Smithbridge Asset Management Inc. DE raised its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW – Free Report) by 99.5% during the 4th quarter, Holdings Channel.com reports. The firm owned 73,896 shares of the asset manager’s stock after acquiring an additional 36,851 shares during the period. Smithbridge Asset Management Inc. DE’s holdings in T. Rowe Price Group were worth $7,565,000 as of its most recent filing with the SEC.
Several other hedge funds also recently added to or reduced their stakes in TROW. Goldman Sachs Group Inc. boosted its holdings in T. Rowe Price Group by 332.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 8,770,071 shares of the asset manager’s stock valued at $897,880,000 after purchasing an additional 6,740,172 shares during the last quarter. Norges Bank purchased a new stake in T. Rowe Price Group in the fourth quarter valued at $128,283,000. PFA Pension Forsikringsaktieselskab purchased a new stake in T. Rowe Price Group in the fourth quarter valued at $61,073,000. Caisse de depot et placement du Quebec boosted its holdings in T. Rowe Price Group by 81.0% in the third quarter. Caisse de depot et placement du Quebec now owns 1,306,922 shares of the asset manager’s stock valued at $134,142,000 after purchasing an additional 584,949 shares during the last quarter. Finally, Anchyra Partners LLC purchased a new stake in T. Rowe Price Group in the fourth quarter valued at $48,012,000. 73.39% of the stock is owned by hedge funds and other institutional investors.
T. Rowe Price Group Price Performance
Shares of NASDAQ:TROW opened at $106.43 on Thursday. T. Rowe Price Group, Inc. has a 1 year low of $85.22 and a 1 year high of $118.22. The firm has a market capitalization of $22.80 billion, a price-to-earnings ratio of 11.41, a price-to-earnings-growth ratio of 5.42 and a beta of 1.50. The business’s 50 day moving average price is $100.06 and its 200-day moving average price is $99.50.
T. Rowe Price Group Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, June 29th. Investors of record on Monday, June 15th will be paid a $1.30 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $5.20 dividend on an annualized basis and a yield of 4.9%. T. Rowe Price Group’s dividend payout ratio (DPR) is currently 55.73%.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently commented on TROW shares. Barclays raised their price objective on shares of T. Rowe Price Group from $87.00 to $89.00 and gave the stock an “underweight” rating in a research note on Friday, May 1st. Morgan Stanley set a $105.00 target price on shares of T. Rowe Price Group in a research note on Monday, April 27th. Keefe, Bruyette & Woods boosted their target price on shares of T. Rowe Price Group from $95.00 to $107.00 and gave the company a “market perform” rating in a research note on Friday, May 1st. JPMorgan Chase & Co. decreased their target price on shares of T. Rowe Price Group from $106.00 to $103.00 and set an “underweight” rating for the company in a research note on Friday, April 24th. Finally, Evercore boosted their target price on shares of T. Rowe Price Group from $106.00 to $111.00 in a research note on Monday. Eleven equities research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat.com, T. Rowe Price Group presently has an average rating of “Reduce” and an average price target of $100.08.
Get Our Latest Research Report on TROW
Insiders Place Their Bets
In related news, VP Stephon A. Jackson sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $102.56, for a total value of $307,680.00. Following the transaction, the vice president directly owned 83,883 shares of the company’s stock, valued at approximately $8,603,040.48. This trade represents a 3.45% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.60% of the company’s stock.
T. Rowe Price Group Profile
T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland, founded by Thomas Rowe Price Jr. in 1937. The company provides a broad range of investment products and services for individual investors, financial intermediaries, retirement plan sponsors and institutional clients. Its offerings are built around active investment management and in-house research across equity, fixed income and multi-asset strategies, reflecting a long history as a research-driven asset manager.
The firm’s product lineup includes mutual funds, separate accounts, collective investment trusts, target-date and target-risk funds, and managed account solutions, as well as services for defined contribution and defined benefit retirement plans.
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