6,330 Shares in T. Rowe Price Group, Inc. $TROW Bought by Acorn Financial Advisory Services Inc. ADV

Acorn Financial Advisory Services Inc. ADV purchased a new stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) in the first quarter, Holdings Channel.com reports. The fund purchased 6,330 shares of the asset manager’s stock, valued at approximately $571,000.

Several other large investors have also bought and sold shares of the stock. Goldman Sachs Group Inc. increased its stake in T. Rowe Price Group by 332.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 8,770,071 shares of the asset manager’s stock valued at $897,880,000 after buying an additional 6,740,172 shares during the last quarter. First Trust Advisors LP increased its position in shares of T. Rowe Price Group by 126.5% during the 4th quarter. First Trust Advisors LP now owns 3,280,854 shares of the asset manager’s stock valued at $335,894,000 after purchasing an additional 1,832,231 shares during the last quarter. Norges Bank bought a new stake in shares of T. Rowe Price Group during the 4th quarter worth $128,283,000. PFA Pension Forsikringsaktieselskab bought a new stake in shares of T. Rowe Price Group during the 4th quarter worth $61,073,000. Finally, Caisse de depot et placement du Quebec boosted its holdings in shares of T. Rowe Price Group by 81.0% in the 3rd quarter. Caisse de depot et placement du Quebec now owns 1,306,922 shares of the asset manager’s stock worth $134,142,000 after buying an additional 584,949 shares during the last quarter. 73.39% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. JPMorgan Chase & Co. reduced their price target on shares of T. Rowe Price Group from $106.00 to $103.00 and set an “underweight” rating for the company in a research report on Friday, April 24th. Zacks Research raised shares of T. Rowe Price Group from a “strong sell” rating to a “hold” rating in a research report on Wednesday, May 13th. Barclays boosted their target price on shares of T. Rowe Price Group from $87.00 to $89.00 and gave the company an “underweight” rating in a research note on Friday, May 1st. Morgan Stanley increased their target price on shares of T. Rowe Price Group from $105.00 to $109.00 and gave the company an “equal weight” rating in a research report on Friday, June 26th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of T. Rowe Price Group in a research note on Friday, May 8th. Eleven equities research analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. According to MarketBeat, T. Rowe Price Group presently has a consensus rating of “Reduce” and an average price target of $100.54.

T. Rowe Price Group Trading Down 0.6%

Shares of T. Rowe Price Group stock opened at $113.69 on Wednesday. T. Rowe Price Group, Inc. has a 12-month low of $85.22 and a 12-month high of $118.22. The company has a market cap of $24.36 billion, a price-to-earnings ratio of 12.19, a PEG ratio of 5.81 and a beta of 1.50. The company’s 50-day moving average price is $104.65 and its 200-day moving average price is $100.06.

T. Rowe Price Group (NASDAQ:TROW) last posted its earnings results 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. T. Rowe Price Group had a net margin of 28.28% and a return on equity of 20.60%. The business had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.85 billion. During the same quarter in the prior year, the firm posted $2.23 EPS. T. Rowe Price Group’s revenue was up 5.3% on a year-over-year basis. On average, sell-side analysts predict that T. Rowe Price Group, Inc. will post 9.69 earnings per share for the current year.

T. Rowe Price Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 29th. Stockholders of record on Monday, June 15th were issued a $1.30 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $5.20 annualized dividend and a dividend yield of 4.6%. T. Rowe Price Group’s dividend payout ratio is presently 55.73%.

Insider Buying and Selling at T. Rowe Price Group

In related news, VP Stephon A. Jackson sold 3,000 shares of the stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $102.56, for a total value of $307,680.00. Following the sale, the vice president owned 83,883 shares in the company, valued at approximately $8,603,040.48. This trade represents a 3.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.60% of the company’s stock.

About T. Rowe Price Group

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.