Redwood Investment Management LLC Acquires New Shares in T. Rowe Price Group, Inc. $TROW

Redwood Investment Management LLC bought a new stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 8,250 shares of the asset manager’s stock, valued at approximately $744,000.

Several other hedge funds also recently bought and sold shares of TROW. State Street Corp lifted its holdings in shares of T. Rowe Price Group by 0.3% during the 4th quarter. State Street Corp now owns 14,159,797 shares of the asset manager’s stock valued at $1,449,680,000 after buying an additional 45,530 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in T. Rowe Price Group by 332.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 8,770,071 shares of the asset manager’s stock worth $897,880,000 after buying an additional 6,740,172 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in T. Rowe Price Group by 1.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 8,073,846 shares of the asset manager’s stock valued at $826,600,000 after acquiring an additional 143,109 shares in the last quarter. First Trust Advisors LP raised its position in T. Rowe Price Group by 12.6% during the first quarter. First Trust Advisors LP now owns 3,694,171 shares of the asset manager’s stock valued at $332,993,000 after acquiring an additional 413,317 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in T. Rowe Price Group by 3.9% in the fourth quarter. Invesco Ltd. now owns 3,520,858 shares of the asset manager’s stock valued at $360,465,000 after acquiring an additional 131,438 shares during the last quarter. 73.39% of the stock is owned by institutional investors and hedge funds.

T. Rowe Price Group Trading Up 1.6%

NASDAQ TROW opened at $113.51 on Tuesday. The company has a fifty day simple moving average of $111.97 and a 200 day simple moving average of $102.18. The company has a market cap of $24.32 billion, a P/E ratio of 11.39, a P/E/G ratio of 4.01 and a beta of 1.47. T. Rowe Price Group, Inc. has a 1 year low of $85.22 and a 1 year high of $122.00.

T. Rowe Price Group (NASDAQ:TROW) last announced its earnings results on Friday, July 31st. The asset manager reported $2.57 EPS for the quarter, topping the consensus estimate of $2.52 by $0.05. The firm had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.89 billion. T. Rowe Price Group had a net margin of 29.26% and a return on equity of 20.45%. The business’s quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter last year, the firm posted $2.24 EPS. Equities research analysts forecast that T. Rowe Price Group, Inc. will post 10.11 EPS for the current fiscal year.

T. Rowe Price Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 29th. Stockholders of record on Monday, June 15th were paid a $1.30 dividend. The ex-dividend date was Monday, June 15th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.6%. T. Rowe Price Group’s payout ratio is presently 52.16%.

Wall Street Analyst Weigh In

Several analysts have commented on TROW shares. Barclays decreased their target price on shares of T. Rowe Price Group from $108.00 to $103.00 and set an “underweight” rating for the company in a research report on Monday. Weiss Ratings upgraded shares of T. Rowe Price Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, July 2nd. Evercore set a $121.00 target price on shares of T. Rowe Price Group in a research report on Friday, July 10th. TD Cowen raised their target price on T. Rowe Price Group from $107.00 to $108.00 and gave the company a “hold” rating in a report on Monday. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $115.00 price target (down from $120.00) on shares of T. Rowe Price Group in a research report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average price target of $105.92.

Insider Activity at T. Rowe Price Group

In related news, VP Stephon A. Jackson sold 3,000 shares of the business’s stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $102.56, for a total transaction of $307,680.00. Following the completion of the transaction, the vice president owned 83,883 shares of the company’s stock, valued at approximately $8,603,040.48. The trade was 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 hyperlink. Insiders own 1.60% of the company’s stock.

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.