442,445 Shares in T. Rowe Price Group, Inc. $TROW Purchased by Freestone Grove Partners LP

Freestone Grove Partners LP purchased a new position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) during the second quarter, HoldingsChannel reports. The firm purchased 442,445 shares of the asset manager’s stock, valued at approximately $50,302,000.

A number of other hedge funds also recently made changes to their positions in the business. BlackRock Inc. bought a new position in shares of T. Rowe Price Group during the 2nd quarter worth approximately $2,728,119,000. State Street Corp raised its stake in T. Rowe Price Group by 0.3% in the 4th quarter. State Street Corp now owns 14,159,797 shares of the asset manager’s stock valued at $1,449,680,000 after acquiring an additional 45,530 shares during the period. Goldman Sachs Group Inc. raised its stake in T. Rowe Price Group by 332.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 8,770,071 shares of the asset manager’s stock valued at $897,880,000 after acquiring an additional 6,740,172 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in T. Rowe Price Group by 1.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 8,073,846 shares of the asset manager’s stock valued at $826,600,000 after purchasing an additional 143,109 shares during the last quarter. Finally, First Trust Advisors LP lifted its holdings in T. Rowe Price Group by 12.6% during the 1st quarter. First Trust Advisors LP now owns 3,694,171 shares of the asset manager’s stock valued at $332,993,000 after purchasing an additional 413,317 shares during the last quarter. 73.39% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Keefe, Bruyette & Woods reiterated 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, August 3rd. Morgan Stanley set a $116.00 target price on shares of T. Rowe Price Group in a research note on Wednesday, July 29th. Zacks Research cut shares of T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 13th. BMO Capital Markets raised their price objective on shares of T. Rowe Price Group from $110.00 to $120.00 and gave the stock a “market perform” rating in a research report on Monday, August 3rd. Finally, Evercore set a $118.00 price objective on shares of T. Rowe Price Group in a research report on Monday, August 10th. Ten analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, T. Rowe Price Group presently has an average rating of “Reduce” and an average target price of $105.67.

Insider Activity

In other news, VP Joshua B. Nelson sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $111.82, for a total transaction of $1,118,200.00. Following the transaction, the vice president directly owned 71,328 shares of the company’s stock, valued at approximately $7,975,896.96. This trade represents a 12.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.60% of the stock is currently owned by insiders.

T. Rowe Price Group Stock Performance

TROW opened at $112.55 on Thursday. The stock has a fifty day moving average of $114.18 and a 200-day moving average of $103.16. The company has a market capitalization of $24.01 billion, a P/E ratio of 11.29, a P/E/G ratio of 3.74 and a beta of 1.47. T. Rowe Price Group, Inc. has a fifty-two week low of $85.22 and a fifty-two week high of $122.00.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings results on Friday, July 31st. The asset manager reported $2.57 EPS for the quarter, beating the consensus estimate of $2.52 by $0.05. T. Rowe Price Group had a net margin of 29.26% and a return on equity of 20.91%. The business had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.89 billion. During the same period in the prior year, the company posted $2.24 earnings per share. T. Rowe Price Group’s revenue was up 10.7% compared to the same quarter last year. On average, equities research analysts predict that T. Rowe Price Group, Inc. will post 10.15 earnings per share for the current fiscal year.

T. Rowe Price Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be given a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date is Tuesday, September 15th. T. Rowe Price Group’s dividend 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.