OP Asset Management Ltd Takes Position in T. Rowe Price Group, Inc. $TROW

OP Asset Management Ltd purchased a new position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 22,915 shares of the asset manager’s stock, valued at approximately $2,066,000.

Several other institutional investors and hedge funds have also made changes to their positions in the business. TD Private Client Wealth LLC raised its position in T. Rowe Price Group by 91.8% during the fourth quarter. TD Private Client Wealth LLC now owns 257 shares of the asset manager’s stock worth $26,000 after acquiring an additional 123 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. lifted its holdings in shares of T. Rowe Price Group by 540.9% in the fourth 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 in the last quarter. Canton Hathaway LLC acquired a new stake in shares of T. Rowe Price Group in the fourth quarter valued at approximately $31,000. Sound Income Strategies LLC grew its position in shares of T. Rowe Price Group by 170.3% in the fourth quarter. Sound Income Strategies LLC now owns 300 shares of the asset manager’s stock valued at $32,000 after purchasing an additional 189 shares during the last quarter. Finally, DV Equities LLC purchased a new position in shares of T. Rowe Price Group during the 4th quarter worth approximately $32,000. 73.39% of the stock is currently owned by hedge funds and other institutional investors.

T. Rowe Price Group Stock Performance

Shares of NASDAQ TROW opened at $110.27 on Monday. The firm has a market cap of $23.63 billion, a P/E ratio of 11.82, a price-to-earnings-growth ratio of 5.67 and a beta of 1.50. T. Rowe Price Group, Inc. has a 1 year low of $85.22 and a 1 year high of $118.22. The firm’s 50 day moving average price is $103.94 and its 200 day moving average price is $99.92.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings results on Thursday, April 30th. The asset manager reported $2.52 earnings per share for the quarter, beating the consensus estimate of $2.37 by $0.15. T. Rowe Price Group had a return on equity of 20.60% and a net margin of 28.28%.The company had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.85 billion. During the same period in the previous year, the firm posted $2.23 EPS. T. Rowe Price Group’s revenue was up 5.3% on a year-over-year basis. As a group, equities analysts predict that T. Rowe Price Group, Inc. will post 9.58 EPS for the current year.

T. Rowe Price Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 29th. Stockholders of record on Monday, June 15th will be given a $1.30 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.7%. T. Rowe Price Group’s payout ratio is currently 55.73%.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Weiss Ratings restated a “hold (c)” rating on shares of T. Rowe Price Group in a research report on Friday, May 8th. JPMorgan Chase & Co. dropped their price target on T. Rowe Price Group from $106.00 to $103.00 and set an “underweight” rating for the company in a research report on Friday, April 24th. TD Cowen boosted their price target on T. Rowe Price Group from $93.00 to $94.00 and gave the stock a “hold” rating in a report on Friday, May 1st. Morgan Stanley upped their price objective on T. Rowe Price Group from $105.00 to $109.00 and gave the company an “equal weight” rating in a research report on Friday. Finally, Barclays increased their price objective on T. Rowe Price Group from $87.00 to $89.00 and gave the company an “underweight” rating in a research note on Friday, May 1st. Eleven equities research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus price target of $100.38.

Insider Buying and Selling

In related news, VP Stephon A. Jackson sold 3,000 shares of the company’s stock in a transaction on Wednesday, May 13th. The stock was 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 directly owned 83,883 shares in the company, valued at approximately $8,603,040.48. This represents a 3.45% 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. Insiders own 1.60% of the company’s stock.

T. Rowe Price Group Company 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.