Exchange Traded Concepts LLC Purchases New Stake in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Exchange Traded Concepts LLC acquired a new stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 966 shares of the asset manager’s stock, valued at approximately $105,000.

Several other hedge funds also recently added to or reduced their stakes in TROW. Ashton Thomas Private Wealth LLC acquired a new stake in T. Rowe Price Group during the first quarter valued at approximately $1,008,000. Envestnet Portfolio Solutions Inc. raised its position in shares of T. Rowe Price Group by 52.4% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 65,534 shares of the asset manager’s stock valued at $7,990,000 after acquiring an additional 22,533 shares in the last quarter. Norden Group LLC bought a new position in T. Rowe Price Group during the first quarter worth $8,437,000. Forsta AP Fonden boosted its holdings in T. Rowe Price Group by 32.3% in the second quarter. Forsta AP Fonden now owns 70,100 shares of the asset manager’s stock worth $8,083,000 after purchasing an additional 17,100 shares during the period. Finally, Mizuho Markets Americas LLC boosted its holdings in T. Rowe Price Group by 90.0% in the first quarter. Mizuho Markets Americas LLC now owns 90,688 shares of the asset manager’s stock worth $11,057,000 after purchasing an additional 42,949 shares during the period. 73.39% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of T. Rowe Price Group stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $102.83, for a total value of $1,230,772.27. Following the transaction, the vice president now owns 123,624 shares of the company’s stock, valued at approximately $12,712,255.92. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other T. Rowe Price Group news, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of T. Rowe Price Group stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $102.83, for a total transaction of $1,230,772.27. Following the transaction, the vice president now directly owns 123,624 shares in the company, valued at approximately $12,712,255.92. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jessica M. Hiebler sold 484 shares of the business’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $104.73, for a total transaction of $50,689.32. Following the sale, the insider now directly owns 13,939 shares in the company, valued at approximately $1,459,831.47. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft raised their target price on shares of T. Rowe Price Group from $112.00 to $113.00 and gave the stock a “hold” rating in a report on Thursday, August 15th. JPMorgan Chase & Co. boosted their price objective on T. Rowe Price Group from $102.00 to $107.00 and gave the company an “underweight” rating in a research report on Tuesday, July 23rd. Evercore ISI increased their target price on T. Rowe Price Group from $108.00 to $109.00 and gave the stock an “in-line” rating in a research report on Friday, October 4th. Morgan Stanley raised their target price on T. Rowe Price Group from $125.00 to $127.00 and gave the company an “equal weight” rating in a research note on Friday, October 18th. Finally, The Goldman Sachs Group lowered their price target on shares of T. Rowe Price Group from $106.00 to $102.00 and set a “sell” rating for the company in a research report on Thursday, October 3rd. Four analysts have rated the stock with a sell rating and eight have given a hold rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $113.00.

T. Rowe Price Group Stock Down 1.0 %

Shares of TROW stock opened at $112.92 on Wednesday. The stock has a 50-day simple moving average of $107.88 and a 200 day simple moving average of $111.92. T. Rowe Price Group, Inc. has a fifty-two week low of $87.43 and a fifty-two week high of $122.27. The stock has a market capitalization of $25.22 billion, a P/E ratio of 13.41, a P/E/G ratio of 1.93 and a beta of 1.41.

T. Rowe Price Group (NASDAQ:TROW) last issued its earnings results on Friday, July 26th. The asset manager reported $2.26 earnings per share for the quarter, missing analysts’ consensus estimates of $2.27 by ($0.01). T. Rowe Price Group had a return on equity of 19.90% and a net margin of 28.66%. The business had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.79 billion. During the same quarter in the previous year, the business posted $2.02 earnings per share. The company’s quarterly revenue was up 7.6% on a year-over-year basis. On average, sell-side analysts anticipate that T. Rowe Price Group, Inc. will post 9.08 earnings per share for the current year.

T. Rowe Price Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were given a dividend of $1.24 per share. This represents a $4.96 dividend on an annualized basis and a dividend yield of 4.39%. The ex-dividend date of this dividend was Friday, September 13th. T. Rowe Price Group’s dividend payout ratio (DPR) is presently 58.91%.

About T. Rowe Price Group

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.