Strs Ohio Makes New Investment in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Strs Ohio acquired a new position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) in the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 10,328 shares of the asset manager’s stock, valued at approximately $1,112,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. increased its holdings in T. Rowe Price Group by 2.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,900,101 shares of the asset manager’s stock worth $513,874,000 after purchasing an additional 134,839 shares in the last quarter. Morgan Stanley grew its holdings in shares of T. Rowe Price Group by 0.7% in the third quarter. Morgan Stanley now owns 3,483,350 shares of the asset manager’s stock valued at $365,299,000 after acquiring an additional 25,012 shares in the last quarter. Northern Trust Corp grew its holdings in shares of T. Rowe Price Group by 4.1% in the third quarter. Northern Trust Corp now owns 2,356,132 shares of the asset manager’s stock valued at $247,088,000 after acquiring an additional 93,829 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of T. Rowe Price Group by 2.0% in the third quarter. Bank of New York Mellon Corp now owns 2,271,065 shares of the asset manager’s stock valued at $238,167,000 after acquiring an additional 44,175 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in shares of T. Rowe Price Group by 7.6% in the third quarter. Invesco Ltd. now owns 1,684,057 shares of the asset manager’s stock valued at $176,607,000 after acquiring an additional 119,305 shares in the last quarter. 73.39% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. JPMorgan Chase & Co. upped their target price on T. Rowe Price Group from $94.00 to $103.00 and gave the company an “underweight” rating in a report on Tuesday, April 16th. TD Cowen raised T. Rowe Price Group from a “sell” rating to a “hold” rating and upped their target price for the company from $92.00 to $114.00 in a report on Monday, April 8th. Morgan Stanley upped their target price on T. Rowe Price Group from $114.00 to $125.00 and gave the company an “equal weight” rating in a report on Wednesday, April 17th. UBS Group upped their price objective on T. Rowe Price Group from $100.00 to $109.00 and gave the company a “sell” rating in a research note on Friday, April 12th. Finally, Wells Fargo & Company upped their price objective on T. Rowe Price Group from $105.00 to $108.00 and gave the company an “underweight” rating in a research note on Friday, February 9th. Four equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $112.67.

T. Rowe Price Group Trading Up 0.4 %

T. Rowe Price Group stock opened at $111.94 on Wednesday. The company has a market cap of $25.03 billion, a price-to-earnings ratio of 14.43, a PEG ratio of 2.09 and a beta of 1.40. The business’s 50 day simple moving average is $114.89 and its 200 day simple moving average is $106.95. T. Rowe Price Group, Inc. has a 12 month low of $87.43 and a 12 month high of $132.76.

T. Rowe Price Group (NASDAQ:TROW) last posted its earnings results on Thursday, February 8th. The asset manager reported $1.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $0.12. The firm had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.63 billion. T. Rowe Price Group had a return on equity of 18.41% and a net margin of 27.69%. The business’s quarterly revenue was up 6.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.74 earnings per share. As a group, equities research analysts forecast that T. Rowe Price Group, Inc. will post 8.36 earnings per share for the current fiscal year.

T. Rowe Price Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were given a dividend of $1.24 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $4.96 annualized dividend and a dividend yield of 4.43%. This is an increase from T. Rowe Price Group’s previous quarterly dividend of $1.22. T. Rowe Price Group’s dividend payout ratio is currently 63.92%.

Insiders Place Their Bets

In other T. Rowe Price Group news, Director Freeman A. Hrabowski III sold 8,740 shares of the stock in a transaction on Friday, March 8th. The stock was sold at an average price of $118.32, for a total transaction of $1,034,116.80. Following the sale, the director now owns 21,073 shares in the company, valued at $2,493,357.36. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director Freeman A. Hrabowski III sold 8,740 shares of the company’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $118.32, for a total value of $1,034,116.80. Following the transaction, the director now owns 21,073 shares of the company’s stock, valued at $2,493,357.36. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Jessica M. Hiebler sold 1,138 shares of the company’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $107.13, for a total transaction of $121,913.94. Following the completion of the transaction, the insider now directly owns 14,113 shares in the company, valued at approximately $1,511,925.69. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.

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.