capitalization of $22.90 billion, a price-to-earnings ratio of 11.65, a price-to-earnings-growth ratio of 5.72 and a beta of 1.50. The business’s 50 day moving average price is $105.69 and its 200-day moving average price is $99.15.

T. Rowe Price Group (NASDAQ:TROW) last announced its earnings results on Friday, August 1st. The asset manager reported $2.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.09. T. Rowe Price Group had a return on equity of 19.77% and a net margin of 28.72%.The firm had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.72 billion. During the same quarter last year, the firm posted $2.26 EPS. The business’s revenue was down .6% on a year-over-year basis. On average, sell-side analysts expect that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current year.

T. Rowe Price Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Monday, September 15th were given a dividend of $1.27 per share. The ex-dividend date was Monday, September 15th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 4.9%. T. Rowe Price Group’s dividend payout ratio (DPR) is 56.76%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on TROW shares. Evercore ISI upped their price objective on T. Rowe Price Group from $115.00 to $118.00 and gave the stock an “in-line” rating in a research report on Thursday, October 9th. TD Cowen upped their price objective on T. Rowe Price Group from $103.00 to $108.00 and gave the stock a “hold” rating in a research report on Wednesday, October 8th. Wells Fargo & Company upped their price objective on T. Rowe Price Group from $98.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Friday, July 11th. Deutsche Bank Aktiengesellschaft upped their price objective on T. Rowe Price Group from $109.00 to $114.00 and gave the stock a “hold” rating in a research report on Thursday, October 9th. Finally, Zacks Research upgraded T. Rowe Price Group from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 10th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, ten have assigned a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, T. Rowe Price Group presently has a consensus rating of “Reduce” and a consensus target price of $107.54.

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.