Retirement Systems of Alabama raised its stake in T. Rowe Price Group Inc (NASDAQ:TROW) by 0.7% during the fourth quarter, Holdings Channel reports. The firm owned 117,428 shares of the asset manager’s stock after purchasing an additional 818 shares during the period. Retirement Systems of Alabama’s holdings in T. Rowe Price Group were worth $12,322,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently made changes to their positions in the business. AGF Investments Inc. acquired a new position in shares of T. Rowe Price Group during the 4th quarter valued at $37,809,000. Prudential Financial Inc. lifted its holdings in shares of T. Rowe Price Group by 94.1% during the 3rd quarter. Prudential Financial Inc. now owns 709,261 shares of the asset manager’s stock valued at $64,295,000 after acquiring an additional 343,926 shares in the last quarter. Robeco Institutional Asset Management B.V. lifted its holdings in shares of T. Rowe Price Group by 397.0% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 409,400 shares of the asset manager’s stock valued at $42,957,000 after acquiring an additional 327,033 shares in the last quarter. Mackenzie Financial Corp acquired a new position in shares of T. Rowe Price Group during the 3rd quarter valued at $28,685,000. Finally, JPMorgan Chase & Co. lifted its holdings in shares of T. Rowe Price Group by 1.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 11,974,559 shares of the asset manager’s stock valued at $1,079,267,000 after acquiring an additional 218,211 shares in the last quarter. Institutional investors own 71.89% of the company’s stock.
A number of brokerages have commented on TROW. ValuEngine upgraded shares of T. Rowe Price Group from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. BidaskClub lowered shares of T. Rowe Price Group from a “strong-buy” rating to a “buy” rating in a report on Wednesday, January 31st. Bank of America upgraded shares of T. Rowe Price Group from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $113.00 to $125.00 in a report on Monday, January 8th. Zacks Investment Research upgraded shares of T. Rowe Price Group from a “hold” rating to a “buy” rating and set a $118.00 price objective on the stock in a report on Wednesday, December 27th. Finally, Morgan Stanley cut their price objective on shares of T. Rowe Price Group from $115.00 to $112.00 and set a “hold” rating on the stock in a report on Tuesday, February 13th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $100.60.
In other news, Director Freeman A. Hrabowski III sold 4,000 shares of the business’s stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $101.59, for a total value of $406,360.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Kenneth V. Moreland sold 8,066 shares of the business’s stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $104.12, for a total transaction of $839,831.92. Following the completion of the sale, the chief financial officer now directly owns 100,796 shares of the company’s stock, valued at approximately $10,494,879.52. The disclosure for this sale can be found here. Insiders sold a total of 204,980 shares of company stock valued at $20,776,729 in the last three months. Insiders own 3.60% of the company’s stock.
T. Rowe Price Group Inc (TROW) opened at $110.49 on Friday. T. Rowe Price Group Inc has a 1-year low of $66.70 and a 1-year high of $120.07. The company has a market cap of $26,547.48, a price-to-earnings ratio of 18.51, a price-to-earnings-growth ratio of 1.24 and a beta of 1.28.
T. Rowe Price Group (NASDAQ:TROW) last released its earnings results on Tuesday, January 30th. The asset manager reported $1.52 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.48 by $0.04. The company had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.27 billion. T. Rowe Price Group had a net margin of 31.07% and a return on equity of 25.30%. The company’s revenue was up 17.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.21 EPS. research analysts expect that T. Rowe Price Group Inc will post 7.11 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Thursday, March 15th will be given a $0.70 dividend. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $2.80 annualized dividend and a dividend yield of 2.53%. This is an increase from T. Rowe Price Group’s previous quarterly dividend of $0.57. T. Rowe Price Group’s payout ratio is presently 38.19%.
About T. Rowe Price Group
T. Rowe Price Group, Inc is a financial services holding company. The Company provides global investment management services through its subsidiaries to investors across the world. The Company provides an array of Company sponsored the United States mutual funds, other sponsored pooled investment vehicles, sub advisory services, separate account management, recordkeeping, and related services to individuals, advisors, institutions, financial intermediaries and retirement plan sponsors.
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