Morningstar Investment Management LLC Has $1.96 Million Stake in T. Rowe Price Group, Inc. $TROW

Morningstar Investment Management LLC decreased its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 66.1% during the 1st quarter, Holdings Channel reports. The institutional investor owned 21,771 shares of the asset manager’s stock after selling 42,425 shares during the period. Morningstar Investment Management LLC’s holdings in T. Rowe Price Group were worth $1,962,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. TD Private Client Wealth LLC boosted its position in T. Rowe Price Group by 91.8% in the fourth quarter. TD Private Client Wealth LLC now owns 257 shares of the asset manager’s stock worth $26,000 after purchasing an additional 123 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. increased its stake in shares of T. Rowe Price Group by 540.9% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 282 shares of the asset manager’s stock worth $29,000 after purchasing an additional 238 shares in the last quarter. Canton Hathaway LLC bought a new stake in T. Rowe Price Group during the 4th quarter valued at $31,000. Sound Income Strategies LLC raised its stake in shares of T. Rowe Price Group by 170.3% during the 4th quarter. Sound Income Strategies LLC now owns 300 shares of the asset manager’s stock valued at $32,000 after purchasing an additional 189 shares during the period. Finally, DV Equities LLC bought a new stake in shares of T. Rowe Price Group during the fourth quarter valued at about $32,000. 73.39% of the stock is currently owned by hedge funds and other institutional investors.

T. Rowe Price Group Price Performance

T. Rowe Price Group stock opened at $116.50 on Friday. T. Rowe Price Group, Inc. has a one year low of $85.22 and a one year high of $121.17. The business’s fifty day moving average is $110.18 and its 200 day moving average is $101.77. The stock has a market capitalization of $24.96 billion, a PE ratio of 12.49, a price-to-earnings-growth ratio of 4.18 and a beta of 1.47.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings results on Thursday, April 30th. The asset manager reported $2.52 EPS for the quarter, topping analysts’ consensus estimates of $2.37 by $0.15. T. Rowe Price Group had a net margin of 28.28% and a return on equity of 20.60%. The firm had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.85 billion. During the same period in the previous year, the business posted $2.23 earnings per share. The business’s revenue for the quarter was up 5.3% on a year-over-year basis. As a group, sell-side analysts expect that T. Rowe Price Group, Inc. will post 10.12 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 29th. Shareholders of record on Monday, June 15th were given a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date of this dividend was Monday, June 15th. T. Rowe Price Group’s payout ratio is 55.73%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on TROW shares. Weiss Ratings upgraded T. Rowe Price Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, July 2nd. TD Cowen decreased their price target on T. Rowe Price Group from $108.00 to $107.00 and set a “hold” rating on the stock in a research note on Monday, July 20th. Barclays upped their price objective on shares of T. Rowe Price Group from $89.00 to $108.00 and gave the company an “underweight” rating in a research note on Tuesday, July 14th. JPMorgan Chase & Co. dropped their target price on shares of T. Rowe Price Group from $106.00 to $103.00 and set an “underweight” rating for the company in a research report on Friday, April 24th. Finally, Morgan Stanley raised their price objective on T. Rowe Price Group from $105.00 to $109.00 and gave the company an “equal weight” rating in a research report on Friday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average price target of $104.50.

Insiders Place Their Bets

In other news, VP Stephon A. Jackson sold 3,000 shares of the firm’s stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $102.56, for a total value of $307,680.00. Following the transaction, the vice president directly owned 83,883 shares in the company, valued at $8,603,040.48. This trade represents a 3.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 1.60% of the company’s stock.

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.