Salem Investment Counselors Inc. Has $11.02 Million Position in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Salem Investment Counselors Inc. increased its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 0.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 90,359 shares of the asset manager’s stock after purchasing an additional 136 shares during the quarter. Salem Investment Counselors Inc.’s holdings in T. Rowe Price Group were worth $11,017,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in TROW. Confluence Investment Management LLC bought a new position in T. Rowe Price Group during the first quarter valued at approximately $130,386,000. International Assets Investment Management LLC raised its position in shares of T. Rowe Price Group by 8,968.6% in the fourth quarter. International Assets Investment Management LLC now owns 902,146 shares of the asset manager’s stock valued at $97,152,000 after purchasing an additional 892,198 shares during the period. UBS Group AG grew its stake in shares of T. Rowe Price Group by 473.3% in the fourth quarter. UBS Group AG now owns 975,226 shares of the asset manager’s stock worth $105,022,000 after acquiring an additional 805,106 shares during the last quarter. Norges Bank acquired a new stake in shares of T. Rowe Price Group in the fourth quarter worth $80,831,000. Finally, Hsbc Holdings PLC grew its stake in shares of T. Rowe Price Group by 66.8% in the fourth quarter. Hsbc Holdings PLC now owns 765,080 shares of the asset manager’s stock worth $82,434,000 after acquiring an additional 306,524 shares during the last quarter. 73.39% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at T. Rowe Price Group

In other news, VP Dorothy C. Sawyer sold 2,000 shares of the business’s stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $117.00, for a total transaction of $234,000.00. Following the sale, the vice president now directly owns 34,710 shares in the company, valued at $4,061,070. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, VP Dorothy C. Sawyer sold 2,000 shares of T. Rowe Price Group stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $117.00, for a total value of $234,000.00. Following the transaction, the vice president now directly owns 34,710 shares of the company’s stock, valued at $4,061,070. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Robert F. Maclellan sold 3,043 shares of T. Rowe Price Group stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $113.08, for a total value of $344,102.44. Following the completion of the transaction, the director now directly owns 34,635 shares in the company, valued at $3,916,525.80. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on TROW shares. JPMorgan Chase & Co. lifted their price target on shares of T. Rowe Price Group from $94.00 to $103.00 and gave the stock an “underweight” rating in a research note on Tuesday, April 16th. Morgan Stanley boosted their target price on shares of T. Rowe Price Group from $114.00 to $125.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 17th. UBS Group lifted their price target on T. Rowe Price Group from $100.00 to $109.00 and gave the company a “sell” rating in a report on Friday, April 12th. Keefe, Bruyette & Woods raised T. Rowe Price Group from an “underperform” rating to a “market perform” rating and lifted their price target for the company from $106.00 to $120.00 in a report on Thursday, April 11th. Finally, Evercore ISI cut their price target on T. Rowe Price Group from $110.00 to $107.00 and set an “in-line” rating for the company in a report on Tuesday, April 30th. Four investment analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to data from MarketBeat, T. Rowe Price Group currently has an average rating of “Hold” and a consensus target price of $112.10.

T. Rowe Price Group Price Performance

T. Rowe Price Group stock traded up $0.23 during mid-day trading on Friday, hitting $118.42. 1,670,559 shares of the company’s stock traded hands, compared to its average volume of 955,925. The firm has a 50 day simple moving average of $114.41 and a two-hundred day simple moving average of $112.24. T. Rowe Price Group, Inc. has a fifty-two week low of $87.43 and a fifty-two week high of $132.76. The stock has a market cap of $26.44 billion, a price-to-earnings ratio of 14.06, a P/E/G ratio of 2.02 and a beta of 1.43.

T. Rowe Price Group (NASDAQ:TROW) last posted its earnings results on Friday, April 26th. The asset manager reported $2.38 earnings per share for the quarter, topping analysts’ consensus estimates of $2.04 by $0.34. The company had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.71 billion. T. Rowe Price Group had a return on equity of 19.70% and a net margin of 29.09%. The company’s revenue was up 13.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.69 earnings per share. On average, research analysts anticipate that T. Rowe Price Group, Inc. will post 8.84 earnings per share for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Friday, June 14th will be given a $1.24 dividend. This represents a $4.96 dividend on an annualized basis and a yield of 4.19%. The ex-dividend date is Friday, June 14th. T. Rowe Price Group’s dividend payout ratio is presently 58.91%.

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.