Gabelli Funds LLC trimmed its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 5.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 212,750 shares of the asset manager's stock after selling 13,113 shares during the quarter. Gabelli Funds LLC owned about 0.10% of T. Rowe Price Group worth $22,911,000 at the end of the most recent reporting period.
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Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Creative Financial Designs Inc. ADV boosted its position in shares of T. Rowe Price Group by 83.5% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 233 shares of the asset manager's stock valued at $25,000 after acquiring an additional 106 shares during the period. First United Bank & Trust bought a new stake in shares of T. Rowe Price Group in the fourth quarter valued at about $31,000. Park Place Capital Corp boosted its position in shares of T. Rowe Price Group by 1,775.0% in the fourth quarter. Park Place Capital Corp now owns 300 shares of the asset manager's stock valued at $32,000 after acquiring an additional 284 shares during the period. Fortitude Family Office LLC bought a new stake in shares of T. Rowe Price Group in the fourth quarter valued at about $33,000. Finally, CVA Family Office LLC bought a new stake in shares of T. Rowe Price Group in the fourth quarter valued at about $39,000. 73.39% of the stock is owned by institutional investors.
Insiders Place Their Bets
In other T. Rowe Price Group news, Director Robert F. Maclellan sold 3,043 shares of the stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $113.08, for a total transaction of $344,102.44. Following the transaction, the director now directly owns 34,635 shares in the company, valued at approximately $3,916,525.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, Director Robert F. Maclellan sold 3,043 shares of the stock in a transaction on Monday, April 29th. The stock was sold at an average price of $113.08, for a total value of $344,102.44. Following the transaction, the director now directly owns 34,635 shares in the company, valued at approximately $3,916,525.80. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Freeman A. Hrabowski III sold 8,740 shares of the stock in a transaction on Friday, March 8th. The shares were 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 of the company's stock, valued at $2,493,357.36. The disclosure for this sale can be found here. Company insiders own 2.00% of the company's stock.
Analysts Set New Price Targets
TROW has been the subject of a number of analyst reports. UBS Group boosted their price target on T. Rowe Price Group from $100.00 to $109.00 and gave the company a "sell" rating in a research note on Friday, April 12th. Morgan Stanley boosted their price target on T. Rowe Price Group from $114.00 to $125.00 and gave the company an "equal weight" rating in a research note on Wednesday, April 17th. Citigroup boosted their price target on T. Rowe Price Group from $110.00 to $125.00 and gave the company a "neutral" rating in a research note on Friday, April 5th. StockNews.com downgraded T. Rowe Price Group from a "buy" rating to a "hold" rating in a research note on Friday, February 9th. Finally, JPMorgan Chase & Co. boosted their target price on T. Rowe Price Group from $94.00 to $103.00 and gave the stock an "underweight" rating in a research note on Tuesday, April 16th. Four equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $112.10.
Get Our Latest Report on TROW
T. Rowe Price Group Stock Performance
Shares of T. Rowe Price Group stock traded up $0.29 on Wednesday, hitting $116.86. The stock had a trading volume of 984,637 shares, compared to its average volume of 1,398,225. The stock has a 50 day moving average of $114.83 and a 200 day moving average of $110.77. T. Rowe Price Group, Inc. has a twelve month low of $87.43 and a twelve month high of $132.76. The firm has a market capitalization of $26.09 billion, a P/E ratio of 13.88, a PEG ratio of 2.00 and a beta of 1.43.
T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last announced its earnings results on Friday, April 26th. The asset manager reported $2.38 EPS for the quarter, beating the consensus estimate of $2.04 by $0.34. T. Rowe Price Group had a return on equity of 19.70% and a net margin of 29.09%. The business had revenue of $1.75 billion for the quarter, compared to analysts' expectations of $1.71 billion. During the same period in the prior year, the business posted $1.69 earnings per share. The firm's revenue was up 13.8% on a year-over-year basis. Equities analysts expect that T. Rowe Price Group, Inc. will post 8.8 earnings per share for the current year.
T. Rowe Price Group Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Friday, June 14th will be issued a dividend of $1.24 per share. This represents a $4.96 dividend on an annualized basis and a dividend yield of 4.24%. The ex-dividend date is Friday, June 14th. T. Rowe Price Group's payout ratio is 58.91%.
About T. Rowe Price Group
(Free Report)
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.
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