Founders Financial Securities LLC raised its position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW – Free Report) by 218.1% in the third quarter, according to its most recent filing with the SEC. The firm owned 10,348 shares of the asset manager’s stock after purchasing an additional 7,095 shares during the quarter. Founders Financial Securities LLC’s holdings in T. Rowe Price Group were worth $1,077,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in TROW. Elevation Wealth Partners LLC lifted its position in shares of T. Rowe Price Group by 173.0% in the 3rd quarter. Elevation Wealth Partners LLC now owns 273 shares of the asset manager’s stock worth $28,000 after purchasing an additional 173 shares during the period. Bank & Trust Co boosted its stake in shares of T. Rowe Price Group by 52.4% in the 2nd quarter. Bank & Trust Co now owns 314 shares of the asset manager’s stock valued at $36,000 after purchasing an additional 108 shares during the last quarter. Keating Financial Advisory Services Inc. acquired a new stake in shares of T. Rowe Price Group during the second quarter worth $39,000. Clearstead Trust LLC acquired a new stake in shares of T. Rowe Price Group during the second quarter worth $41,000. Finally, Silvant Capital Management LLC acquired a new stake in shares of T. Rowe Price Group during the second quarter worth $43,000. Institutional investors own 73.39% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities analysts recently weighed in on TROW shares. JPMorgan Chase & Co. lifted their target price on shares of T. Rowe Price Group from $106.00 to $107.00 and gave the stock an “underweight” rating in a research note on Friday. TD Cowen cut their price target on shares of T. Rowe Price Group from $109.00 to $96.00 and set a “hold” rating on the stock in a research report on Friday. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $113.00 price target (up from $112.00) on shares of T. Rowe Price Group in a research report on Friday. Zacks Research downgraded T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 13th. Finally, Barclays lowered their price objective on T. Rowe Price Group from $103.00 to $102.00 and set an “underweight” rating for the company in a research report on Wednesday, October 14th. One investment analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $103.15.
Check Out Our Latest Report on TROW
Key Headlines Impacting T. Rowe Price Group
Here are the key news stories impacting T. Rowe Price Group this week:
- Positive Sentiment: Third-quarter adjusted earnings of $2.86 per share exceeded the $2.63 consensus estimate, while revenue reached approximately $2.0 billion versus expectations of $1.98 billion. Revenue increased 5.9% year over year, supported by higher advisory fees. T. Rowe Price Q3 Earnings and Revenues Surpass Estimates
- Positive Sentiment: Keefe, Bruyette & Woods reaffirmed its “market perform” rating but raised its price target to $113 from $112, implying approximately 8.8% potential upside based on the referenced price. Keefe, Bruyette & Woods Ratings
- Neutral Sentiment: T. Rowe Price is expanding its wealth-management operation with more than 50 new roles. The initiative could diversify growth and strengthen distribution over time, although added staffing costs may weigh on near-term efficiency. T. Rowe Price Adds Over 50 Wealth Management Roles
- Negative Sentiment: The earnings beat was offset by substantial client outflows and a decline in AUM during the quarter. Persistent redemptions are a key concern for an asset manager because they reduce fee-generating assets and could limit future revenue growth. T. Rowe Price Q3 Earnings, Revenue Beat Even as AUM Dips
T. Rowe Price Group Stock Performance
T. Rowe Price Group stock opened at $103.90 on Friday. The stock has a market capitalization of $22.16 billion, a price-to-earnings ratio of 10.51, a PEG ratio of 3.04 and a beta of 1.45. T. Rowe Price Group, Inc. has a 52-week low of $85.22 and a 52-week high of $122.00. The stock’s 50 day moving average price is $105.65 and its two-hundred day moving average price is $103.70.
T. Rowe Price Group (NASDAQ:TROW – Get Free Report) last released its quarterly earnings data on Thursday, October 29th. The asset manager reported $2.86 earnings per share for the quarter, beating the consensus estimate of $2.63 by $0.23. T. Rowe Price Group had a net margin of 28.40% and a return on equity of 20.71%. The company had revenue of $2 billion during the quarter, compared to analyst estimates of $1.98 billion. During the same quarter in the previous year, the business posted $2.81 EPS. T. Rowe Price Group’s revenue for the quarter was up 5.9% compared to the same quarter last year. On average, equities research analysts forecast that T. Rowe Price Group, Inc. will post 10.16 EPS for the current year.
T. Rowe Price Group Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th were issued a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a yield of 5.0%. The ex-dividend date was Tuesday, September 15th. T. Rowe Price Group’s dividend payout ratio (DPR) is presently 52.58%.
Insider Buying and Selling
In other T. Rowe Price Group news, VP Joshua Nelson sold 10,000 shares of T. Rowe Price Group stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $111.82, for a total value of $1,118,200.00. Following the completion of the sale, the vice president directly owned 71,328 shares of the company’s stock, valued at approximately $7,975,896.96. The trade was a 12.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 in 1937 by Thomas Rowe Price Jr., the company provides investment strategies and advisory services to individual investors, retirement plans, financial intermediaries, institutions and other clients.
The company offers a range of actively managed and multi-asset investment products, including mutual funds, exchange-traded funds, separately managed accounts and other portfolio solutions.
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