T. Rowe Price Group (NASDAQ:TROW) Reaches New 12-Month High – Here’s Why

T. Rowe Price Group, Inc. (NASDAQ:TROW) reached a new 52-week high during trading on Wednesday . The stock traded as high as $121.17 and last traded at $120.16, with a volume of 1698514 shares traded. The stock had previously closed at $119.12.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on TROW shares. Evercore increased their target price on shares of T. Rowe Price Group from $106.00 to $111.00 in a report on Monday, June 8th. Jefferies Financial Group lowered their price objective on shares of T. Rowe Price Group from $107.00 to $91.00 and set a “hold” rating for the company in a research note on Wednesday, April 8th. JPMorgan Chase & Co. decreased their target price on T. Rowe Price Group from $106.00 to $103.00 and set an “underweight” rating for the company in a report on Friday, April 24th. TD Cowen increased their price target on T. Rowe Price Group from $93.00 to $94.00 and gave the stock a “hold” rating in a research report on Friday, May 1st. Finally, BMO Capital Markets raised their price objective on shares of T. Rowe Price Group from $98.00 to $110.00 and gave the stock a “market perform” rating in a research note on Monday, May 4th. Eleven equities research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat.com, T. Rowe Price Group has a consensus rating of “Reduce” and a consensus target price of $100.54.

T. Rowe Price Group Stock Performance

The stock has a market cap of $25.75 billion, a PE ratio of 12.88, a price-to-earnings-growth ratio of 6.05 and a beta of 1.47. The company’s 50-day moving average price is $106.58 and its 200 day moving average price is $100.56.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings results on Thursday, April 30th. The asset manager reported $2.52 EPS for the quarter, topping the consensus estimate of $2.37 by $0.15. The business had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.85 billion. T. Rowe Price Group had a return on equity of 20.60% and a net margin of 28.28%.The company’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period last year, the business posted $2.23 earnings per share. As a group, equities research analysts predict that T. Rowe Price Group, Inc. will post 9.69 earnings per share for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 29th. Shareholders of record on Monday, June 15th were given a $1.30 dividend. This represents a $5.20 annualized dividend and a yield of 4.3%. The ex-dividend date of this dividend was Monday, June 15th. T. Rowe Price Group’s payout ratio is currently 55.73%.

Insider Activity

In other news, VP Stephon A. Jackson sold 3,000 shares of the stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $102.56, for a total transaction of $307,680.00. Following the sale, the vice president owned 83,883 shares of the company’s stock, valued at approximately $8,603,040.48. This represents a 3.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On T. Rowe Price Group

A number of hedge funds have recently added to or reduced their stakes in the business. TD Private Client Wealth LLC grew its stake in shares of T. Rowe Price Group by 91.8% in the fourth quarter. TD Private Client Wealth LLC now owns 257 shares of the asset manager’s stock worth $26,000 after acquiring an additional 123 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. raised its stake in shares of T. Rowe Price Group by 540.9% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 282 shares of the asset manager’s stock valued at $29,000 after acquiring an additional 238 shares in the last quarter. Canton Hathaway LLC acquired a new stake in shares of T. Rowe Price Group in the fourth quarter valued at $31,000. Sound Income Strategies LLC boosted its holdings in T. Rowe Price Group by 170.3% in the fourth quarter. Sound Income Strategies LLC now owns 300 shares of the asset manager’s stock valued at $32,000 after purchasing an additional 189 shares during the period. Finally, DV Equities LLC acquired a new position in T. Rowe Price Group during the 4th quarter worth $32,000. 73.39% of the stock is currently owned by institutional investors and hedge funds.

About T. Rowe Price Group

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland, founded by Thomas Rowe Price Jr. in 1937. The company provides a broad range of investment products and services for individual investors, financial intermediaries, retirement plan sponsors and institutional clients. Its offerings are built around active investment management and in-house research across equity, fixed income and multi-asset strategies, reflecting a long history as a research-driven asset manager.

The firm’s product lineup includes mutual funds, separate accounts, collective investment trusts, target-date and target-risk funds, and managed account solutions, as well as services for defined contribution and defined benefit retirement plans.