Columbia Asset Management Increases Holdings in T. Rowe Price Group, Inc. $TROW

Columbia Asset Management boosted its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 3.3% during the second quarter, Holdings Channel reports. The firm owned 14,964 shares of the asset manager’s stock after acquiring an additional 480 shares during the quarter. Columbia Asset Management’s holdings in T. Rowe Price Group were worth $1,444,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of TROW. Invesco Ltd. increased its holdings in T. Rowe Price Group by 43.2% during the 1st quarter. Invesco Ltd. now owns 3,433,684 shares of the asset manager’s stock valued at $315,453,000 after purchasing an additional 1,035,865 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in T. Rowe Price Group by 7.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 7,706,251 shares of the asset manager’s stock valued at $707,973,000 after purchasing an additional 519,075 shares during the period. GAMMA Investing LLC increased its holdings in T. Rowe Price Group by 9,555.5% during the 1st quarter. GAMMA Investing LLC now owns 333,212 shares of the asset manager’s stock valued at $30,612,000 after purchasing an additional 329,761 shares during the period. Vanguard Group Inc. increased its holdings in T. Rowe Price Group by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 26,286,393 shares of the asset manager’s stock valued at $2,414,931,000 after purchasing an additional 222,556 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in T. Rowe Price Group by 505.5% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 172,709 shares of the asset manager’s stock valued at $15,867,000 after purchasing an additional 144,187 shares during the period. Hedge funds and other institutional investors own 73.39% of the company’s stock.

T. Rowe Price Group Stock Down 0.9%

Shares of TROW opened at $102.64 on Wednesday. The business’s 50 day moving average price is $106.03 and its 200-day moving average price is $97.93. T. Rowe Price Group, Inc. has a 52 week low of $77.85 and a 52 week high of $125.81. The stock has a market cap of $22.55 billion, a P/E ratio of 11.47, a P/E/G ratio of 2.68 and a beta of 1.51.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings results on Friday, August 1st. The asset manager reported $2.24 EPS for the quarter, topping analysts’ consensus estimates of $2.15 by $0.09. T. Rowe Price Group had a return on equity of 19.77% and a net margin of 28.72%.The firm had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.72 billion. During the same period in the previous year, the firm posted $2.26 EPS. The business’s revenue for the quarter was down .6% compared to the same quarter last year. On average, equities analysts anticipate that T. Rowe Price Group, Inc. will post 9.29 EPS for the current year.

T. Rowe Price Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Monday, September 15th were given a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date of this dividend was Monday, September 15th. T. Rowe Price Group’s payout ratio is currently 56.76%.

Insider Activity at T. Rowe Price Group

In other news, Director Robert F. Maclellan sold 3,090 shares of the business’s stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $105.01, for a total value of $324,480.90. Following the sale, the director directly owned 47,335 shares of the company’s stock, valued at $4,970,648.35. The trade was a 6.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 1.60% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Zacks Research downgraded T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a report on Monday, September 8th. JPMorgan Chase & Co. lifted their price objective on T. Rowe Price Group from $98.00 to $102.00 and gave the company an “underweight” rating in a research report on Monday, August 4th. Keefe, Bruyette & Woods lifted their price objective on T. Rowe Price Group from $110.00 to $112.00 and gave the company a “market perform” rating in a research report on Monday, August 4th. Morgan Stanley lifted their price objective on T. Rowe Price Group from $112.00 to $116.00 and gave the company an “equal weight” rating in a research report on Monday, August 4th. Finally, Evercore ISI reaffirmed a “positive” rating on shares of T. Rowe Price Group in a research report on Friday, September 5th. One equities research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and four have given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus target price of $101.55.

About T. Rowe Price Group

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.