Haverford Trust Co. purchased a new position in T. Rowe Price Group Inc (NASDAQ:TROW) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,292 shares of the asset manager’s stock, valued at approximately $247,000.
Other large investors also recently bought and sold shares of the company. BlackRock Inc. grew its holdings in shares of T. Rowe Price Group by 5.2% during the fourth quarter. BlackRock Inc. now owns 17,331,073 shares of the asset manager’s stock valued at $1,818,551,000 after buying an additional 851,752 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its holdings in shares of T. Rowe Price Group by 142.8% during the first quarter. Robeco Institutional Asset Management B.V. now owns 993,890 shares of the asset manager’s stock valued at $107,313,000 after buying an additional 584,490 shares during the last quarter. Element Capital Management LLC acquired a new position in shares of T. Rowe Price Group during the fourth quarter valued at about $46,024,000. AGF Investments Inc. acquired a new position in shares of T. Rowe Price Group during the fourth quarter valued at about $37,809,000. Finally, Mackay Shields LLC acquired a new position in shares of T. Rowe Price Group during the first quarter valued at about $28,318,000. Institutional investors and hedge funds own 72.10% of the company’s stock.
In other news, CEO William J. Stromberg sold 21,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 12th. The shares were sold at an average price of $125.48, for a total value of $2,635,080.00. Following the sale, the chief executive officer now owns 539,020 shares of the company’s stock, valued at $67,636,229.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Robert F. Maclellan sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 30th. The shares were sold at an average price of $122.58, for a total transaction of $612,900.00. Following the completion of the sale, the director now directly owns 13,769 shares in the company, valued at approximately $1,687,804.02. The disclosure for this sale can be found here. In the last ninety days, insiders sold 62,000 shares of company stock worth $7,796,220. Insiders own 3.10% of the company’s stock.
TROW stock traded down $0.87 during mid-day trading on Wednesday, hitting $125.37. The company had a trading volume of 807,641 shares, compared to its average volume of 1,568,542. The firm has a market cap of $30.48 billion, a price-to-earnings ratio of 23.09, a P/E/G ratio of 1.64 and a beta of 1.22. T. Rowe Price Group Inc has a 12 month low of $72.09 and a 12 month high of $127.43.
T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings data on Wednesday, April 25th. The asset manager reported $1.74 EPS for the quarter, topping the consensus estimate of $1.65 by $0.09. The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.28 billion. T. Rowe Price Group had a net margin of 31.10% and a return on equity of 26.93%. The company’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.18 earnings per share. analysts expect that T. Rowe Price Group Inc will post 7.01 earnings per share for the current year.
T. Rowe Price Group announced that its board has initiated a stock repurchase plan on Thursday, April 26th that allows the company to repurchase 10,000,000 outstanding shares. This repurchase authorization allows the asset manager to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Friday, June 15th will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.23%. The ex-dividend date is Thursday, June 14th. T. Rowe Price Group’s dividend payout ratio is 51.57%.
A number of brokerages have recently issued reports on TROW. UBS Group reduced their price objective on shares of T. Rowe Price Group from $125.00 to $117.00 and set a “neutral” rating for the company in a report on Thursday, May 24th. Jefferies Financial Group upgraded shares of T. Rowe Price Group from a “neutral” rating to a “hold” rating in a report on Thursday, May 17th. Credit Suisse Group upgraded shares of T. Rowe Price Group from a “neutral” rating to an “outperform” rating and set a $123.00 price target on the stock in a report on Wednesday, May 16th. Deutsche Bank upgraded shares of T. Rowe Price Group from a “hold” rating to a “buy” rating and cut their price target for the stock from $121.00 to $114.00 in a report on Wednesday, May 16th. Finally, Zacks Investment Research upgraded shares of T. Rowe Price Group from a “sell” rating to a “hold” rating in a report on Tuesday, April 24th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. T. Rowe Price Group has a consensus rating of “Hold” and a consensus price target of $113.10.
T. Rowe Price Group Profile
T. Rowe Price Group, Inc is a publicly owned investment manager. The firm provides its services to individuals, institutional investors, retirement plans, financial intermediaries, and institutions. It launches and manages equity and fixed income mutual funds. The firm invests in the public equity and fixed income markets across the globe.
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