TrimTabs Asset Management LLC acquired a new position in T. Rowe Price Group, Inc. (NASDAQ:TROW) in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 8,104 shares of the asset manager’s stock, valued at approximately $1,443,000.
A number of other hedge funds have also modified their holdings of the stock. Birch Capital Management LLC grew its holdings in T. Rowe Price Group by 1.1% in the 1st quarter. Birch Capital Management LLC now owns 25,255 shares of the asset manager’s stock worth $4,334,000 after buying an additional 265 shares in the last quarter. Chemung Canal Trust Co. acquired a new stake in T. Rowe Price Group in the first quarter worth approximately $3,072,000. Pensionfund DSM Netherlands acquired a new stake in T. Rowe Price Group in the first quarter worth approximately $3,569,000. Pensionfund Sabic acquired a new stake in T. Rowe Price Group in the first quarter worth approximately $2,317,000. Finally, Alpha DNA Investment Management LLC acquired a new stake in T. Rowe Price Group in the fourth quarter worth approximately $55,000. 69.48% of the stock is owned by institutional investors and hedge funds.
In other news, CEO William J. Stromberg sold 9,000 shares of the company’s stock in a transaction on Thursday, March 11th. The shares were sold at an average price of $173.78, for a total value of $1,564,020.00. Also, President W. Sharps Robert sold 6,000 shares of the company’s stock in a transaction on Monday, March 29th. The stock was sold at an average price of $176.75, for a total transaction of $1,060,500.00. Following the completion of the transaction, the president now directly owns 472,138 shares in the company, valued at $83,450,391.50. The disclosure for this sale can be found here. 1.00% of the stock is owned by corporate insiders.
T. Rowe Price Group (NASDAQ:TROW) last released its earnings results on Thursday, January 28th. The asset manager reported $2.89 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.68 by $0.21. The company had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.69 billion. T. Rowe Price Group had a return on equity of 30.52% and a net margin of 35.92%. The company’s revenue for the quarter was up 18.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.03 earnings per share. Sell-side analysts predict that T. Rowe Price Group, Inc. will post 9.23 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 30th. Stockholders of record on Tuesday, March 16th were issued a $1.08 dividend. The ex-dividend date of this dividend was Monday, March 15th. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.45%. This is a positive change from T. Rowe Price Group’s previous quarterly dividend of $0.90. T. Rowe Price Group’s dividend payout ratio is presently 53.53%.
A number of research firms have weighed in on TROW. The Goldman Sachs Group upgraded T. Rowe Price Group from a “sell” rating to a “neutral” rating and upped their target price for the stock from $134.00 to $170.00 in a research report on Tuesday, January 5th. Morgan Stanley upped their target price on T. Rowe Price Group from $167.00 to $169.00 and gave the stock an “equal weight” rating in a research report on Friday, January 29th. Barclays upped their target price on T. Rowe Price Group from $145.00 to $150.00 and gave the stock an “underweight” rating in a research report on Monday, January 25th. Credit Suisse Group downgraded T. Rowe Price Group from an “outperform” rating to a “neutral” rating and increased their price objective for the company from $179.00 to $181.00 in a research report on Tuesday, March 30th. They noted that the move was a valuation call. Finally, Wells Fargo & Company increased their price objective on T. Rowe Price Group from $170.00 to $200.00 in a research report on Thursday, January 14th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $156.18.
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.
Featured Story: Why investors pay attention to retained earnings
Receive News & Ratings for T. Rowe Price Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for T. Rowe Price Group and related companies with MarketBeat.com's FREE daily email newsletter.