JJJ Advisors Inc. raised its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 71.4% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 1,191 shares of the asset manager’s stock after purchasing an additional 496 shares during the period. JJJ Advisors Inc.’s holdings in T. Rowe Price Group were worth $204,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Montag A & Associates Inc. bought a new stake in shares of T. Rowe Price Group in the 4th quarter worth about $25,000. CVA Family Office LLC bought a new position in T. Rowe Price Group during the first quarter valued at $27,000. Ellevest Inc. raised its stake in shares of T. Rowe Price Group by 435.0% in the fourth quarter. Ellevest Inc. now owns 214 shares of the asset manager’s stock valued at $32,000 after acquiring an additional 174 shares during the period. Peconic Partners LLC bought a new stake in shares of T. Rowe Price Group in the 4th quarter worth about $35,000. Finally, Bogart Wealth LLC grew its holdings in T. Rowe Price Group by 260.0% during the 1st quarter. Bogart Wealth LLC now owns 216 shares of the asset manager’s stock valued at $37,000 after purchasing an additional 156 shares during the last quarter. Institutional investors own 69.48% of the company’s stock.
In other news, CEO William J. Stromberg sold 9,000 shares of the firm’s stock in a transaction on Thursday, March 11th. The shares were sold at an average price of $173.78, for a total value of $1,564,020.00. Also, President W. Sharps Robert sold 6,000 shares of T. Rowe Price Group stock in a transaction dated Monday, March 29th. The shares were sold at an average price of $176.75, for a total transaction of $1,060,500.00. Following the completion of the sale, the president now directly owns 472,138 shares in the company, valued at approximately $83,450,391.50. The disclosure for this sale can be found here. 1.00% of the stock is owned by corporate insiders.
T. Rowe Price Group (NASDAQ:TROW) last posted its earnings results on Thursday, April 29th. The asset manager reported $3.01 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.92 by $0.09. The firm had revenue of $1.83 billion for the quarter, compared to analyst estimates of $1.79 billion. T. Rowe Price Group had a return on equity of 30.52% and a net margin of 35.92%. T. Rowe Price Group’s revenue was up 24.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.87 EPS. On average, analysts expect that T. Rowe Price Group, Inc. will post 9.23 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 30th. Stockholders of record on Tuesday, March 16th were issued a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.39%. This is a boost from T. Rowe Price Group’s previous quarterly dividend of $0.90. The ex-dividend date was Monday, March 15th. T. Rowe Price Group’s payout ratio is presently 53.53%.
A number of research firms have weighed in on TROW. Wells Fargo & Company lifted their target price on T. Rowe Price Group from $200.00 to $215.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 20th. Credit Suisse Group cut shares of T. Rowe Price Group from an “outperform” rating to a “neutral” rating and raised their price target for the company from $179.00 to $181.00 in a report on Tuesday, March 30th. They noted that the move was a valuation call. Zacks Investment Research downgraded T. Rowe Price Group from a “buy” rating to a “hold” rating and set a $191.00 price target for the company. in a report on Saturday. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell reaffirmed a “sell” rating and issued a $157.00 price objective on shares of T. Rowe Price Group in a research report on Tuesday, April 20th. Finally, Barclays upped their price target on shares of T. Rowe Price Group from $145.00 to $150.00 and gave the company an “underweight” rating in a research note on Monday, January 25th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $166.36.
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.
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