Colonial River Wealth Management LLC Makes New Investment in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Colonial River Wealth Management LLC purchased a new position in T. Rowe Price Group, Inc. (NASDAQ:TROW – Get Rating) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,416 shares of the asset manager’s stock, valued at approximately $263,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Zullo Investment Group Inc. lifted its stake in T. Rowe Price Group by 164.6% during the 3rd quarter. Zullo Investment Group Inc. now owns 254 shares of the asset manager’s stock valued at $27,000 after acquiring an additional 158 shares during the period. Beacon Capital Management LLC boosted its position in T. Rowe Price Group by 61.3% in the 4th quarter. Beacon Capital Management LLC now owns 250 shares of the asset manager’s stock valued at $27,000 after buying an additional 95 shares during the period. Eisler Capital UK Ltd. purchased a new stake in T. Rowe Price Group in the 3rd quarter valued at about $29,000. Asset Dedication LLC raised its stake in shares of T. Rowe Price Group by 173.8% during the 4th quarter. Asset Dedication LLC now owns 293 shares of the asset manager’s stock worth $32,000 after acquiring an additional 186 shares in the last quarter. Finally, Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. acquired a new position in T. Rowe Price Group during the 4th quarter valued at approximately $32,000. 76.58% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Jessica M. Hiebler sold 1,881 shares of T. Rowe Price Group stock in a transaction dated Wednesday, May 3rd. The shares were sold at an average price of $106.66, for a total transaction of $200,627.46. Following the sale, the insider now directly owns 11,628 shares in the company, valued at $1,240,242.48. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 2.10% of the company’s stock.

Analyst Upgrades and Downgrades

TROW has been the topic of several recent analyst reports. StockNews.com began coverage on shares of T. Rowe Price Group in a report on Thursday, May 18th. They set a “hold” rating on the stock. VNET Group reissued a “maintains” rating on shares of T. Rowe Price Group in a research note on Wednesday, May 3rd. Wells Fargo & Company lifted their price target on shares of T. Rowe Price Group from $112.00 to $115.00 and gave the stock an “equal weight” rating in a research note on Friday, April 14th. BMO Capital Markets cut their target price on shares of T. Rowe Price Group from $105.00 to $90.00 and set a “market perform” rating on the stock in a report on Friday, January 27th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of T. Rowe Price Group from $96.00 to $95.00 and set an “underweight” rating on the stock in a research note on Friday, January 27th. Six equities research analysts have rated the stock with a sell rating and six have given a hold rating to the company. Based on data from MarketBeat.com, T. Rowe Price Group currently has an average rating of “Hold” and a consensus target price of $93.73.

T. Rowe Price Group Trading Up 1.4 %

Shares of NASDAQ TROW traded up $1.41 on Friday, reaching $105.50. 270,738 shares of the company traded hands, compared to its average volume of 1,549,704. T. Rowe Price Group, Inc. has a fifty-two week low of $93.53 and a fifty-two week high of $134.64. The company has a 50 day moving average of $108.95 and a 200 day moving average of $113.97. The stock has a market capitalization of $23.69 billion, a PE ratio of 17.04, a P/E/G ratio of 2.61 and a beta of 1.30.

T. Rowe Price Group (NASDAQ:TROW – Get Rating) last posted its earnings results on Tuesday, May 2nd. The asset manager reported $1.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.62 by $0.07. The firm had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. T. Rowe Price Group had a net margin of 22.90% and a return on equity of 17.92%. The company’s revenue was down 17.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.62 EPS. As a group, research analysts expect that T. Rowe Price Group, Inc. will post 6.63 earnings per share for the current year.

T. Rowe Price Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 29th. Stockholders of record on Thursday, June 15th will be issued a dividend of $1.22 per share. This represents a $4.88 annualized dividend and a dividend yield of 4.63%. The ex-dividend date of this dividend is Wednesday, June 14th. T. Rowe Price Group’s dividend payout ratio (DPR) is 79.87%.

T. Rowe Price Group Company Profile

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T. Rowe Price Group, Inc engages in the provision of investment management services. The company was founded by Thomas Rowe Price Jr. in 1937 and is headquartered in Baltimore, MD.