Convergence Investment Partners LLC Takes $1.10 Million Position in T. Rowe Price Group, Inc. $TROW

Convergence Investment Partners LLC acquired a new stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) during the 4th quarter, Holdings Channel.com reports. The fund acquired 10,710 shares of the asset manager’s stock, valued at approximately $1,096,000.

Several other large investors also recently modified their holdings of the stock. Essex Bank boosted its position in T. Rowe Price Group by 3.6% during the third quarter. Essex Bank now owns 2,914 shares of the asset manager’s stock worth $299,000 after purchasing an additional 100 shares during the period. PFG Investments LLC boosted its position in T. Rowe Price Group by 4.8% during the third quarter. PFG Investments LLC now owns 2,249 shares of the asset manager’s stock worth $231,000 after purchasing an additional 102 shares during the period. GenTrust LLC boosted its position in T. Rowe Price Group by 5.5% during the fourth quarter. GenTrust LLC now owns 2,114 shares of the asset manager’s stock worth $216,000 after purchasing an additional 110 shares during the period. Fiduciary Trust Co boosted its position in T. Rowe Price Group by 4.5% during the third quarter. Fiduciary Trust Co now owns 2,579 shares of the asset manager’s stock worth $265,000 after purchasing an additional 111 shares during the period. Finally, 1834 Investment Advisors Co. boosted its position in T. Rowe Price Group by 0.3% during the fourth quarter. 1834 Investment Advisors Co. now owns 37,490 shares of the asset manager’s stock worth $3,838,000 after purchasing an additional 115 shares during the period. 73.39% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on TROW. Zacks Research upgraded shares of T. Rowe Price Group from a “strong sell” rating to a “hold” rating in a research report on Wednesday. Morgan Stanley set a $105.00 target price on shares of T. Rowe Price Group in a research report on Monday, April 27th. Barclays increased their target price on shares of T. Rowe Price Group from $87.00 to $89.00 and gave the stock an “underweight” rating in a research report on Friday, May 1st. JPMorgan Chase & Co. cut their target price on shares of T. Rowe Price Group from $106.00 to $103.00 and set an “underweight” rating for the company in a research report on Friday, April 24th. Finally, Jefferies Financial Group cut their target price on shares of T. Rowe Price Group from $107.00 to $91.00 and set a “hold” rating for the company in a research report on Wednesday, April 8th. Eleven investment analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus target price of $99.54.

T. Rowe Price Group Price Performance

Shares of TROW opened at $102.01 on Friday. The firm’s 50 day simple moving average is $94.55 and its 200 day simple moving average is $99.23. The company has a market capitalization of $21.86 billion, a P/E ratio of 10.93, a P/E/G ratio of 4.46 and a beta of 1.51. T. Rowe Price Group, Inc. has a 1-year low of $85.22 and a 1-year high of $118.22.

T. Rowe Price Group (NASDAQ:TROW) last announced its earnings results on Thursday, April 30th. The asset manager reported $2.52 earnings per share for the quarter, beating analysts’ consensus estimates of $2.37 by $0.15. The business had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.85 billion. T. Rowe Price Group had a net margin of 28.28% and a return on equity of 20.60%. T. Rowe Price Group’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period last year, the firm posted $2.23 earnings per share. On average, equities analysts anticipate that T. Rowe Price Group, Inc. will post 9.61 earnings per share for the current year.

T. Rowe Price Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 29th. Investors of record on Monday, June 15th will be paid a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a yield of 5.1%. The ex-dividend date of this dividend is Monday, June 15th. T. Rowe Price Group’s dividend payout ratio (DPR) is currently 55.73%.

Insiders Place Their Bets

In related news, VP Stephon A. Jackson sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $102.56, for a total value of $307,680.00. Following the sale, the vice president directly owned 83,883 shares of the company’s stock, valued at $8,603,040.48. This trade represents a 3.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 1.60% of the stock is owned by corporate insiders.

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.