TAP Consulting LLC Boosts Stock Position in T. Rowe Price Group, Inc. (NASDAQ:TROW)

TAP Consulting LLC raised its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 7.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 22,646 shares of the asset manager’s stock after purchasing an additional 1,495 shares during the period. TAP Consulting LLC’s holdings in T. Rowe Price Group were worth $2,611,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also modified their holdings of TROW. Confluence Investment Management LLC purchased a new stake in shares of T. Rowe Price Group during the first quarter worth about $130,386,000. UBS Group AG grew its stake in shares of T. Rowe Price Group by 473.3% during 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 purchased a new stake in shares of T. Rowe Price Group during the fourth quarter worth about $80,831,000. Hsbc Holdings PLC grew its stake in shares of T. Rowe Price Group by 66.8% during 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. Finally, Los Angeles Capital Management LLC grew its stake in shares of T. Rowe Price Group by 492.3% during the first quarter. Los Angeles Capital Management LLC now owns 319,887 shares of the asset manager’s stock worth $39,001,000 after acquiring an additional 265,881 shares during the last quarter. Hedge funds and other institutional investors own 73.39% of the company’s stock.

T. Rowe Price Group Price Performance

NASDAQ:TROW traded down $2.43 during trading hours on Friday, reaching $101.69. The company had a trading volume of 1,320,882 shares, compared to its average volume of 917,465. T. Rowe Price Group, Inc. has a 1-year low of $87.43 and a 1-year high of $122.27. The firm has a market cap of $22.64 billion, a PE ratio of 12.08, a price-to-earnings-growth ratio of 1.67 and a beta of 1.41. The business’s 50 day moving average price is $110.68 and its 200-day moving average price is $113.72.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings results on Friday, July 26th. The asset manager reported $2.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.27 by ($0.01). The company had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.79 billion. T. Rowe Price Group had a net margin of 28.66% and a return on equity of 19.90%. The company’s revenue was up 7.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.02 earnings per share. On average, analysts expect that T. Rowe Price Group, Inc. will post 9 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 Friday, September 27th. Stockholders of record on Friday, September 13th will be paid a dividend of $1.24 per share. This represents a $4.96 annualized dividend and a dividend yield of 4.88%. The ex-dividend date is Friday, September 13th. T. Rowe Price Group’s payout ratio is 58.91%.

Insider Transactions at T. Rowe Price Group

In other news, insider Jessica M. Hiebler sold 1,401 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 14,198 shares of the company’s stock, valued at approximately $1,644,838.30. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, insider Jessica M. Hiebler sold 1,401 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 14,198 shares of the company’s stock, valued at approximately $1,644,838.30. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Dorothy C. Sawyer sold 2,000 shares of the company’s 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 disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

TROW has been the topic of a number of recent research reports. JPMorgan Chase & Co. upped their target price on T. Rowe Price Group from $102.00 to $107.00 and gave the company an “underweight” rating in a research report on Tuesday, July 23rd. StockNews.com lowered T. Rowe Price Group from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Deutsche Bank Aktiengesellschaft upped their target price on T. Rowe Price Group from $112.00 to $113.00 and gave the company a “hold” rating in a research report on Thursday, August 15th. Barclays initiated coverage on T. Rowe Price Group in a research report on Tuesday, August 27th. They issued an “underweight” rating and a $99.00 target price on the stock. Finally, TD Cowen dropped their target price on T. Rowe Price Group from $123.00 to $118.00 and set a “hold” rating on the stock in a research report on Monday, July 29th. Four analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. According to MarketBeat.com, T. Rowe Price Group has a consensus rating of “Hold” and an average price target of $113.20.

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.