JPMorgan Chase & Co. increased its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 3.5% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 8,459,956 shares of the asset manager’s stock after buying an additional 283,094 shares during the period. JPMorgan Chase & Co. owned 3.73% of T. Rowe Price Group worth $1,451,729,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Montag A & Associates Inc. bought a new position in T. Rowe Price Group during the 4th quarter worth $25,000. CVA Family Office LLC bought a new position in T. Rowe Price Group during the first quarter worth about $27,000. Ellevest Inc. raised its stake in T. Rowe Price Group by 435.0% in the 4th quarter. Ellevest Inc. now owns 214 shares of the asset manager’s stock worth $32,000 after purchasing an additional 174 shares in the last quarter. Peconic Partners LLC bought a new stake in T. Rowe Price Group in the 4th quarter valued at about $35,000. Finally, Bogart Wealth LLC grew its position in shares of T. Rowe Price Group by 260.0% during the 1st quarter. Bogart Wealth LLC now owns 216 shares of the asset manager’s stock worth $37,000 after purchasing an additional 156 shares in the last quarter. Institutional investors and hedge funds own 69.68% of the company’s stock.
In related news, President W. Sharps Robert sold 6,000 shares of the stock in a transaction on Monday, March 29th. The stock was sold at an average price of $176.75, for a total value of $1,060,500.00. Following the completion of the sale, the president now directly owns 472,138 shares in the company, valued at $83,450,391.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Andrew Justin Mackenzi Thomson sold 23,421 shares of the firm’s stock in a transaction on Thursday, June 3rd. The stock was sold at an average price of $192.16, for a total value of $4,500,579.36. Following the transaction, the vice president now directly owns 156,524 shares of the company’s stock, valued at $30,077,651.84. The disclosure for this sale can be found here. Insiders sold 36,421 shares of company stock valued at $6,931,259 in the last ninety days. 1.00% of the stock is currently owned by insiders.
T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings data on Thursday, April 29th. The asset manager reported $3.01 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.92 by $0.09. T. Rowe Price Group had a return on equity of 33.97% and a net margin of 41.97%. The company had revenue of $1.83 billion for the quarter, compared to the consensus estimate of $1.79 billion. During the same quarter last year, the business posted $1.87 EPS. T. Rowe Price Group’s revenue for the quarter was up 24.9% on a year-over-year basis. On average, equities analysts anticipate that T. Rowe Price Group, Inc. will post 12.3 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 29th. Stockholders of record on Tuesday, June 15th will be issued a dividend of $1.08 per share. This represents a $4.32 annualized dividend and a dividend yield of 2.24%. The ex-dividend date is Monday, June 14th. T. Rowe Price Group’s dividend payout ratio (DPR) is currently 45.09%.
Several equities research analysts recently issued reports on TROW shares. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell reiterated a “sell” rating and issued a $157.00 price target on shares of T. Rowe Price Group in a research note on Tuesday, April 20th. Credit Suisse Group downgraded T. Rowe Price Group from an “outperform” rating to a “neutral” rating and upped their target price for the company from $179.00 to $181.00 in a research report on Tuesday, March 30th. They noted that the move was a valuation call. Morgan Stanley raised their price target on T. Rowe Price Group from $181.00 to $186.00 and gave the stock an “equal weight” rating in a research report on Friday, April 30th. Zacks Investment Research cut shares of T. Rowe Price Group from a “buy” rating to a “hold” rating and set a $191.00 price objective for the company. in a research report on Saturday, May 1st. Finally, Wells Fargo & Company raised their target price on shares of T. Rowe Price Group from $200.00 to $215.00 and gave the company an “overweight” rating in a report on Wednesday, April 14th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $166.36.
T. Rowe Price Group Profile
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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