Renaissance Technologies LLC Invests $7.79 Million in T. Rowe Price Group, Inc. $TROW

Renaissance Technologies LLC purchased a new stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 86,400 shares of the asset manager’s stock, valued at approximately $7,788,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. TD Private Client Wealth LLC raised its holdings in T. Rowe Price Group by 91.8% during the 4th quarter. TD Private Client Wealth LLC now owns 257 shares of the asset manager’s stock worth $26,000 after purchasing an additional 123 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. boosted its stake in shares of T. Rowe Price Group by 540.9% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 282 shares of the asset manager’s stock valued at $29,000 after purchasing an additional 238 shares during the last quarter. Canton Hathaway LLC bought a new position in shares of T. Rowe Price Group in the 4th quarter valued at about $31,000. Sound Income Strategies LLC grew its position in shares of T. Rowe Price Group by 170.3% during the 4th quarter. Sound Income Strategies LLC now owns 300 shares of the asset manager’s stock worth $32,000 after buying an additional 189 shares during the period. Finally, DV Equities LLC acquired a new stake in shares of T. Rowe Price Group during the 4th quarter worth approximately $32,000. 73.39% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently weighed in on TROW. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $115.00 price objective (down from $120.00) on shares of T. Rowe Price Group in a report on Monday. Morgan Stanley set a $116.00 target price on shares of T. Rowe Price Group in a research report on Wednesday, July 29th. BMO Capital Markets increased their price target on T. Rowe Price Group from $110.00 to $120.00 and gave the company a “market perform” rating in a research note on Monday. JPMorgan Chase & Co. decreased their price objective on T. Rowe Price Group from $106.00 to $103.00 and set an “underweight” rating for the company in a research note on Friday, April 24th. Finally, TD Cowen boosted their target price on T. Rowe Price Group from $107.00 to $108.00 and gave the stock a “hold” rating in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, nine have issued a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Reduce” and a consensus target price of $105.92.

Insiders Place Their Bets

In other news, VP Stephon A. Jackson sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $102.56, for a total value of $307,680.00. Following the completion of the transaction, the vice president owned 83,883 shares in the company, valued at $8,603,040.48. This represents a 3.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.60% of the company’s stock.

T. Rowe Price Group Price Performance

Shares of T. Rowe Price Group stock opened at $113.51 on Tuesday. The company has a market capitalization of $24.32 billion, a P/E ratio of 11.39, a price-to-earnings-growth ratio of 4.01 and a beta of 1.47. The business has a 50-day moving average of $111.97 and a two-hundred day moving average of $102.18. T. Rowe Price Group, Inc. has a 1 year low of $85.22 and a 1 year high of $122.00.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings data on Friday, July 31st. The asset manager reported $2.57 earnings per share for the quarter, beating the consensus estimate of $2.52 by $0.05. T. Rowe Price Group had a return on equity of 20.45% and a net margin of 29.26%.The business had revenue of $1.91 billion for the quarter, compared to analysts’ expectations of $1.89 billion. During the same quarter in the previous year, the business posted $2.24 EPS. T. Rowe Price Group’s revenue for the quarter was up 10.7% on a year-over-year basis. On average, equities analysts anticipate that T. Rowe Price Group, Inc. will post 10.11 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 29th. Shareholders of record on Monday, June 15th were paid a $1.30 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $5.20 dividend on an annualized basis and a yield of 4.6%. T. Rowe Price Group’s payout ratio is presently 52.16%.

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.