T. Rowe Price Group (NASDAQ:TROW) Sets New 1-Year High – Should You Buy?

T. Rowe Price Group, Inc. (NASDAQ:TROW) shares hit a new 52-week high on Tuesday . The stock traded as high as $121.42 and last traded at $121.6650, with a volume of 498848 shares. The stock had previously closed at $119.21.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on TROW shares. Barclays boosted their price target on T. Rowe Price Group from $89.00 to $108.00 and gave the company an “underweight” rating in a research report on Tuesday, July 14th. Jefferies Financial Group cut their price objective on T. Rowe Price Group from $107.00 to $91.00 and set a “hold” rating on the stock in a report on Wednesday, April 8th. Zacks Research raised T. Rowe Price Group from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 15th. Keefe, Bruyette & Woods boosted their target price on T. Rowe Price Group from $107.00 to $120.00 and gave the stock a “market perform” rating in a report on Friday, July 10th. Finally, TD Cowen dropped their target price on shares of T. Rowe Price Group from $108.00 to $107.00 and set a “hold” rating for the company in a research report on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average target price of $105.08.

T. Rowe Price Group Stock Performance

The firm has a market capitalization of $25.32 billion, a PE ratio of 12.67, a P/E/G ratio of 4.36 and a beta of 1.47. The firm has a fifty day moving average of $111.26 and a 200 day moving average of $101.99.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings results on Thursday, April 30th. The asset manager reported $2.52 earnings per share for the quarter, topping analysts’ consensus estimates of $2.37 by $0.15. T. Rowe Price Group had a return on equity of 20.60% and a net margin of 28.28%.The firm had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.85 billion. During the same quarter in the prior year, the business earned $2.23 EPS. T. Rowe Price Group’s quarterly revenue was up 5.3% compared to the same quarter last year. Research analysts forecast that T. Rowe Price Group, Inc. will post 10.12 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. Stockholders of record on Monday, June 15th were given a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend was Monday, June 15th. T. Rowe Price Group’s payout ratio is presently 55.73%.

Insider Buying and Selling at T. Rowe Price Group

In related news, VP Stephon A. Jackson sold 3,000 shares of the firm’s stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $102.56, for a total transaction of $307,680.00. Following the completion of the sale, the vice president directly owned 83,883 shares of the company’s stock, valued at approximately $8,603,040.48. This trade represents a 3.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On T. Rowe Price Group

A number of institutional investors have recently added to or reduced their stakes in TROW. Wealthcare Capital Partners LLC grew its stake in shares of T. Rowe Price Group by 1.0% during the second quarter. Wealthcare Capital Partners LLC now owns 9,565 shares of the asset manager’s stock valued at $1,087,000 after acquiring an additional 93 shares in the last quarter. Kesler Norman & Wride LLC lifted its stake in shares of T. Rowe Price Group by 0.6% in the second quarter. Kesler Norman & Wride LLC now owns 15,914 shares of the asset manager’s stock worth $1,809,000 after acquiring an additional 96 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its holdings in T. Rowe Price Group by 9.4% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,150 shares of the asset manager’s stock valued at $131,000 after purchasing an additional 99 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in T. Rowe Price Group by 0.4% in the first quarter. Oregon Public Employees Retirement Fund now owns 25,062 shares of the asset manager’s stock valued at $2,259,000 after purchasing an additional 100 shares during the last quarter. Finally, Concorde Asset Management LLC grew its stake in T. Rowe Price Group by 3.9% during the 1st quarter. Concorde Asset Management LLC now owns 2,730 shares of the asset manager’s stock valued at $246,000 after purchasing an additional 102 shares in the last quarter. Institutional investors and hedge funds own 73.39% of the company’s stock.

T. Rowe Price Group Company Profile

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.