Keystone Financial Planning Inc. grew its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW – Get Rating) by 17.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 57,070 shares of the asset manager's stock after purchasing an additional 8,532 shares during the period. T. Rowe Price Group makes up approximately 2.3% of Keystone Financial Planning Inc.'s portfolio, making the stock its 19th biggest holding. Keystone Financial Planning Inc.'s holdings in T. Rowe Price Group were worth $6,484,000 at the end of the most recent reporting period.
Other institutional investors have also modified their holdings of the company. Bivin & Associates Inc. acquired a new position in shares of T. Rowe Price Group in the fourth quarter valued at approximately $29,000. Rise Advisors LLC boosted its stake in shares of T. Rowe Price Group by 645.8% in the first quarter. Rise Advisors LLC now owns 179 shares of the asset manager's stock valued at $27,000 after buying an additional 155 shares in the last quarter. Quent Capital LLC purchased a new stake in shares of T. Rowe Price Group in the fourth quarter valued at approximately $37,000. Independence Bank of Kentucky purchased a new stake in shares of T. Rowe Price Group in the first quarter valued at approximately $29,000. Finally, Jones Financial Companies Lllp boosted its stake in shares of T. Rowe Price Group by 114.6% in the first quarter. Jones Financial Companies Lllp now owns 191 shares of the asset manager's stock valued at $29,000 after buying an additional 102 shares in the last quarter. Institutional investors and hedge funds own 74.94% of the company's stock.
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Insider Activity at T. Rowe Price Group
In related news, VP Andrew Justin Mackenzi Thomson sold 11,891 shares of the company's stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $126.91, for a total value of $1,509,086.81. Following the completion of the transaction, the vice president now directly owns 136,410 shares in the company, valued at $17,311,793.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, VP Andrew Justin Mackenzi Thomson sold 11,891 shares of the company's stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $126.91, for a total value of $1,509,086.81. Following the completion of the transaction, the vice president now directly owns 136,410 shares in the company, valued at $17,311,793.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jessica M. Hiebler sold 959 shares of the company's stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $124.57, for a total value of $119,462.63. Following the completion of the transaction, the insider now owns 12,183 shares of the company's stock, valued at $1,517,636.31. The disclosure for this sale can be found here. Insiders own 2.00% of the company's stock.
T. Rowe Price Group Stock Up 0.1 %
Shares of NASDAQ:TROW opened at $107.48 on Tuesday. T. Rowe Price Group, Inc. has a 52-week low of $104.72 and a 52-week high of $223.36. The stock's fifty day simple moving average is $121.22 and its 200-day simple moving average is $126.10. The company has a market capitalization of $24.26 billion, a P/E ratio of 10.37, a P/E/G ratio of 2.20 and a beta of 1.29.
T. Rowe Price Group (NASDAQ:TROW – Get Rating) last issued its quarterly earnings data on Thursday, July 28th. The asset manager reported $1.79 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.24 by ($0.45). T. Rowe Price Group had a net margin of 33.26% and a return on equity of 28.18%. The company had revenue of $1.51 billion during the quarter, compared to analysts' expectations of $1.68 billion. During the same quarter in the prior year, the company earned $3.31 earnings per share. The firm's revenue was down 20.4% compared to the same quarter last year. On average, sell-side analysts anticipate that T. Rowe Price Group, Inc. will post 8.24 earnings per share for the current year.
T. Rowe Price Group Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Thursday, September 15th will be paid a $1.20 dividend. The ex-dividend date is Wednesday, September 14th. This represents a $4.80 annualized dividend and a yield of 4.47%. T. Rowe Price Group's payout ratio is currently 46.33%.
Wall Street Analyst Weigh In
TROW has been the topic of a number of analyst reports. UBS Group decreased their price target on T. Rowe Price Group from $88.00 to $84.00 and set a "sell" rating on the stock in a research note on Friday, July 29th. The Goldman Sachs Group decreased their price target on T. Rowe Price Group from $118.00 to $100.00 and set a "sell" rating on the stock in a research note on Wednesday, June 29th. TheStreet downgraded T. Rowe Price Group from a "b-" rating to a "c" rating in a research note on Wednesday, July 13th. BMO Capital Markets decreased their target price on T. Rowe Price Group from $135.00 to $115.00 in a research report on Monday, August 1st. Finally, JPMorgan Chase & Co. decreased their target price on T. Rowe Price Group from $117.00 to $94.00 and set an "underweight" rating on the stock in a research report on Monday, July 18th. Five analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $132.30.
T. Rowe Price Group Profile
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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.
Further Reading
- Get a free copy of the StockNews.com research report on T. Rowe Price Group (TROW)
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