First Citizens Bank & Trust Co. Purchases 2,672 Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW)

First Citizens Bank & Trust Co. increased its position in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 4.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 66,271 shares of the asset manager’s stock after acquiring an additional 2,672 shares during the period. First Citizens Bank & Trust Co.’s holdings in T. Rowe Price Group were worth $6,088,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in TROW. Amundi increased its holdings in shares of T. Rowe Price Group by 30.1% in the 4th quarter. Amundi now owns 1,717,877 shares of the asset manager’s stock worth $194,064,000 after purchasing an additional 397,278 shares in the last quarter. Schroder Investment Management Group increased its holdings in T. Rowe Price Group by 49.4% in the 4th quarter. Schroder Investment Management Group now owns 221,579 shares of the asset manager’s stock worth $25,229,000 after buying an additional 73,307 shares in the last quarter. Commonwealth Equity Services LLC increased its holdings in T. Rowe Price Group by 5.9% in the 4th quarter. Commonwealth Equity Services LLC now owns 357,556 shares of the asset manager’s stock worth $40,436,000 after buying an additional 20,062 shares in the last quarter. Resona Asset Management Co. Ltd. purchased a new position in T. Rowe Price Group in the 4th quarter worth about $9,590,000. Finally, Fisher Asset Management LLC lifted its stake in T. Rowe Price Group by 0.5% during the 4th quarter. Fisher Asset Management LLC now owns 1,870,446 shares of the asset manager’s stock valued at $211,529,000 after acquiring an additional 8,992 shares during the period. 73.39% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director Robert F. Maclellan sold 3,955 shares of the stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $91.56, for a total transaction of $362,119.80. Following the completion of the sale, the director now owns 42,979 shares in the company, valued at approximately $3,935,157.24. This trade represents a 8.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jessica M. Hiebler sold 968 shares of T. Rowe Price Group stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $96.98, for a total value of $93,876.64. Following the sale, the insider now directly owns 13,611 shares in the company, valued at $1,319,994.78. This trade represents a 6.64% decrease in their position. The disclosure for this sale can be found here. 2.00% of the stock is owned by company insiders.

T. Rowe Price Group Stock Performance

Shares of T. Rowe Price Group stock opened at $94.28 on Monday. The stock has a market cap of $20.77 billion, a P/E ratio of 10.29, a P/E/G ratio of 2.86 and a beta of 1.49. The stock’s fifty day moving average is $90.71 and its 200 day moving average is $103.29. T. Rowe Price Group, Inc. has a one year low of $77.85 and a one year high of $125.81.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings results on Friday, May 2nd. The asset manager reported $2.23 EPS for the quarter, topping analysts’ consensus estimates of $2.13 by $0.10. T. Rowe Price Group had a return on equity of 20.83% and a net margin of 29.61%. The business had revenue of $1.76 billion during the quarter, compared to analysts’ expectations of $1.80 billion. During the same quarter in the prior year, the business posted $2.38 earnings per share. The business’s quarterly revenue was up .8% on a year-over-year basis. Analysts predict that T. Rowe Price Group, Inc. will post 9.29 EPS for the current year.

T. Rowe Price Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 13th will be issued a $1.27 dividend. This represents a $5.08 annualized dividend and a yield of 5.39%. The ex-dividend date is Friday, June 13th. T. Rowe Price Group’s dividend payout ratio is 57.60%.

Wall Street Analysts Forecast Growth

TROW has been the subject of a number of research analyst reports. Evercore ISI reduced their price target on shares of T. Rowe Price Group from $104.00 to $80.00 and set an “in-line” rating for the company in a research note on Friday, April 11th. Citigroup dropped their target price on shares of T. Rowe Price Group from $100.00 to $95.00 and set a “neutral” rating on the stock in a report on Monday, April 14th. TD Cowen decreased their target price on shares of T. Rowe Price Group from $112.00 to $89.00 and set a “hold” rating for the company in a research note on Wednesday, April 9th. Morgan Stanley increased their price target on T. Rowe Price Group from $94.00 to $95.00 and gave the company an “equal weight” rating in a report on Tuesday, May 6th. Finally, The Goldman Sachs Group dropped their price target on T. Rowe Price Group from $89.00 to $80.00 and set a “sell” rating on the stock in a research note on Monday, April 14th. Four research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $94.09.

About T. Rowe Price Group

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.