Wedbush Securities Inc. Boosts Position in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Wedbush Securities Inc. raised its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 5.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,711 shares of the asset manager’s stock after purchasing an additional 393 shares during the period. Wedbush Securities Inc.’s holdings in T. Rowe Price Group were worth $889,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TROW. Nomura Asset Management Co. Ltd. boosted its position in shares of T. Rowe Price Group by 15.8% in 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 purchasing an additional 47,043 shares during the period. Ashton Thomas Private Wealth LLC acquired a new stake in shares of T. Rowe Price Group in the first quarter valued at approximately $1,008,000. Nebula Research & Development LLC purchased a new position in shares of T. Rowe Price Group during the fourth quarter worth approximately $807,000. Fisher Asset Management LLC increased its holdings in shares of T. Rowe Price Group by 6.6% in the 4th quarter. Fisher Asset Management LLC now owns 1,751,405 shares of the asset manager’s stock valued at $188,609,000 after acquiring an additional 109,053 shares during the period. Finally, Envestnet Portfolio Solutions Inc. raised its position in T. Rowe Price Group by 52.4% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 65,534 shares of the asset manager’s stock valued at $7,990,000 after purchasing an additional 22,533 shares during the last quarter. Institutional investors and hedge funds own 73.39% of the company’s stock.

Insider Buying and Selling

In other T. Rowe Price Group news, 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 sale, the insider now directly owns 14,198 shares in the company, valued at $1,644,838.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other T. Rowe Price Group news, insider Jessica M. Hiebler sold 1,401 shares of T. Rowe Price Group stock in a transaction dated Thursday, June 27th. The shares were 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 owns 14,198 shares in the company, valued at $1,644,838.30. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of the stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $102.83, for a total transaction of $1,230,772.27. Following the completion of the sale, the vice president now owns 123,624 shares in the company, valued at $12,712,255.92. The disclosure for this sale can be found here. Insiders have sold a total of 15,370 shares of company stock worth $1,627,078 in the last quarter. Company insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on TROW. Barclays started coverage on shares of T. Rowe Price Group in a research report on Tuesday, August 27th. They set an “underweight” rating and a $99.00 price objective on the stock. TD Cowen dropped their price target 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. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $120.00 price objective (down from $121.00) on shares of T. Rowe Price Group in a research report on Monday, July 29th. StockNews.com lowered T. Rowe Price Group from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on T. Rowe Price Group from $112.00 to $113.00 and gave the stock a “hold” rating in a report on Thursday, August 15th. Four research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $113.20.

T. Rowe Price Group Stock Performance

T. Rowe Price Group stock opened at $104.11 on Thursday. The company has a market cap of $23.17 billion, a P/E ratio of 12.36, a price-to-earnings-growth ratio of 1.62 and a beta of 1.41. T. Rowe Price Group, Inc. has a one year low of $87.43 and a one year high of $122.27. The business has a fifty day moving average of $110.02 and a two-hundred day moving average of $113.58.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings data on Friday, July 26th. The asset manager reported $2.26 EPS for the quarter, missing the consensus estimate 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 firm’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter last year, the business earned $2.02 EPS. Sell-side analysts predict that T. Rowe Price Group, Inc. will post 9 EPS for the current year.

T. Rowe Price Group Dividend Announcement

The company also recently declared 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 4.76%. The ex-dividend date is Friday, September 13th. T. Rowe Price Group’s dividend payout ratio (DPR) is 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.