Allstate Corp Makes New $762,000 Investment in T. Rowe Price Group, Inc. $TROW

Allstate Corp bought a new position in T. Rowe Price Group, Inc. (NASDAQ:TROW) during the third quarter, according to its most recent 13F filing with the SEC. The fund bought 7,427 shares of the asset manager’s stock, valued at approximately $762,000.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in T. Rowe Price Group by 0.5% during the second quarter. Vanguard Group Inc. now owns 26,416,718 shares of the asset manager’s stock worth $2,549,213,000 after acquiring an additional 130,325 shares during the last quarter. State Street Corp boosted its holdings in shares of T. Rowe Price Group by 1.5% in the 2nd quarter. State Street Corp now owns 14,510,271 shares of the asset manager’s stock worth $1,400,241,000 after purchasing an additional 211,647 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of T. Rowe Price Group by 1.8% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 7,846,636 shares of the asset manager’s stock valued at $757,200,000 after purchasing an additional 140,385 shares during the last quarter. Geode Capital Management LLC increased its position in shares of T. Rowe Price Group by 3.4% during the 2nd quarter. Geode Capital Management LLC now owns 6,014,236 shares of the asset manager’s stock valued at $578,059,000 after purchasing an additional 197,024 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in T. Rowe Price Group by 0.3% during the 2nd quarter. Invesco Ltd. now owns 3,444,720 shares of the asset manager’s stock valued at $332,415,000 after buying an additional 11,036 shares during the period. 73.39% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at T. Rowe Price Group

In related news, VP Arif Husain sold 4,260 shares of T. Rowe Price Group stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $101.96, for a total value of $434,349.60. Following the completion of the sale, the vice president directly owned 47,102 shares in the company, 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 legal filing with the SEC, which is available through the SEC website. 2.00% of the stock is owned by insiders.

T. Rowe Price Group Stock Performance

T. Rowe Price Group stock opened at $107.10 on Friday. The company has a market capitalization of $23.37 billion, a PE ratio of 11.67, a P/E/G ratio of 2.57 and a beta of 1.52. The company has a 50 day moving average price of $103.85 and a 200-day moving average price of $104.47. T. Rowe Price Group, Inc. has a fifty-two week low of $77.85 and a fifty-two week high of $118.32.

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

T. Rowe Price Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 30th. Stockholders of record on Monday, December 15th were paid a dividend of $1.27 per share. The ex-dividend date was Monday, December 15th. This represents a $5.08 annualized dividend and a dividend yield of 4.7%. T. Rowe Price Group’s dividend payout ratio (DPR) is currently 55.34%.

Wall Street Analyst Weigh In

TROW has been the topic of a number of analyst reports. BMO Capital Markets boosted their price objective on shares of T. Rowe Price Group from $108.00 to $110.00 and gave the company a “market perform” rating in a research report on Tuesday, January 13th. Evercore ISI lifted their price target on shares of T. Rowe Price Group from $115.00 to $116.00 in a research note on Monday, January 12th. TD Cowen cut their price target on shares of T. Rowe Price Group from $112.00 to $109.00 and set a “hold” rating on the stock in a report on Wednesday, January 14th. Morgan Stanley increased their price objective on shares of T. Rowe Price Group from $126.00 to $128.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 17th. Finally, JPMorgan Chase & Co. dropped their target price on T. Rowe Price Group from $111.00 to $108.00 and set an “underweight” rating for the company in a research report on Tuesday. Eleven research analysts have rated the stock with a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus target price of $107.31.

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.