Allen Wealth Management LLC Boosts Stock Position in T. Rowe Price Group, Inc. $TROW

Allen Wealth Management LLC grew its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 459.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,855 shares of the asset manager’s stock after purchasing an additional 11,378 shares during the quarter. T. Rowe Price Group makes up 1.0% of Allen Wealth Management LLC’s investment portfolio, making the stock its 25th largest holding. Allen Wealth Management LLC’s holdings in T. Rowe Price Group were worth $1,422,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. AQR Capital Management LLC raised its position in T. Rowe Price Group by 1.1% in the first quarter. AQR Capital Management LLC now owns 409,912 shares of the asset manager’s stock worth $37,089,000 after acquiring an additional 4,389 shares during the period. Curi RMB Capital LLC purchased a new stake in shares of T. Rowe Price Group during the 1st quarter worth approximately $284,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of T. Rowe Price Group by 14.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,205 shares of the asset manager’s stock worth $5,988,000 after purchasing an additional 8,324 shares during the period. Nissay Asset Management Corp Japan ADV raised its holdings in shares of T. Rowe Price Group by 0.9% in the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 29,180 shares of the asset manager’s stock worth $2,681,000 after purchasing an additional 256 shares during the period. Finally, UniSuper Management Pty Ltd lifted its stake in T. Rowe Price Group by 15.1% in the first quarter. UniSuper Management Pty Ltd now owns 26,585 shares of the asset manager’s stock valued at $2,442,000 after purchasing an additional 3,493 shares during the last quarter. 73.39% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have issued reports on TROW shares. Keefe, Bruyette & Woods decreased their target price on T. Rowe Price Group from $117.00 to $115.00 and set a “market perform” rating for the company in a research report on Tuesday, December 16th. TD Cowen lifted their price objective on T. Rowe Price Group from $108.00 to $112.00 and gave the stock a “hold” rating in a report on Monday, November 3rd. Morgan Stanley boosted their price objective on T. Rowe Price Group from $126.00 to $128.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 17th. Weiss Ratings reiterated a “hold (c+)” rating on shares of T. Rowe Price Group in a research report on Monday, December 29th. Finally, Citigroup lifted their target price on shares of T. Rowe Price Group from $105.00 to $107.00 in a research note on Monday, November 3rd. Twelve analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $108.31.

T. Rowe Price Group Stock Up 2.2%

Shares of NASDAQ TROW opened at $104.63 on Monday. The company has a market cap of $22.83 billion, a P/E ratio of 11.40, a P/E/G ratio of 2.65 and a beta of 1.52. T. Rowe Price Group, Inc. has a 52 week low of $77.85 and a 52 week high of $118.32. The business has a 50-day simple moving average of $102.90 and a two-hundred day simple moving average of $103.59.

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. The firm had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.88 billion. T. Rowe Price Group had a net margin of 28.89% and a return on equity of 19.95%. The company’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same period in the prior year, the firm posted $2.57 earnings per share. Equities research analysts anticipate that T. Rowe Price Group, Inc. will post 9.29 EPS for the current year.

T. Rowe Price Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 30th. Stockholders of record on Monday, December 15th were given a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date was Monday, December 15th. T. Rowe Price Group’s payout ratio is 55.34%.

Insider Activity at T. Rowe Price Group

In other news, VP Arif Husain sold 4,260 shares of the company’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $101.96, for a total value of $434,349.60. Following the transaction, the vice president owned 47,102 shares of the company’s stock, valued at approximately $4,802,519.92. This represents a 8.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.60% of the stock is owned by company insiders.

About T. Rowe Price Group

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.