Hohimer Wealth Management LLC Makes New $3.38 Million Investment in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Hohimer Wealth Management LLC bought a new stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) in the first quarter, HoldingsChannel.com reports. The firm bought 36,801 shares of the asset manager’s stock, valued at approximately $3,381,000.

A number of other institutional investors also recently modified their holdings of the business. Proficio Capital Partners LLC acquired a new position in T. Rowe Price Group during the fourth quarter worth about $5,589,000. HighTower Advisors LLC raised its stake in T. Rowe Price Group by 13.8% during the fourth quarter. HighTower Advisors LLC now owns 150,550 shares of the asset manager’s stock worth $17,026,000 after acquiring an additional 18,212 shares in the last quarter. Sequoia Financial Advisors LLC raised its stake in T. Rowe Price Group by 53.7% during the fourth quarter. Sequoia Financial Advisors LLC now owns 5,518 shares of the asset manager’s stock worth $624,000 after acquiring an additional 1,929 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in T. Rowe Price Group by 284.8% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,547 shares of the asset manager’s stock worth $175,000 after acquiring an additional 1,145 shares in the last quarter. Finally, Avantax Advisory Services Inc. raised its stake in T. Rowe Price Group by 15.2% during the fourth quarter. Avantax Advisory Services Inc. now owns 5,083 shares of the asset manager’s stock worth $575,000 after acquiring an additional 669 shares in the last quarter. Institutional investors own 73.39% of the company’s stock.

Insider Activity at T. Rowe Price Group

In other news, insider Jessica M. Hiebler sold 968 shares of T. Rowe Price Group stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $96.98, for a total value of $93,876.64. Following the completion of the transaction, the insider directly owned 13,611 shares of the company’s stock, valued at approximately $1,319,994.78. This trade represents a 6.64% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Dorothy C. Sawyer sold 2,000 shares of T. Rowe Price Group stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $95.43, for a total value of $190,860.00. Following the completion of the transaction, the vice president directly owned 44,789 shares of the company’s stock, valued at approximately $4,274,214.27. This trade represents a 4.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.60% of the company’s stock.

T. Rowe Price Group Price Performance

T. Rowe Price Group stock opened at $101.47 on Monday. The business has a 50 day moving average of $95.44 and a 200-day moving average of $99.08. T. Rowe Price Group, Inc. has a 1 year low of $77.85 and a 1 year high of $125.81. The company has a market capitalization of $22.36 billion, a P/E ratio of 11.50, a P/E/G ratio of 3.10 and a beta of 1.49.

T. Rowe Price Group (NASDAQ:TROW) last announced its earnings results on Friday, May 2nd. The asset manager reported $2.23 EPS for the quarter, beating the consensus estimate of $2.13 by $0.10. T. Rowe Price Group had a return on equity of 20.17% and a net margin of 28.38%. The business had revenue of $1.76 billion for the quarter, compared to analysts’ expectations of $1.80 billion. During the same period in the prior year, the business posted $2.38 earnings per share. The firm’s revenue was up .8% on a year-over-year basis. Equities analysts anticipate that T. Rowe Price Group, Inc. will post 9.29 EPS for the current year.

T. Rowe Price Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 13th were issued a $1.27 dividend. This represents a $5.08 annualized dividend and a yield of 5.01%. The ex-dividend date was Friday, June 13th. T. Rowe Price Group’s payout ratio is presently 57.60%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Barclays boosted their target price on T. Rowe Price Group from $85.00 to $90.00 and gave the stock an “underweight” rating in a research note on Monday, May 5th. Bank of America lowered their target price on T. Rowe Price Group from $90.00 to $85.00 and set an “underperform” rating for the company in a research note on Thursday, April 3rd. The Goldman Sachs Group lowered their target price on T. Rowe Price Group from $89.00 to $80.00 and set a “sell” rating for the company in a research note on Monday, April 14th. JPMorgan Chase & Co. lowered their price objective on T. Rowe Price Group from $110.00 to $90.00 and set an “underweight” rating for the company in a research note on Wednesday, April 16th. Finally, Wells Fargo & Company upped their price objective on T. Rowe Price Group from $98.00 to $108.00 and gave the company an “equal weight” rating in a research note on Friday. Four analysts have rated the stock with a sell rating and nine have given a hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $95.82.

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.