HighTower Advisors LLC Grows Stake in T. Rowe Price Group, Inc. $TROW

HighTower Advisors LLC grew its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 13.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 220,153 shares of the asset manager’s stock after purchasing an additional 25,253 shares during the quarter. HighTower Advisors LLC owned 0.10% of T. Rowe Price Group worth $22,596,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. TD Waterhouse Canada Inc. boosted its holdings in T. Rowe Price Group by 66.7% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 250 shares of the asset manager’s stock worth $25,000 after acquiring an additional 100 shares during the period. Root Financial Partners LLC purchased a new position in shares of T. Rowe Price Group in the third quarter valued at $30,000. Vermillion & White Wealth Management Group LLC grew its holdings in T. Rowe Price Group by 120.0% during the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 319 shares of the asset manager’s stock valued at $31,000 after purchasing an additional 174 shares in the last quarter. Salomon & Ludwin LLC increased its stake in T. Rowe Price Group by 84.3% during the 3rd quarter. Salomon & Ludwin LLC now owns 317 shares of the asset manager’s stock worth $33,000 after buying an additional 145 shares during the period. Finally, Atlantic Union Bankshares Corp acquired a new position in T. Rowe Price Group in the 2nd quarter worth $35,000. Institutional investors and hedge funds own 73.39% of the company’s stock.

Insider Transactions at T. Rowe Price Group

In other news, VP Arif Husain sold 4,260 shares of the company’s stock in a transaction that occurred on Wednesday, December 10th. The stock was sold at an average price of $101.96, for a total transaction of $434,349.60. Following the completion of the transaction, the vice president directly owned 47,102 shares of the company’s stock, valued at approximately $4,802,519.92. This represents a 8.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on TROW shares. BMO Capital Markets lowered their target price on T. Rowe Price Group from $110.00 to $104.00 and set a “market perform” rating for the company in a research note on Thursday, February 12th. JPMorgan Chase & Co. lowered their price objective on T. Rowe Price Group from $108.00 to $106.00 and set an “underweight” rating for the company in a research note on Thursday, February 5th. Deutsche Bank Aktiengesellschaft cut their target price on T. Rowe Price Group from $106.00 to $100.00 and set a “hold” rating on the stock in a research report on Thursday, February 5th. Zacks Research downgraded shares of T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 9th. Finally, Keefe, Bruyette & Woods dropped their price target on shares of T. Rowe Price Group from $115.00 to $110.00 and set a “market perform” rating for the company in a research note on Thursday, February 5th. Twelve investment analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and an average price target of $102.23.

T. Rowe Price Group Trading Up 1.2%

TROW stock opened at $94.93 on Thursday. The stock’s 50 day simple moving average is $102.78 and its 200 day simple moving average is $103.84. T. Rowe Price Group, Inc. has a 12-month low of $77.85 and a 12-month high of $118.22. The firm has a market cap of $20.70 billion, a P/E ratio of 10.26, a P/E/G ratio of 4.84 and a beta of 1.53.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings data on Wednesday, February 4th. The asset manager reported $2.44 EPS for the quarter, missing analysts’ consensus estimates of $2.47 by ($0.03). T. Rowe Price Group had a return on equity of 20.29% and a net margin of 28.53%.The business had revenue of $1.93 billion during the quarter, compared to analyst estimates of $1.92 billion. During the same period in the prior year, the firm earned $2.12 EPS. The business’s revenue for the quarter was up 6.0% compared to the same quarter last year. On average, research analysts forecast that T. Rowe Price Group, Inc. will post 9.29 EPS for the current fiscal year.

T. Rowe Price Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 30th. Investors of record on Monday, March 16th will be paid a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 5.5%. This is a positive change from T. Rowe Price Group’s previous quarterly dividend of $1.27. The ex-dividend date is Monday, March 16th. T. Rowe Price Group’s dividend payout ratio (DPR) is currently 54.92%.

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.