PFG Investments LLC Buys New Position in T. Rowe Price Group, Inc. (NASDAQ:TROW)

PFG Investments LLC purchased a new position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,956 shares of the asset manager’s stock, valued at approximately $341,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Victory Capital Management Inc. increased its stake in T. Rowe Price Group by 3.8% during the 2nd quarter. Victory Capital Management Inc. now owns 3,436,019 shares of the asset manager’s stock worth $396,207,000 after buying an additional 124,686 shares during the period. Fisher Asset Management LLC increased its position in shares of T. Rowe Price Group by 6.6% during the fourth quarter. Fisher Asset Management LLC now owns 1,751,405 shares of the asset manager’s stock worth $188,609,000 after acquiring an additional 109,053 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of T. Rowe Price Group by 21.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,352,683 shares of the asset manager’s stock valued at $145,685,000 after acquiring an additional 236,697 shares in the last quarter. First Trust Advisors LP boosted its holdings in T. Rowe Price Group by 1.3% in the fourth quarter. First Trust Advisors LP now owns 1,173,858 shares of the asset manager’s stock valued at $126,413,000 after purchasing an additional 15,504 shares during the period. Finally, Confluence Investment Management LLC acquired a new position in T. Rowe Price Group during the 1st quarter worth $130,386,000. 73.39% of the stock is currently owned by hedge funds and other institutional investors.

T. Rowe Price Group Price Performance

Shares of NASDAQ:TROW opened at $104.87 on Friday. T. Rowe Price Group, Inc. has a 12 month low of $87.43 and a 12 month high of $122.27. The firm has a market capitalization of $23.34 billion, a P/E ratio of 12.45, a P/E/G ratio of 1.62 and a beta of 1.41. The company’s fifty day moving average price is $109.80 and its 200 day moving average price is $113.52.

T. Rowe Price Group (NASDAQ:TROW) last posted its earnings results on Friday, July 26th. The asset manager reported $2.26 EPS for the quarter, missing analysts’ consensus estimates of $2.27 by ($0.01). The firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.79 billion. T. Rowe Price Group had a return on equity of 19.90% and a net margin of 28.66%. The firm’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter last year, the firm posted $2.02 EPS. On average, sell-side analysts anticipate that T. Rowe Price Group, Inc. will post 9 EPS for the current year.

T. Rowe Price Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be issued a $1.24 dividend. This represents a $4.96 dividend on an annualized basis and a dividend yield of 4.73%. The ex-dividend date of this dividend is Friday, September 13th. T. Rowe Price Group’s payout ratio is currently 58.91%.

Insider Transactions at T. Rowe Price Group

In other T. Rowe Price Group news, insider Jessica M. Hiebler sold 1,401 shares of the company’s stock in a transaction on 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 approximately $1,644,838.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other T. Rowe Price Group news, VP Dorothy C. Sawyer sold 2,000 shares of the firm’s stock in a transaction 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 completion of the sale, the vice president now owns 34,710 shares of the company’s stock, valued at $4,061,070. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 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 sale, the insider now owns 14,198 shares in the company, valued at $1,644,838.30. The disclosure for this sale can be found here. Insiders sold 15,370 shares of company stock worth $1,627,078 over the last 90 days. 2.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. JPMorgan Chase & Co. increased their price target 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. Wells Fargo & Company assumed coverage on shares of T. Rowe Price Group in a report on Thursday. They issued an “equal weight” rating and a $109.00 target price on the stock. StockNews.com cut shares of T. Rowe Price Group from a “buy” rating to a “hold” rating in a report on Monday, July 29th. TD Cowen reduced their price objective on shares of T. Rowe Price Group from $123.00 to $118.00 and set a “hold” rating on the stock in a report on Monday, July 29th. Finally, Barclays assumed 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 for the company. Three investment analysts have rated the stock with a sell rating and eight have given a hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $113.30.

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.