SVB Wealth LLC Increases Stock Holdings in T. Rowe Price Group, Inc. $TROW

SVB Wealth LLC lifted its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 36.9% in the 3rd quarter, HoldingsChannel reports. The firm owned 20,845 shares of the asset manager’s stock after acquiring an additional 5,624 shares during the period. SVB Wealth LLC’s holdings in T. Rowe Price Group were worth $2,140,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of TROW. Fidelis Capital Partners LLC purchased a new position in shares of T. Rowe Price Group during the third quarter valued at about $540,000. Candriam S.C.A. raised its stake in shares of T. Rowe Price Group by 20.4% in the second quarter. Candriam S.C.A. now owns 30,931 shares of the asset manager’s stock valued at $2,985,000 after acquiring an additional 5,236 shares during the period. Greenspring Advisors LLC purchased a new position in shares of T. Rowe Price Group during the 3rd quarter worth about $1,583,000. First Citizens Bank & Trust Co. grew its holdings in T. Rowe Price Group by 141.9% during the 3rd quarter. First Citizens Bank & Trust Co. now owns 175,885 shares of the asset manager’s stock valued at $18,053,000 after purchasing an additional 103,174 shares during the last quarter. Finally, Allen Wealth Management LLC raised its position in T. Rowe Price Group by 459.3% in the 3rd quarter. Allen Wealth Management LLC now owns 13,855 shares of the asset manager’s stock worth $1,422,000 after purchasing an additional 11,378 shares during the period. Institutional investors own 73.39% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Keefe, Bruyette & Woods decreased their price target on T. Rowe Price Group from $115.00 to $110.00 and set a “market perform” rating for the company in a research note on Thursday, February 5th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of T. Rowe Price Group in a research report on Monday, December 29th. Bank of America increased their price target on T. Rowe Price Group from $85.00 to $86.00 in a research report on Wednesday, January 14th. Barclays set a $94.00 price objective on shares of T. Rowe Price Group in a research note on Thursday, February 5th. Finally, Zacks Research cut shares of T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 9th. Twelve research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat, T. Rowe Price Group has an average rating of “Reduce” and an average price target of $102.93.

T. Rowe Price Group Stock Up 0.9%

Shares of T. Rowe Price Group stock opened at $96.64 on Wednesday. T. Rowe Price Group, Inc. has a twelve month low of $77.85 and a twelve month high of $118.22. The business has a 50-day moving average price of $104.14 and a 200 day moving average price of $104.27. The firm has a market cap of $21.09 billion, a PE ratio of 10.45, a P/E/G ratio of 4.95 and a beta of 1.53.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings results on Wednesday, February 4th. The asset manager reported $2.44 earnings per share for the quarter, missing the consensus estimate of $2.47 by ($0.03). The business had revenue of $1.93 billion during the quarter, compared to analysts’ expectations of $1.92 billion. T. Rowe Price Group had a return on equity of 20.36% and a net margin of 28.53%.The business’s quarterly revenue was up 6.0% on a year-over-year basis. During the same period in the prior year, the business posted $2.12 earnings per share. On average, sell-side analysts expect 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 declared a quarterly dividend, which will be paid on Monday, March 30th. Investors of record on Monday, March 16th will be issued a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a yield of 5.4%. This is a positive change from T. Rowe Price Group’s previous quarterly dividend of $1.27. The ex-dividend date of this dividend is Monday, March 16th. T. Rowe Price Group’s dividend payout ratio is currently 54.92%.

Insider Activity

In other T. Rowe Price Group news, VP Arif Husain sold 4,260 shares of T. Rowe Price Group stock in a transaction that occurred on Wednesday, December 10th. The stock was sold at an average price of $101.96, for a total transaction of $434,349.60. Following the transaction, the vice president owned 47,102 shares of the company’s stock, valued at $4,802,519.92. The trade was a 8.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 1.60% of the stock is currently owned by company insiders.

T. Rowe Price Group 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.