Cornerstone Wealth Group LLC Invests $254,000 in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Cornerstone Wealth Group LLC bought a new position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 2,086 shares of the asset manager’s stock, valued at approximately $254,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. L. Roy Papp & Associates LLP boosted its holdings in shares of T. Rowe Price Group by 5.8% during the 4th quarter. L. Roy Papp & Associates LLP now owns 158,875 shares of the asset manager’s stock worth $17,109,000 after purchasing an additional 8,773 shares during the last quarter. Nomura Asset Management Co. Ltd. raised its position in shares of T. Rowe Price Group by 15.8% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 344,889 shares of the asset manager’s stock valued at $37,141,000 after buying an additional 47,043 shares during the period. Nordea Investment Management AB raised its position in shares of T. Rowe Price Group by 3.5% during the 4th quarter. Nordea Investment Management AB now owns 317,349 shares of the asset manager’s stock valued at $34,299,000 after buying an additional 10,680 shares during the period. Vest Financial LLC raised its position in shares of T. Rowe Price Group by 48.8% during the 4th quarter. Vest Financial LLC now owns 280,552 shares of the asset manager’s stock valued at $30,213,000 after buying an additional 92,059 shares during the period. Finally, Nebula Research & Development LLC purchased a new stake in shares of T. Rowe Price Group during the 4th quarter valued at approximately $807,000. 73.39% of the stock is currently owned by institutional investors and hedge funds.

T. Rowe Price Group Stock Performance

Shares of T. Rowe Price Group stock traded down $0.12 during trading hours on Friday, reaching $115.31. 1,598,508 shares of the company were exchanged, compared to its average volume of 1,018,934. T. Rowe Price Group, Inc. has a 1 year low of $87.43 and a 1 year high of $132.76. The stock’s fifty day moving average is $114.98 and its 200 day moving average is $112.85. The firm has a market cap of $25.75 billion, a PE ratio of 13.69, a PEG ratio of 1.97 and a beta of 1.43.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings data 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. T. Rowe Price Group had a return on equity of 19.70% and a net margin of 29.09%. The business had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.71 billion. During the same quarter in the prior year, the company earned $1.69 earnings per share. The company’s revenue was up 13.8% on a year-over-year basis. Research analysts expect that T. Rowe Price Group, Inc. will post 8.84 earnings per share for the current year.

T. Rowe Price Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 27th. Investors of record on Friday, June 14th were paid a dividend of $1.24 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $4.96 dividend on an annualized basis and a dividend yield of 4.30%. T. Rowe Price Group’s payout ratio is currently 58.91%.

Insider Buying and Selling

In related news, Director Robert F. Maclellan sold 3,043 shares of the business’s stock in a transaction on Monday, April 29th. The shares were sold at an average price of $113.08, for a total transaction of $344,102.44. Following the completion of the transaction, the director now owns 34,635 shares in the company, valued at $3,916,525.80. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director Robert F. Maclellan sold 3,043 shares of the business’s stock in a transaction on Monday, April 29th. The shares were sold at an average price of $113.08, for a total transaction of $344,102.44. Following the completion of the transaction, the director now owns 34,635 shares in the company, valued at $3,916,525.80. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Jessica M. Hiebler sold 1,401 shares of the business’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $115.85, for a total transaction of $162,305.85. Following the transaction, the insider now owns 14,198 shares of the company’s stock, valued at approximately $1,644,838.30. The disclosure for this sale can be found here. Over the last quarter, insiders sold 6,444 shares of company stock worth $740,408. Corporate insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

TROW has been the topic of several analyst reports. UBS Group lifted their price target on shares of T. Rowe Price Group from $100.00 to $109.00 and gave the company a “sell” rating in a research report on Friday, April 12th. Citigroup lifted their price target on shares of T. Rowe Price Group from $110.00 to $125.00 and gave the company a “neutral” rating in a research report on Friday, April 5th. Evercore ISI cut their target price on T. Rowe Price Group from $110.00 to $107.00 and set an “in-line” rating on the stock in a research report on Tuesday, April 30th. TD Cowen raised T. Rowe Price Group from a “sell” rating to a “hold” rating and boosted their target price for the company from $92.00 to $114.00 in a research report on Monday, April 8th. Finally, Keefe, Bruyette & Woods raised T. Rowe Price Group from an “underperform” rating to a “market perform” rating and boosted their target price for the company from $106.00 to $120.00 in a research report on Thursday, April 11th. Four equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $112.10.

About T. Rowe Price Group

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.