Baltimore Capital Management Inc. acquired a new stake in T. Rowe Price Group Inc (NASDAQ:TROW) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 24,522 shares of the asset manager’s stock, valued at approximately $2,455,000. T. Rowe Price Group comprises 4.0% of Baltimore Capital Management Inc.’s portfolio, making the stock its 5th biggest position.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Westpac Banking Corp grew its stake in shares of T. Rowe Price Group by 58.4% in the 1st quarter. Westpac Banking Corp now owns 27,032 shares of the asset manager’s stock valued at $2,706,000 after purchasing an additional 9,969 shares during the last quarter. Andra AP fonden purchased a new position in shares of T. Rowe Price Group in the 1st quarter valued at approximately $5,437,000. Williams Jones & Associates LLC grew its stake in shares of T. Rowe Price Group by 0.7% in the 1st quarter. Williams Jones & Associates LLC now owns 278,388 shares of the asset manager’s stock valued at $27,872,000 after purchasing an additional 1,882 shares during the last quarter. Advisory Alpha LLC purchased a new position in shares of T. Rowe Price Group in the 1st quarter valued at approximately $27,000. Finally, Archford Capital Strategies LLC purchased a new position in shares of T. Rowe Price Group in the 1st quarter valued at approximately $47,000. Institutional investors and hedge funds own 69.35% of the company’s stock.
Several research analysts have weighed in on the company. BidaskClub upgraded T. Rowe Price Group from a “sell” rating to a “hold” rating in a research note on Tuesday, May 21st. Gabelli reiterated a “buy” rating on shares of T. Rowe Price Group in a research note on Thursday, April 25th. Barclays lifted their target price on T. Rowe Price Group from $90.00 to $95.00 and gave the company an “underweight” rating in a research note on Thursday, April 25th. Citigroup lifted their target price on T. Rowe Price Group from $98.00 to $108.00 and gave the company a “neutral” rating in a research note on Monday, April 15th. Finally, Bank of America set a $112.00 target price on T. Rowe Price Group and gave the company a “buy” rating in a research note on Tuesday, April 9th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $106.75.
In related news, VP Scott B. David sold 45,118 shares of T. Rowe Price Group stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $107.88, for a total transaction of $4,867,329.84. Following the completion of the transaction, the vice president now directly owns 48,454 shares of the company’s stock, valued at $5,227,217.52. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Edward C. Bernard sold 20,000 shares of T. Rowe Price Group stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $107.92, for a total value of $2,158,400.00. Following the transaction, the insider now directly owns 649,135 shares of the company’s stock, valued at $70,054,649.20. The disclosure for this sale can be found here. Insiders sold a total of 68,618 shares of company stock valued at $7,400,440 over the last three months. Insiders own 3.10% of the company’s stock.
TROW opened at $105.86 on Thursday. The company has a quick ratio of 3.74, a current ratio of 3.74 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $25.03 billion, a PE ratio of 14.81, a price-to-earnings-growth ratio of 1.56 and a beta of 1.05. T. Rowe Price Group Inc has a 12 month low of $84.59 and a 12 month high of $127.05.
T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings results on Wednesday, April 24th. The asset manager reported $1.87 EPS for the quarter, beating the consensus estimate of $1.61 by $0.26. The business had revenue of $1.30 billion during the quarter, compared to analysts’ expectations of $1.29 billion. T. Rowe Price Group had a return on equity of 28.93% and a net margin of 35.05%. The company’s quarterly revenue was down 2.1% compared to the same quarter last year. During the same period last year, the firm earned $1.74 EPS. As a group, research analysts forecast that T. Rowe Price Group Inc will post 7.5 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be issued a $0.76 dividend. The ex-dividend date is Thursday, June 13th. This represents a $3.04 annualized dividend and a dividend yield of 2.87%. T. Rowe Price Group’s dividend payout ratio is currently 42.52%.
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About T. Rowe Price Group
T. Rowe Price Group, Inc is a publicly owned investment manager. The firm provides its services to individuals, institutional investors, retirement plans, financial intermediaries, and institutions. It launches and manages equity and fixed income mutual funds. The firm invests in the public equity and fixed income markets across the globe.
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