Allstate Corp Grows Stake in T. Rowe Price Group, Inc. $TROW

Allstate Corp boosted its position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 82.1% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 13,522 shares of the asset manager’s stock after purchasing an additional 6,095 shares during the quarter. Allstate Corp’s holdings in T. Rowe Price Group were worth $1,384,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in TROW. Northern Trust Corp raised its stake in shares of T. Rowe Price Group by 6.4% during the 3rd quarter. Northern Trust Corp now owns 2,529,116 shares of the asset manager’s stock valued at $259,588,000 after buying an additional 152,451 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in T. Rowe Price Group by 3.2% in the third quarter. Dimensional Fund Advisors LP now owns 2,090,249 shares of the asset manager’s stock valued at $214,557,000 after acquiring an additional 64,791 shares during the last quarter. Caisse de depot et placement du Quebec lifted its holdings in T. Rowe Price Group by 81.0% in the third quarter. Caisse de depot et placement du Quebec now owns 1,306,922 shares of the asset manager’s stock valued at $134,142,000 after acquiring an additional 584,949 shares during the last quarter. Ameriprise Financial Inc. raised its position in T. Rowe Price Group by 5.5% in the third quarter. Ameriprise Financial Inc. now owns 873,092 shares of the asset manager’s stock valued at $89,614,000 after purchasing an additional 45,845 shares during the period. Finally, Allianz Asset Management GmbH raised its position in T. Rowe Price Group by 24.8% in the third quarter. Allianz Asset Management GmbH now owns 767,672 shares of the asset manager’s stock valued at $78,794,000 after purchasing an additional 152,318 shares during the period. Institutional investors and hedge funds own 73.39% of the company’s stock.

Insider Activity at T. Rowe Price Group

In other news, VP Stephon A. Jackson sold 3,000 shares of T. Rowe Price Group stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $102.56, for a total value of $307,680.00. Following the completion of the transaction, the vice president directly owned 83,883 shares of the company’s stock, valued at approximately $8,603,040.48. The trade was a 3.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 1.60% of the company’s stock.

T. Rowe Price Group Trading Up 0.9%

Shares of T. Rowe Price Group stock opened at $104.53 on Friday. T. Rowe Price Group, Inc. has a 12-month low of $85.22 and a 12-month high of $118.22. The stock has a market cap of $22.40 billion, a PE ratio of 11.20, a price-to-earnings-growth ratio of 5.30 and a beta of 1.51. The company has a 50-day moving average of $97.35 and a two-hundred day moving average of $99.25.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings data on Thursday, April 30th. The asset manager reported $2.52 earnings per share for the quarter, topping analysts’ consensus estimates of $2.37 by $0.15. The business had revenue of $1.86 billion during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period last year, the company posted $2.23 EPS. On average, sell-side analysts forecast that T. Rowe Price Group, Inc. will post 9.63 EPS for the current fiscal year.

T. Rowe Price Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 29th. Stockholders of record on Monday, June 15th will be issued a $1.30 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $5.20 annualized dividend and a dividend yield of 5.0%. T. Rowe Price Group’s payout ratio is 55.73%.

Analyst Upgrades and Downgrades

TROW has been the topic of a number of recent research reports. BMO Capital Markets upped their price objective on T. Rowe Price Group from $98.00 to $110.00 and gave the stock a “market perform” rating in a research report on Monday, May 4th. TD Cowen increased their target price on T. Rowe Price Group from $93.00 to $94.00 and gave the company a “hold” rating in a report on Friday, May 1st. The Goldman Sachs Group increased their target price on T. Rowe Price Group from $85.00 to $90.00 in a report on Friday, May 1st. Argus raised T. Rowe Price Group to a “hold” rating in a report on Thursday, February 5th. Finally, Barclays increased their target price on T. Rowe Price Group from $87.00 to $89.00 and gave the company an “underweight” rating in a report on Friday, May 1st. Eleven equities research analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and a consensus price target of $99.54.

T. Rowe Price Group 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.