T. Rowe Price Group, Inc. (NASDAQ:TROW – Get Free Report) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $121.42 and last traded at $121.6650, with a volume of 498848 shares changing hands. The stock had previously closed at $119.21.
Analyst Ratings Changes
Several research firms have weighed in on TROW. Jefferies Financial Group reduced their target price on T. Rowe Price Group from $107.00 to $91.00 and set a “hold” rating on the stock in a report on Wednesday, April 8th. Keefe, Bruyette & Woods increased their target price on T. Rowe Price Group from $107.00 to $120.00 and gave the stock a “market perform” rating in a research note on Friday, July 10th. Evercore set a $121.00 price target on shares of T. Rowe Price Group in a report on Friday, July 10th. TD Cowen cut their price objective on shares of T. Rowe Price Group from $108.00 to $107.00 and set a “hold” rating on the stock in a research report on Monday, July 20th. Finally, Weiss Ratings upgraded T. Rowe Price Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, July 2nd. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average target price of $104.50.
Check Out Our Latest Analysis on TROW
T. Rowe Price Group Stock Performance
T. Rowe Price Group (NASDAQ:TROW – Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The asset manager reported $2.52 EPS for the quarter, beating the consensus estimate of $2.37 by $0.15. The business had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.85 billion. T. Rowe Price Group had a net margin of 28.28% and a return on equity of 20.60%. The company’s revenue was up 5.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.23 earnings per share. Sell-side analysts anticipate that T. Rowe Price Group, Inc. will post 10.12 EPS for the current year.
T. Rowe Price Group Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, June 29th. Investors of record on Monday, June 15th were paid a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date of this dividend was Monday, June 15th. T. Rowe Price Group’s dividend payout ratio is presently 55.73%.
Insider Activity
In related news, VP Stephon A. Jackson sold 3,000 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the vice president owned 83,883 shares of the company’s stock, valued at $8,603,040.48. This trade represents a 3.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.60% of the company’s stock.
Institutional Inflows and Outflows
Several hedge funds have recently made changes to their positions in TROW. Vest Financial LLC increased its holdings in T. Rowe Price Group by 3.9% during the second quarter. Vest Financial LLC now owns 548,644 shares of the asset manager’s stock valued at $62,375,000 after buying an additional 20,743 shares during the last quarter. Nilsine Partners LLC grew its holdings in T. Rowe Price Group by 3.2% during the second quarter. Nilsine Partners LLC now owns 4,083 shares of the asset manager’s stock valued at $464,000 after purchasing an additional 127 shares during the period. Leelyn Smith LLC boosted its stake in shares of T. Rowe Price Group by 3.4% in the second quarter. Leelyn Smith LLC now owns 28,687 shares of the asset manager’s stock worth $3,261,000 after acquiring an additional 946 shares during the period. Signaturefd LLC grew its position in shares of T. Rowe Price Group by 187.4% during the second quarter. Signaturefd LLC now owns 10,584 shares of the asset manager’s stock worth $1,203,000 after purchasing an additional 6,901 shares in the last quarter. Finally, Kesler Norman & Wride LLC grew its position in shares of T. Rowe Price Group by 0.6% during the second quarter. Kesler Norman & Wride LLC now owns 15,914 shares of the asset manager’s stock worth $1,809,000 after purchasing an additional 96 shares in the last quarter. 73.39% of the stock is owned by hedge funds and other institutional investors.
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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