Arrowstreet Capital Limited Partnership Increases Stock Holdings in T. Rowe Price Group, Inc. $TROW

Arrowstreet Capital Limited Partnership increased its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 160.3% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 506,588 shares of the asset manager’s stock after acquiring an additional 311,987 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 0.23% of T. Rowe Price Group worth $48,886,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in TROW. TD Waterhouse Canada Inc. grew its position in shares of T. Rowe Price Group by 66.7% in the second quarter. TD Waterhouse Canada Inc. now owns 250 shares of the asset manager’s stock valued at $25,000 after purchasing an additional 100 shares during the period. Zions Bancorporation National Association UT purchased a new position in T. Rowe Price Group in the 1st quarter valued at about $27,000. Vermillion & White Wealth Management Group LLC lifted its stake in T. Rowe Price Group by 120.0% in the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 319 shares of the asset manager’s stock valued at $31,000 after buying an additional 174 shares in the last quarter. Atlantic Union Bankshares Corp acquired a new stake in T. Rowe Price Group in the 2nd quarter worth about $35,000. Finally, Curio Wealth LLC increased its stake in T. Rowe Price Group by 20,700.0% during the 2nd quarter. Curio Wealth LLC now owns 416 shares of the asset manager’s stock worth $40,000 after buying an additional 414 shares in the last quarter. 73.39% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at T. Rowe Price Group

In other news, Director Robert F. Maclellan sold 3,090 shares of the stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $105.01, for a total transaction of $324,480.90. Following the completion of the transaction, the director directly owned 47,335 shares in the company, valued at approximately $4,970,648.35. This represents a 6.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.00% of the stock is currently owned by company insiders.

T. Rowe Price Group Price Performance

Shares of TROW stock opened at $105.79 on Friday. The company has a market capitalization of $23.09 billion, a PE ratio of 11.52, a price-to-earnings-growth ratio of 3.47 and a beta of 1.53. The firm’s 50-day moving average is $102.80 and its two-hundred day moving average is $101.99. T. Rowe Price Group, Inc. has a 12 month low of $77.85 and a 12 month high of $125.81.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings results on Friday, October 31st. The asset manager reported $2.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.55 by $0.26. T. Rowe Price Group had a net margin of 28.89% and a return on equity of 19.95%. The business had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.88 billion. During the same quarter last year, the firm earned $2.57 EPS. The business’s revenue was up 6.0% compared to the same quarter last year. Sell-side analysts forecast that T. Rowe Price Group, Inc. will post 9.29 EPS for the current year.

T. Rowe Price Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 30th. Shareholders of record on Monday, December 15th will be given a $1.27 dividend. The ex-dividend date is Monday, December 15th. This represents a $5.08 dividend on an annualized basis and a yield of 4.8%. T. Rowe Price Group’s payout ratio is currently 55.34%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Evercore ISI raised their target price on T. Rowe Price Group from $115.00 to $118.00 and gave the company an “in-line” rating in a research report on Thursday, October 9th. Jefferies Financial Group boosted their price target on T. Rowe Price Group from $104.00 to $106.00 and gave the stock a “hold” rating in a research report on Tuesday, October 7th. The Goldman Sachs Group decreased their price objective on T. Rowe Price Group from $98.00 to $93.00 and set a “sell” rating on the stock in a report on Tuesday, November 25th. Zacks Research raised shares of T. Rowe Price Group from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 10th. Finally, Bank of America upped their target price on shares of T. Rowe Price Group from $91.00 to $97.00 and gave the stock an “underperform” rating in a report on Thursday, October 2nd. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus price target of $109.00.

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.