Smithbridge Asset Management Inc. DE Takes $3.40 Million Position in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Smithbridge Asset Management Inc. DE acquired a new stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 37,048 shares of the asset manager’s stock, valued at approximately $3,404,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in TROW. Norges Bank purchased a new stake in shares of T. Rowe Price Group during the 4th quarter valued at $117,704,000. Marshall Wace LLP purchased a new position in T. Rowe Price Group in the 4th quarter worth $63,284,000. Fayez Sarofim & Co raised its stake in T. Rowe Price Group by 7.6% in the 4th quarter. Fayez Sarofim & Co now owns 6,052,469 shares of the asset manager’s stock worth $684,474,000 after acquiring an additional 425,142 shares during the last quarter. Amundi raised its stake in T. Rowe Price Group by 30.1% in the 4th quarter. Amundi now owns 1,717,877 shares of the asset manager’s stock worth $194,064,000 after acquiring an additional 397,278 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in T. Rowe Price Group by 28.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,762,910 shares of the asset manager’s stock worth $199,367,000 after acquiring an additional 387,604 shares during the last quarter. Hedge funds and other institutional investors own 73.39% of the company’s stock.

Insider Transactions at T. Rowe Price Group

In other news, insider Jessica M. Hiebler sold 968 shares of the business’s stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $96.98, for a total transaction of $93,876.64. Following the transaction, the insider now directly owns 13,611 shares in the company, valued at $1,319,994.78. The trade was a 6.64% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Robert F. Maclellan sold 3,955 shares of the company’s stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $91.56, for a total value of $362,119.80. Following the completion of the transaction, the director now owns 42,979 shares in the company, valued at $3,935,157.24. This represents a 8.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 6,923 shares of company stock worth $646,856 in the last ninety days. Insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

TROW has been the subject of a number of research analyst reports. Citigroup reduced their target price on T. Rowe Price Group from $100.00 to $95.00 and set a “neutral” rating for the company in a research note on Monday, April 14th. The Goldman Sachs Group cut their price target on T. Rowe Price Group from $89.00 to $80.00 and set a “sell” rating on the stock in a research report on Monday, April 14th. TD Cowen cut their price target on T. Rowe Price Group from $112.00 to $89.00 and set a “hold” rating on the stock in a research report on Wednesday, April 9th. Evercore ISI cut their price target on T. Rowe Price Group from $104.00 to $80.00 and set an “in-line” rating on the stock in a research report on Friday, April 11th. Finally, JPMorgan Chase & Co. cut their price target on T. Rowe Price Group from $110.00 to $90.00 and set an “underweight” rating on the stock in a research report on Wednesday, April 16th. Four research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $94.09.

T. Rowe Price Group Trading Down 0.5%

TROW stock opened at $94.58 on Friday. T. Rowe Price Group, Inc. has a 12-month low of $77.85 and a 12-month high of $125.81. The stock has a market cap of $20.84 billion, a price-to-earnings ratio of 10.33, a PEG ratio of 2.86 and a beta of 1.49. The business’s 50-day moving average is $91.43 and its 200 day moving average is $102.81.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings data on Friday, May 2nd. The asset manager reported $2.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.13 by $0.10. T. Rowe Price Group had a return on equity of 20.83% and a net margin of 29.61%. The company had revenue of $1.76 billion for the quarter, compared to analysts’ expectations of $1.80 billion. During the same period in the previous year, the firm posted $2.38 EPS. T. Rowe Price Group’s revenue was up .8% compared to the same quarter last year. As a group, equities analysts forecast that T. Rowe Price Group, Inc. will post 9.29 EPS for the current fiscal year.

T. Rowe Price Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 13th will be issued a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a dividend yield of 5.37%. The ex-dividend date of this dividend is Friday, June 13th. T. Rowe Price Group’s dividend payout ratio is currently 57.60%.

T. Rowe Price Group 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.