T. Rowe Price Group, Inc. (TROW) Shares Bought by Raymond James Financial Services Advisors Inc.
Raymond James Financial Services Advisors Inc. lifted its position in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 24.5% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 95,410 shares of the asset manager’s stock after acquiring an additional 18,776 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in T. Rowe Price Group were worth $7,081,000 as of its most recent filing with the SEC.
Several other large investors have also recently modified their holdings of TROW. KBC Group NV increased its stake in T. Rowe Price Group by 5.7% in the 1st quarter. KBC Group NV now owns 24,080 shares of the asset manager’s stock valued at $1,641,000 after buying an additional 1,298 shares during the period. Bristol Advisors LLC acquired a new position in T. Rowe Price Group in the 1st quarter valued at approximately $273,000. Prudential Financial Inc. increased its stake in T. Rowe Price Group by 9.3% in the 1st quarter. Prudential Financial Inc. now owns 393,075 shares of the asset manager’s stock valued at $26,788,000 after buying an additional 33,600 shares during the period. Los Angeles Capital Management & Equity Research Inc. increased its stake in T. Rowe Price Group by 389.5% in the 1st quarter. Los Angeles Capital Management & Equity Research Inc. now owns 43,997 shares of the asset manager’s stock valued at $2,998,000 after buying an additional 35,009 shares during the period. Finally, Stifel Financial Corp increased its stake in T. Rowe Price Group by 3.0% in the 1st quarter. Stifel Financial Corp now owns 538,644 shares of the asset manager’s stock valued at $36,682,000 after buying an additional 15,808 shares during the period. Institutional investors and hedge funds own 73.62% of the company’s stock.
In other news, insider Jessica M. Hiebler sold 1,000 shares of T. Rowe Price Group stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $84.29, for a total value of $84,290.00. Following the sale, the insider now directly owns 8,461 shares in the company, valued at $713,177.69. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Kenneth V. Moreland sold 13,041 shares of T. Rowe Price Group stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $90.43, for a total transaction of $1,179,297.63. Following the completion of the sale, the chief financial officer now owns 135,028 shares in the company, valued at $12,210,582.04. The disclosure for this sale can be found here. Insiders sold 36,924 shares of company stock worth $3,187,333 over the last quarter. 3.60% of the stock is owned by corporate insiders.
TROW has been the topic of several research reports. Morgan Stanley reiterated an “underweight” rating and issued a $70.00 price objective (up previously from $64.00) on shares of T. Rowe Price Group in a research note on Monday, July 10th. Jefferies Group LLC set a $83.00 price objective on shares of T. Rowe Price Group and gave the company a “buy” rating in a research note on Tuesday, June 20th. Credit Suisse Group upped their price objective on shares of T. Rowe Price Group from $70.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, July 26th. Zacks Investment Research upgraded shares of T. Rowe Price Group from a “hold” rating to a “buy” rating and set a $93.00 price objective on the stock in a research note on Tuesday, September 12th. Finally, Barclays PLC initiated coverage on shares of T. Rowe Price Group in a research note on Friday, September 8th. They issued an “underweight” rating and a $79.00 price objective on the stock. Three research analysts have rated the stock with a sell rating, six have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $86.18.
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T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings data on Tuesday, July 25th. The asset manager reported $1.28 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.27 by $0.01. T. Rowe Price Group had a net margin of 32.64% and a return on equity of 24.38%. The company had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same period last year, the company earned $0.76 earnings per share. The firm’s revenue was up 12.1% compared to the same quarter last year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 28th. Stockholders of record on Thursday, September 14th were issued a $0.57 dividend. The ex-dividend date of this dividend was Wednesday, September 13th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.46%. T. Rowe Price Group’s dividend payout ratio (DPR) is presently 39.18%.
T. Rowe Price Group Company Profile
T. Rowe Price Group, Inc is a financial services holding company. The Company provides global investment management services through its subsidiaries to investors across the world. The Company provides an array of Company sponsored the United States mutual funds, other sponsored pooled investment vehicles, sub advisory services, separate account management, recordkeeping, and related services to individuals, advisors, institutions, financial intermediaries and retirement plan sponsors.
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