RNC Capital Management LLC Increases Position in T. Rowe Price Group, Inc. (NASDAQ:TROW)

RNC Capital Management LLC lifted its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 57.0% during the fourth quarter, Holdings Channel reports. The fund owned 22,340 shares of the asset manager’s stock after purchasing an additional 8,115 shares during the quarter. RNC Capital Management LLC’s holdings in T. Rowe Price Group were worth $2,406,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Assenagon Asset Management S.A. increased its position in shares of T. Rowe Price Group by 36.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 32,019 shares of the asset manager’s stock worth $3,448,000 after acquiring an additional 8,545 shares during the last quarter. Fort Washington Investment Advisors Inc. OH increased its holdings in T. Rowe Price Group by 1.3% in the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 217,109 shares of the asset manager’s stock valued at $23,380,000 after buying an additional 2,704 shares during the last quarter. Steigerwald Gordon & Koch Inc. increased its holdings in T. Rowe Price Group by 0.5% in the fourth quarter. Steigerwald Gordon & Koch Inc. now owns 110,776 shares of the asset manager’s stock valued at $11,930,000 after buying an additional 538 shares during the last quarter. CVA Family Office LLC bought a new stake in T. Rowe Price Group in the fourth quarter valued at about $39,000. Finally, LVW Advisors LLC bought a new stake in T. Rowe Price Group in the fourth quarter valued at about $309,000. 73.39% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on TROW. StockNews.com lowered T. Rowe Price Group from a “buy” rating to a “hold” rating in a report on Friday, February 9th. Wells Fargo & Company boosted their price objective on T. Rowe Price Group from $105.00 to $108.00 and gave the company an “underweight” rating in a report on Friday, February 9th. UBS Group boosted their price objective on T. Rowe Price Group from $86.00 to $102.00 and gave the company a “sell” rating in a report on Wednesday, January 10th. TD Cowen began coverage on T. Rowe Price Group in a report on Thursday, January 4th. They set an “underperform” rating and a $88.00 target price for the company. Finally, Morgan Stanley upped their target price on T. Rowe Price Group from $101.00 to $106.00 and gave the company an “equal weight” rating in a report on Friday, January 19th. Six equities research analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. According to data from MarketBeat, T. Rowe Price Group has an average rating of “Reduce” and a consensus price target of $97.30.

Insider Transactions at T. Rowe Price Group

In other news, Director Freeman A. Hrabowski III sold 8,740 shares of the business’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $118.32, for a total transaction of $1,034,116.80. Following the completion of the transaction, the director now directly owns 21,073 shares in the company, valued at $2,493,357.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other T. Rowe Price Group news, Director Freeman A. Hrabowski III sold 8,740 shares of the company’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $118.32, for a total value of $1,034,116.80. Following the completion of the sale, the director now directly owns 21,073 shares in the company, valued at $2,493,357.36. 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 1,138 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $107.13, for a total value of $121,913.94. Following the completion of the sale, the insider now owns 14,113 shares of the company’s stock, valued at $1,511,925.69. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

T. Rowe Price Group Trading Up 2.5 %

Shares of NASDAQ TROW opened at $120.86 on Thursday. The stock has a 50 day simple moving average of $112.11 and a 200-day simple moving average of $105.55. The company has a market cap of $27.03 billion, a PE ratio of 15.57, a P/E/G ratio of 2.35 and a beta of 1.39. T. Rowe Price Group, Inc. has a 12-month low of $87.43 and a 12-month high of $132.76.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings data on Thursday, February 8th. The asset manager reported $1.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $0.12. The business had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.63 billion. T. Rowe Price Group had a return on equity of 18.41% and a net margin of 27.69%. The business’s revenue was up 6.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.74 earnings per share. Sell-side analysts forecast that T. Rowe Price Group, Inc. will post 7.75 earnings per share for the current fiscal year.

T. Rowe Price Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 28th. Stockholders of record on Friday, March 15th will be given a dividend of $1.24 per share. The ex-dividend date is Thursday, March 14th. This is an increase from T. Rowe Price Group’s previous quarterly dividend of $1.22. This represents a $4.96 annualized dividend and a dividend yield of 4.10%. T. Rowe Price Group’s payout ratio is currently 63.92%.

T. Rowe Price Group Company 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.