Kenneth V. Moreland Sells 8,066 Shares of T. Rowe Price Group Inc (TROW) Stock
T. Rowe Price Group Inc (NASDAQ:TROW) CFO Kenneth V. Moreland sold 8,066 shares of the stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $104.12, for a total value of $839,831.92. Following the completion of the transaction, the chief financial officer now directly owns 100,796 shares in the company, valued at approximately $10,494,879.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.
Shares of T. Rowe Price Group Inc (TROW) opened at $107.23 on Friday. The company has a market capitalization of $25,980.00, a PE ratio of 17.55, a PEG ratio of 1.68 and a beta of 1.32. T. Rowe Price Group Inc has a 1 year low of $65.33 and a 1 year high of $107.42.
T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings results on Thursday, October 26th. The asset manager reported $1.56 EPS for the quarter, topping the Zacks’ consensus estimate of $1.36 by $0.20. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. T. Rowe Price Group had a return on equity of 24.76% and a net margin of 33.10%. T. Rowe Price Group’s revenue was up 11.8% compared to the same quarter last year. During the same quarter last year, the firm posted $1.17 earnings per share. equities research analysts predict that T. Rowe Price Group Inc will post 5.29 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, December 28th. Investors of record on Thursday, December 14th were given a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date was Wednesday, December 13th. T. Rowe Price Group’s dividend payout ratio is presently 37.32%.
A number of institutional investors have recently made changes to their positions in TROW. Bronfman E.L. Rothschild L.P. raised its position in T. Rowe Price Group by 6.9% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,593 shares of the asset manager’s stock valued at $118,000 after buying an additional 103 shares during the last quarter. Signature Estate & Investment Advisors LLC acquired a new stake in T. Rowe Price Group in the 3rd quarter valued at approximately $118,000. Grove Bank & Trust raised its position in T. Rowe Price Group by 178.7% in the 3rd quarter. Grove Bank & Trust now owns 1,310 shares of the asset manager’s stock valued at $119,000 after buying an additional 840 shares during the last quarter. Quadrant Capital Group LLC raised its position in T. Rowe Price Group by 5.4% in the 2nd quarter. Quadrant Capital Group LLC now owns 1,749 shares of the asset manager’s stock valued at $121,000 after buying an additional 89 shares during the last quarter. Finally, Sun Life Financial INC raised its position in T. Rowe Price Group by 19,500.0% in the 2nd quarter. Sun Life Financial INC now owns 1,764 shares of the asset manager’s stock valued at $131,000 after buying an additional 1,755 shares during the last quarter. 72.13% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts have weighed in on TROW shares. Barclays started coverage on T. Rowe Price Group in a research note on Friday, September 8th. They issued an “underweight” rating and a $79.00 target price on the stock. Zacks Investment Research raised T. Rowe Price Group from a “hold” rating to a “buy” rating and set a $93.00 price target on the stock in a research report on Tuesday, September 12th. Goldman Sachs Group raised T. Rowe Price Group from a “neutral” rating to a “buy” rating and raised their price target for the stock from $85.00 to $100.00 in a research report on Thursday, September 28th. Morgan Stanley raised T. Rowe Price Group from an “underweight” rating to an “equal” rating and raised their price target for the stock from $77.00 to $93.00 in a research report on Thursday, October 5th. Finally, Jefferies Group reaffirmed a “buy” rating and set a $104.00 price target (up previously from $96.00) on shares of T. Rowe Price Group in a research report on Tuesday, October 10th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $91.56.
About T. Rowe Price Group
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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