Park Avenue Securities LLC Increases Stock Position in T. Rowe Price Group, Inc. $TROW

Park Avenue Securities LLC increased its position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 6.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,208 shares of the asset manager’s stock after buying an additional 329 shares during the period. Park Avenue Securities LLC’s holdings in T. Rowe Price Group were worth $503,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Cooper Financial Group raised its holdings in T. Rowe Price Group by 5.2% in the first quarter. Cooper Financial Group now owns 2,234 shares of the asset manager’s stock valued at $205,000 after acquiring an additional 110 shares in the last quarter. Hexagon Capital Partners LLC raised its holdings in T. Rowe Price Group by 44.8% during the first quarter. Hexagon Capital Partners LLC now owns 365 shares of the asset manager’s stock worth $34,000 after purchasing an additional 113 shares in the last quarter. Associated Banc Corp raised its holdings in T. Rowe Price Group by 0.5% during the first quarter. Associated Banc Corp now owns 24,864 shares of the asset manager’s stock worth $2,284,000 after purchasing an additional 114 shares in the last quarter. Wealthcare Capital Partners LLC raised its holdings in T. Rowe Price Group by 1.2% during the first quarter. Wealthcare Capital Partners LLC now owns 9,429 shares of the asset manager’s stock worth $866,000 after purchasing an additional 115 shares in the last quarter. Finally, Phoenix Wealth Advisors raised its holdings in T. Rowe Price Group by 6.0% during the first quarter. Phoenix Wealth Advisors now owns 2,199 shares of the asset manager’s stock worth $202,000 after purchasing an additional 125 shares in the last quarter. 73.39% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on TROW. JPMorgan Chase & Co. raised their price objective on shares of T. Rowe Price Group from $98.00 to $102.00 and gave the stock an “underweight” rating in a report on Monday, August 4th. Zacks Research cut shares of T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a report on Monday, September 8th. Wells Fargo & Company raised their price objective on shares of T. Rowe Price Group from $98.00 to $108.00 and gave the stock an “equal weight” rating in a report on Friday, July 11th. Morgan Stanley raised their price objective on shares of T. Rowe Price Group from $112.00 to $116.00 and gave the stock an “equal weight” rating in a report on Monday, August 4th. Finally, Evercore ISI reissued a “positive” rating on shares of T. Rowe Price Group in a report on Friday, September 5th. One research analyst has rated the stock with a Buy rating, eight have issued a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average target price of $101.55.

Insiders Place Their Bets

In related news, Director Robert F. Maclellan sold 3,090 shares of T. Rowe Price Group stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $105.01, for a total value of $324,480.90. Following the transaction, the director directly owned 47,335 shares in the company, valued at $4,970,648.35. This trade represents a 6.13% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.60% of the stock is currently owned by company insiders.

T. Rowe Price Group Price Performance

NASDAQ:TROW opened at $103.52 on Tuesday. The firm’s fifty day moving average price is $106.10 and its 200 day moving average price is $97.89. T. Rowe Price Group, Inc. has a 1-year low of $77.85 and a 1-year high of $125.81. The firm has a market cap of $22.74 billion, a price-to-earnings ratio of 11.57, a price-to-earnings-growth ratio of 2.68 and a beta of 1.51.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings data on Friday, August 1st. The asset manager reported $2.24 earnings per share for the quarter, beating analysts’ consensus estimates of $2.15 by $0.09. T. Rowe Price Group had a net margin of 28.72% and a return on equity of 19.77%. The firm had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.72 billion. During the same period last year, the firm posted $2.26 EPS. T. Rowe Price Group’s quarterly revenue was down .6% on a year-over-year basis. As a group, analysts expect that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Monday, September 15th were given a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date was Monday, September 15th. T. Rowe Price Group’s dividend payout ratio (DPR) is 56.76%.

T. Rowe Price Group Company 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.