TCTC Holdings LLC Buys 6,750 Shares of T. Rowe Price Group, Inc. $TROW

TCTC Holdings LLC grew its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 11.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 65,045 shares of the asset manager’s stock after buying an additional 6,750 shares during the period. TCTC Holdings LLC’s holdings in T. Rowe Price Group were worth $6,676,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in TROW. Ameritas Advisory Services LLC lifted its holdings in T. Rowe Price Group by 901.5% during the third quarter. Ameritas Advisory Services LLC now owns 1,973 shares of the asset manager’s stock valued at $203,000 after purchasing an additional 1,776 shares in the last quarter. Abich Financial Wealth Management LLC purchased a new stake in shares of T. Rowe Price Group in the third quarter worth $311,000. Assetmark Inc. raised its position in shares of T. Rowe Price Group by 0.5% during the 3rd quarter. Assetmark Inc. now owns 511,934 shares of the asset manager’s stock valued at $52,545,000 after purchasing an additional 2,795 shares during the period. Public Sector Pension Investment Board lifted its stake in shares of T. Rowe Price Group by 4.4% during the 3rd quarter. Public Sector Pension Investment Board now owns 47,354 shares of the asset manager’s stock valued at $4,860,000 after buying an additional 1,997 shares in the last quarter. Finally, Illinois Municipal Retirement Fund boosted its holdings in T. Rowe Price Group by 32.2% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 100,907 shares of the asset manager’s stock worth $10,357,000 after buying an additional 24,567 shares during the period. 73.39% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on TROW shares. BMO Capital Markets decreased their price target on T. Rowe Price Group from $110.00 to $104.00 and set a “market perform” rating on the stock in a report on Thursday. Keefe, Bruyette & Woods cut their target price on T. Rowe Price Group from $115.00 to $110.00 and set a “market perform” rating for the company in a research report on Thursday, February 5th. The Goldman Sachs Group lowered their price target on T. Rowe Price Group from $95.00 to $90.00 and set a “sell” rating on the stock in a report on Thursday, February 5th. Bank of America upped their price target on T. Rowe Price Group from $85.00 to $86.00 in a research note on Wednesday, January 14th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of T. Rowe Price Group in a research report on Monday, December 29th. Twelve investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, T. Rowe Price Group currently has an average rating of “Reduce” and an average price target of $102.50.

T. Rowe Price Group Price Performance

NASDAQ:TROW opened at $93.76 on Friday. The company has a market cap of $20.46 billion, a price-to-earnings ratio of 10.14, a PEG ratio of 4.84 and a beta of 1.53. T. Rowe Price Group, Inc. has a 1 year low of $77.85 and a 1 year high of $118.22. The stock’s 50 day simple moving average is $103.40 and its two-hundred day simple moving average is $104.03.

T. Rowe Price Group (NASDAQ:TROW) last posted its earnings results on Wednesday, February 4th. The asset manager reported $2.44 EPS for the quarter, missing analysts’ consensus estimates of $2.47 by ($0.03). T. Rowe Price Group had a net margin of 28.53% and a return on equity of 20.36%. The firm had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $1.92 billion. During the same quarter in the prior year, the company posted $2.12 earnings per share. The firm’s revenue was up 6.0% compared to the same quarter last year. As a group, analysts anticipate that T. Rowe Price Group, Inc. will post 9.29 EPS for the current year.

T. Rowe Price Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 30th. Shareholders of record on Monday, March 16th will be paid a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a dividend yield of 5.5%. The ex-dividend date of this dividend is Monday, March 16th. This is an increase from T. Rowe Price Group’s previous quarterly dividend of $1.27. T. Rowe Price Group’s dividend payout ratio is 56.22%.

Insider Buying and Selling at T. Rowe Price Group

In related news, VP Arif Husain sold 4,260 shares of the stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $101.96, for a total value of $434,349.60. Following the completion of the transaction, the vice president owned 47,102 shares of the company’s stock, valued at approximately $4,802,519.92. This trade represents a 8.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.00% of the stock is currently owned by company insiders.

T. Rowe Price Group Company Profile

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland, founded by Thomas Rowe Price Jr. in 1937. The company provides a broad range of investment products and services for individual investors, financial intermediaries, retirement plan sponsors and institutional clients. Its offerings are built around active investment management and in-house research across equity, fixed income and multi-asset strategies, reflecting a long history as a research-driven asset manager.

The firm’s product lineup includes mutual funds, separate accounts, collective investment trusts, target-date and target-risk funds, and managed account solutions, as well as services for defined contribution and defined benefit retirement plans.