Tobam lifted its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW – Free Report) by 21,661.1% in the fourth quarter, Holdings Channel.com reports. The fund owned 7,834 shares of the asset manager’s stock after purchasing an additional 7,798 shares during the quarter. Tobam’s holdings in T. Rowe Price Group were worth $802,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. TD Private Client Wealth LLC raised its position in T. Rowe Price Group by 91.8% in the fourth quarter. TD Private Client Wealth LLC now owns 257 shares of the asset manager’s stock worth $26,000 after purchasing an additional 123 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in T. Rowe Price Group by 540.9% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 282 shares of the asset manager’s stock valued at $29,000 after purchasing an additional 238 shares in the last quarter. Canton Hathaway LLC acquired a new stake in T. Rowe Price Group during the fourth quarter valued at approximately $31,000. Sound Income Strategies LLC grew its stake in shares of T. Rowe Price Group by 170.3% in the 4th quarter. Sound Income Strategies LLC now owns 300 shares of the asset manager’s stock valued at $32,000 after purchasing an additional 189 shares during the period. Finally, DV Equities LLC acquired a new position in shares of T. Rowe Price Group in the 4th quarter worth approximately $32,000. Institutional investors own 73.39% of the company’s stock.
Analysts Set New Price Targets
Several equities analysts recently commented on the company. Keefe, Bruyette & Woods raised their target price on T. Rowe Price Group from $95.00 to $107.00 and gave the stock a “market perform” rating in a research report on Friday, May 1st. Morgan Stanley set a $105.00 price target on T. Rowe Price Group in a research report on Monday, April 27th. JPMorgan Chase & Co. dropped their price objective on 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. The Goldman Sachs Group lifted their price objective on T. Rowe Price Group from $85.00 to $90.00 in a report on Friday, May 1st. Finally, Zacks Research upgraded shares of T. Rowe Price Group from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 13th. Eleven investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat, T. Rowe Price Group presently has an average rating of “Reduce” and an average target price of $100.08.
T. Rowe Price Group Stock Performance
NASDAQ:TROW opened at $107.65 on Friday. The stock has a market capitalization of $23.07 billion, a P/E ratio of 11.54, a price-to-earnings-growth ratio of 5.51 and a beta of 1.50. 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 50 day moving average of $102.63 and a 200-day moving average of $99.85.
T. Rowe Price Group (NASDAQ:TROW – Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The asset manager reported $2.52 EPS for the quarter, topping analysts’ consensus estimates of $2.37 by $0.15. T. Rowe Price Group had a return on equity of 20.60% and a net margin of 28.28%.The business had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.85 billion. During the same period in the prior year, the company earned $2.23 EPS. T. Rowe Price Group’s revenue for the quarter was up 5.3% on a year-over-year basis. As a group, analysts forecast that T. Rowe Price Group, Inc. will post 9.63 EPS for the current fiscal year.
T. Rowe Price Group Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 29th. Shareholders 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 4.8%. T. Rowe Price Group’s payout ratio is currently 55.73%.
Insider Activity at T. Rowe Price Group
In other news, VP Stephon A. Jackson sold 3,000 shares of the stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $102.56, for a total transaction of $307,680.00. Following the sale, the vice president owned 83,883 shares in the company, valued at approximately $8,603,040.48. This represents a 3.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.60% of the company’s stock.
T. Rowe Price Group Company 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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