Curbstone Financial Management Corp boosted its position in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 93.9% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 9,552 shares of the asset manager’s stock after purchasing an additional 4,626 shares during the period. Curbstone Financial Management Corp’s holdings in T. Rowe Price Group were worth $866,000 as of its most recent SEC filing.
Other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in T. Rowe Price Group by 1.7% in the 2nd quarter. Vanguard Group Inc. now owns 16,576,728 shares of the asset manager’s stock worth $1,230,159,000 after purchasing an additional 282,162 shares in the last quarter. BlackRock Inc. lifted its stake in T. Rowe Price Group by 0.4% in the 2nd quarter. BlackRock Inc. now owns 16,440,056 shares of the asset manager’s stock worth $1,220,017,000 after purchasing an additional 61,269 shares in the last quarter. State Street Corp lifted its stake in T. Rowe Price Group by 1.9% in the 2nd quarter. State Street Corp now owns 14,511,636 shares of the asset manager’s stock worth $1,076,913,000 after purchasing an additional 273,036 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in T. Rowe Price Group by 1.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 11,756,348 shares of the asset manager’s stock worth $872,439,000 after purchasing an additional 156,326 shares in the last quarter. Finally, Capital World Investors lifted its stake in T. Rowe Price Group by 235.0% in the 2nd quarter. Capital World Investors now owns 10,512,236 shares of the asset manager’s stock worth $780,113,000 after purchasing an additional 7,373,953 shares in the last quarter. 73.51% of the stock is owned by hedge funds and other institutional investors.
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In related news, insider Jessica M. Hiebler sold 1,000 shares of the business’s stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $84.29, for a total value of $84,290.00. Following the transaction, the insider now owns 8,461 shares in the company, valued at $713,177.69. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Anne M. Whittemore sold 4,163 shares of the business’s stock in a transaction on Friday, September 29th. The shares were sold at an average price of $90.64, for a total transaction of $377,334.32. Following the completion of the transaction, the director now owns 29,070 shares in the company, valued at approximately $2,634,904.80. The disclosure for this sale can be found here. In the last three months, insiders sold 18,204 shares of company stock worth $1,640,922. 3.60% of the stock is currently owned by insiders.
TROW has been the topic of several research reports. Citigroup Inc. increased their target price on shares of T. Rowe Price Group from $94.00 to $95.00 and gave the company a “neutral” rating in a report on Friday. Jefferies Group LLC reissued a “buy” rating and issued a $104.00 price target (up previously from $96.00) on shares of T. Rowe Price Group in a report on Tuesday, October 10th. Morgan Stanley raised shares of T. Rowe Price Group from an “underweight” rating to an “equal” rating and raised their price target for the stock from $77.00 to $93.00 in a report on Thursday, October 5th. Goldman Sachs Group, Inc. (The) raised shares of T. Rowe Price Group from a “neutral” rating to a “buy” rating and raised their price target for the stock from $85.00 to $100.00 in a report on Thursday, September 28th. Finally, Zacks Investment Research raised shares of T. Rowe Price Group from a “hold” rating to a “buy” rating and set a $98.00 price target on the stock in a report on Tuesday, September 26th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $88.10.
T. Rowe Price Group, Inc. (NASDAQ:TROW) traded down 1.16% during trading on Friday, hitting $93.97. 640,801 shares of the company’s stock were exchanged. The firm has a market cap of $22.59 billion, a price-to-earnings ratio of 16.13 and a beta of 1.25. The company’s 50-day moving average price is $89.68 and its 200 day moving average price is $79.57. T. Rowe Price Group, Inc. has a 12-month low of $62.97 and a 12-month high of $97.35.
T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings data on Thursday, October 26th. The asset manager reported $1.56 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.20. T. Rowe Price Group had a net margin of 32.64% and a return on equity of 24.38%. The company had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter in the previous year, the firm posted $1.17 earnings per share. T. Rowe Price Group’s revenue for the quarter was up 11.8% on a year-over-year basis. Equities analysts forecast that T. Rowe Price Group, Inc. will post $5.86 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 28th. Investors of record on Thursday, December 14th will be paid a $0.57 dividend. The ex-dividend date of this dividend is Wednesday, December 13th. This represents a $2.28 annualized dividend and a dividend yield of 2.40%. T. Rowe Price Group’s dividend payout ratio is 39.18%.
T. Rowe Price Group Company Profile
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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