Ipswich Investment Management Co. Inc. lowered its position in shares of T. Rowe Price Group Inc (NASDAQ:TROW) by 69.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,574 shares of the asset manager’s stock after selling 12,403 shares during the quarter. Ipswich Investment Management Co. Inc.’s holdings in T. Rowe Price Group were worth $585,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in TROW. Capital World Investors raised its holdings in shares of T. Rowe Price Group by 235.0% during the second quarter. Capital World Investors now owns 10,512,236 shares of the asset manager’s stock valued at $780,113,000 after acquiring an additional 7,373,953 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of T. Rowe Price Group by 526.3% during the second quarter. The Manufacturers Life Insurance Company now owns 1,774,796 shares of the asset manager’s stock valued at $131,707,000 after acquiring an additional 1,491,425 shares during the last quarter. Prudential Financial Inc. raised its holdings in shares of T. Rowe Price Group by 94.1% during the third quarter. Prudential Financial Inc. now owns 709,261 shares of the asset manager’s stock valued at $64,295,000 after acquiring an additional 343,926 shares during the last quarter. Mackenzie Financial Corp acquired a new position in shares of T. Rowe Price Group during the third quarter valued at approximately $28,685,000. Finally, Koch Industries Inc. acquired a new position in shares of T. Rowe Price Group during the second quarter valued at approximately $304,000. 72.33% of the stock is owned by institutional investors and hedge funds.
A number of equities analysts have commented on TROW shares. Morgan Stanley raised T. Rowe Price Group from an “underweight” rating to an “equal” rating and increased their target price for the company from $77.00 to $93.00 in a report on Thursday, October 5th. Zacks Investment Research raised T. Rowe Price Group from a “hold” rating to a “buy” rating and set a $98.00 price target for the company in a report on Tuesday, September 26th. Goldman Sachs Group raised T. Rowe Price Group from a “neutral” rating to a “buy” rating and increased their price target for the company from $85.00 to $100.00 in a report on Thursday, September 28th. Jefferies Group reaffirmed 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. Finally, Barclays increased their price target on T. Rowe Price Group from $79.00 to $84.00 and gave the company an “underweight” rating in a report on Friday, October 27th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $98.70.
In related news, CEO William J. Stromberg sold 30,000 shares of the stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $97.09, for a total value of $2,912,700.00. Following the completion of the transaction, the chief executive officer now directly owns 534,077 shares in the company, valued at $51,853,535.93. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Kenneth V. Moreland sold 15,082 shares of the stock in a transaction that occurred on Tuesday, November 28th. The stock was sold at an average price of $99.44, for a total value of $1,499,754.08. Following the completion of the transaction, the chief financial officer now owns 110,182 shares of the company’s stock, valued at $10,956,498.08. The disclosure for this sale can be found here. Insiders sold 204,980 shares of company stock valued at $20,776,729 over the last quarter. 3.60% of the stock is currently owned by company insiders.
T. Rowe Price Group Inc (NASDAQ:TROW) traded up $2.29 during trading hours on Tuesday, hitting $115.35. The company had a trading volume of 1,361,100 shares, compared to its average volume of 1,332,289. T. Rowe Price Group Inc has a 12-month low of $65.33 and a 12-month high of $115.62. The firm has a market capitalization of $27,750.00, a PE ratio of 18.88, a PEG ratio of 1.60 and a beta of 1.32.
T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings results on Thursday, October 26th. The asset manager reported $1.56 EPS for the quarter, beating the consensus estimate of $1.36 by $0.20. T. Rowe Price Group had a return on equity of 24.76% and a net margin of 33.10%. The firm had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter last year, the firm earned $1.17 earnings per share. The business’s revenue for the quarter was up 11.8% on a year-over-year basis. research analysts anticipate that T. Rowe Price Group Inc will post 5.32 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 28th. Investors of record on Thursday, December 14th were given a $0.57 dividend. The ex-dividend date was Wednesday, December 13th. This represents a $2.28 annualized dividend and a yield of 1.98%. T. Rowe Price Group’s payout ratio is 37.32%.
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T. Rowe Price Group 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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