Ritholtz Wealth Management Makes New $827,000 Investment in T. Rowe Price Group, Inc. $TROW

Ritholtz Wealth Management purchased a new stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 9,177 shares of the asset manager’s stock, valued at approximately $827,000.

Other large investors have also recently modified their holdings of the company. Woodline Partners LP grew its position in T. Rowe Price Group by 41.0% during the 1st quarter. Woodline Partners LP now owns 18,809 shares of the asset manager’s stock worth $1,728,000 after acquiring an additional 5,467 shares during the last quarter. Focus Partners Wealth lifted its position in T. Rowe Price Group by 10.6% in the first quarter. Focus Partners Wealth now owns 13,054 shares of the asset manager’s stock valued at $1,199,000 after purchasing an additional 1,250 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in T. Rowe Price Group by 44.8% in the second quarter. EverSource Wealth Advisors LLC now owns 1,546 shares of the asset manager’s stock valued at $149,000 after purchasing an additional 478 shares during the last quarter. Jump Financial LLC purchased a new stake in shares of T. Rowe Price Group during the second quarter valued at approximately $931,000. Finally, Daiwa Securities Group Inc. boosted its stake in shares of T. Rowe Price Group by 5.4% during the second quarter. Daiwa Securities Group Inc. now owns 33,245 shares of the asset manager’s stock valued at $3,208,000 after purchasing an additional 1,703 shares during the period. Hedge funds and other institutional investors own 73.39% of the company’s stock.

T. Rowe Price Group Stock Performance

TROW opened at $114.38 on Tuesday. The stock has a market capitalization of $24.51 billion, a PE ratio of 12.26, a price-to-earnings-growth ratio of 5.67 and a beta of 1.50. The stock’s 50 day moving average price is $104.32 and its 200-day moving average price is $99.99. T. Rowe Price Group, Inc. has a 52-week low of $85.22 and a 52-week high of $118.22.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings results on Thursday, April 30th. The asset manager reported $2.52 EPS for the quarter, topping analysts’ consensus estimates of $2.37 by $0.15. The company had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.85 billion. T. Rowe Price Group had a return on equity of 20.60% and a net margin of 28.28%.The firm’s revenue was up 5.3% on a year-over-year basis. During the same quarter last year, the firm posted $2.23 earnings per share. Research analysts forecast that T. Rowe Price Group, Inc. will post 9.58 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 29th. Shareholders of record on Monday, June 15th were issued a $1.30 dividend. The ex-dividend date was Monday, June 15th. This represents a $5.20 annualized dividend and a yield of 4.5%. T. Rowe Price Group’s dividend payout ratio is 55.73%.

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 transaction of $307,680.00. Following the sale, the vice president 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on TROW. Jefferies Financial Group decreased their target price on shares of T. Rowe Price Group from $107.00 to $91.00 and set a “hold” rating on the stock in a research note on Wednesday, April 8th. Weiss Ratings reissued a “hold (c)” rating on shares of T. Rowe Price Group in a research report on Friday, May 8th. Zacks Research raised shares of T. Rowe Price Group from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 13th. Morgan Stanley boosted their price objective 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. Finally, JPMorgan Chase & Co. lowered their price objective on shares of T. Rowe Price Group from $106.00 to $103.00 and set an “underweight” rating for the company in a research note on Friday, April 24th. Eleven analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Reduce” and a consensus price target of $100.38.

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.