Thoroughbred Financial Services LLC Makes New $467,000 Investment in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Thoroughbred Financial Services LLC purchased a new position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 4,053 shares of the asset manager’s stock, valued at approximately $467,000.

Other institutional investors also recently bought and sold shares of the company. Victory Capital Management Inc. increased its holdings in shares of T. Rowe Price Group by 3.8% during the 2nd quarter. Victory Capital Management Inc. now owns 3,436,019 shares of the asset manager’s stock valued at $396,207,000 after purchasing an additional 124,686 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of T. Rowe Price Group by 4.5% during the 2nd quarter. American Century Companies Inc. now owns 2,512,793 shares of the asset manager’s stock valued at $289,750,000 after purchasing an additional 107,086 shares in the last quarter. Fisher Asset Management LLC grew its stake in T. Rowe Price Group by 6.6% in the 4th quarter. Fisher Asset Management LLC now owns 1,751,405 shares of the asset manager’s stock valued at $188,609,000 after acquiring an additional 109,053 shares during the period. First Trust Advisors LP grew its stake in T. Rowe Price Group by 1.3% in the 4th quarter. First Trust Advisors LP now owns 1,173,858 shares of the asset manager’s stock valued at $126,413,000 after acquiring an additional 15,504 shares during the period. Finally, Confluence Investment Management LLC acquired a new stake in T. Rowe Price Group in the 1st quarter valued at $130,386,000. 73.39% of the stock is owned by hedge funds and other institutional investors.

T. Rowe Price Group Price Performance

T. Rowe Price Group stock opened at $105.87 on Tuesday. T. Rowe Price Group, Inc. has a 12 month low of $87.43 and a 12 month high of $122.27. The business has a 50 day simple moving average of $109.42 and a 200-day simple moving average of $113.45. The stock has a market capitalization of $23.57 billion, a PE ratio of 12.57, a price-to-earnings-growth ratio of 1.67 and a beta of 1.41.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings data on Friday, July 26th. The asset manager reported $2.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.27 by ($0.01). The business had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.79 billion. T. Rowe Price Group had a return on equity of 19.90% and a net margin of 28.66%. The company’s revenue was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.02 EPS. As a group, equities research analysts anticipate that T. Rowe Price Group, Inc. will post 9 EPS for the current year.

T. Rowe Price Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be given a $1.24 dividend. This represents a $4.96 dividend on an annualized basis and a dividend yield of 4.69%. The ex-dividend date of this dividend is Friday, September 13th. T. Rowe Price Group’s dividend payout ratio is currently 58.91%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on TROW shares. Wells Fargo & Company began coverage on shares of T. Rowe Price Group in a research note on Thursday, September 12th. They issued an “equal weight” rating and a $109.00 price target on the stock. TD Cowen lowered their price target on shares of T. Rowe Price Group from $123.00 to $118.00 and set a “hold” rating on the stock in a research report on Monday, July 29th. JPMorgan Chase & Co. boosted their price target on shares of 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. Barclays assumed coverage on shares of T. Rowe Price Group in a report on Tuesday, August 27th. They issued an “underweight” rating and a $99.00 price objective on the stock. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of T. Rowe Price Group from $112.00 to $113.00 and gave the stock a “hold” rating in a research note on Thursday, August 15th. Three analysts have rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $113.30.

Insider Activity

In other news, insider Jessica M. Hiebler sold 1,401 shares of the firm’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $115.85, for a total value of $162,305.85. Following the completion of the transaction, the insider now owns 14,198 shares in the company, valued at $1,644,838.30. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of the stock in a transaction on Friday, September 6th. The stock was sold at an average price of $102.83, for a total transaction of $1,230,772.27. Following the sale, the vice president now owns 123,624 shares of the company’s stock, valued at $12,712,255.92. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Jessica M. Hiebler sold 1,401 shares of the stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $115.85, for a total value of $162,305.85. Following the sale, the insider now directly owns 14,198 shares in the company, valued at approximately $1,644,838.30. The disclosure for this sale can be found here. Insiders sold a total of 13,854 shares of company stock worth $1,443,767 over the last 90 days. 2.00% of the stock is currently owned by corporate insiders.

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.