Traders Purchase High Volume of Call Options on T. Rowe Price Group (TROW)
T. Rowe Price Group, Inc. (NASDAQ:TROW) was the recipient of some unusual options trading activity on Tuesday. Traders purchased 11,245 call options on the company. This is an increase of 6,253% compared to the average daily volume of 177 call options.
In other news, VP Christopher D. Alderson sold 6,808 shares of the company’s stock in a transaction that occurred on Friday, December 8th. The shares were sold at an average price of $102.83, for a total value of $700,066.64. Following the completion of the sale, the vice president now directly owns 119,846 shares of the company’s stock, valued at approximately $12,323,764.18. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Kenneth V. Moreland sold 15,082 shares of the company’s stock in a transaction that occurred on Tuesday, November 28th. The stock was sold at an average price of $99.44, for a total transaction of $1,499,754.08. Following the completion of the sale, the chief financial officer now directly owns 110,182 shares of the company’s stock, valued at $10,956,498.08. The disclosure for this sale can be found here. Insiders have sold a total of 88,513 shares of company stock valued at $8,562,005 over the last three months. 3.60% of the stock is currently owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the company. Bronfman E.L. Rothschild L.P. raised its holdings in shares of T. Rowe Price Group by 6.9% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,593 shares of the asset manager’s stock valued at $118,000 after acquiring an additional 103 shares during the period. Signature Estate & Investment Advisors LLC acquired a new stake in shares of T. Rowe Price Group during the third quarter valued at approximately $118,000. Grove Bank & Trust raised its holdings in shares of T. Rowe Price Group by 178.7% during the third quarter. Grove Bank & Trust now owns 1,310 shares of the asset manager’s stock valued at $119,000 after acquiring an additional 840 shares during the period. Quadrant Capital Group LLC raised its holdings in shares of T. Rowe Price Group by 5.4% during the second quarter. Quadrant Capital Group LLC now owns 1,749 shares of the asset manager’s stock valued at $121,000 after acquiring an additional 89 shares during the period. Finally, Sun Life Financial INC increased its stake in T. Rowe Price Group by 19,500.0% in the 2nd quarter. Sun Life Financial INC now owns 1,764 shares of the asset manager’s stock valued at $131,000 after buying an additional 1,755 shares during the period. Institutional investors and hedge funds own 72.21% of the company’s stock.
T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings results on Thursday, October 26th. The asset manager reported $1.56 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.36 by $0.20. T. Rowe Price Group had a net margin of 33.10% and a return on equity of 24.76%. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same quarter in the previous year, the business earned $1.17 earnings per share. The firm’s revenue was up 11.8% compared to the same quarter last year. research analysts anticipate that T. Rowe Price Group will post 5.29 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 28th. Stockholders of record on Thursday, December 14th will be issued a dividend of $0.57 per share. The ex-dividend date of this dividend is Wednesday, December 13th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.24%. T. Rowe Price Group’s dividend payout ratio is currently 37.38%.
A number of analysts have recently weighed in on TROW shares. Jefferies Group reaffirmed a “buy” rating and issued a $104.00 price target (up from $96.00) on shares of T. Rowe Price Group in a research note on Tuesday, October 10th. Zacks Investment Research lowered shares of T. Rowe Price Group from a “buy” rating to a “hold” rating in a research note on Wednesday, September 13th. Barclays started coverage on shares of T. Rowe Price Group in a research note on Friday, September 8th. They issued an “underweight” rating and a $79.00 price target for the company. Citigroup upped their price target on shares of T. Rowe Price Group from $94.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, October 27th. Finally, Goldman Sachs Group raised shares of T. Rowe Price Group from a “neutral” rating to a “buy” rating and upped their price target for the stock from $85.00 to $100.00 in a research note on Thursday, September 28th. Three analysts have rated the stock with a sell rating, six have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $89.67.
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About T. Rowe Price Group
T. Rowe Price Group, Inc is a financial services holding company. The Company provides global investment management services through its subsidiaries to investors across the world. The Company provides an array of Company sponsored the United States mutual funds, other sponsored pooled investment vehicles, sub advisory services, separate account management, recordkeeping, and related services to individuals, advisors, institutions, financial intermediaries and retirement plan sponsors.
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