Cornerstone Investment Partners LLC Buys 2,646 Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW)

Cornerstone Investment Partners LLC grew its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 23.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,745 shares of the asset manager’s stock after purchasing an additional 2,646 shares during the period. Cornerstone Investment Partners LLC’s holdings in T. Rowe Price Group were worth $1,480,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. OFI Invest Asset Management bought a new stake in shares of T. Rowe Price Group in the 3rd quarter valued at approximately $25,000. Creative Financial Designs Inc. ADV grew its stake in shares of T. Rowe Price Group by 83.5% in the 4th quarter. Creative Financial Designs Inc. ADV now owns 233 shares of the asset manager’s stock valued at $25,000 after purchasing an additional 106 shares during the period. PCA Investment Advisory Services Inc. bought a new stake in shares of T. Rowe Price Group in the 2nd quarter valued at approximately $26,000. Park Place Capital Corp grew its stake in shares of T. Rowe Price Group by 1,775.0% in the 4th quarter. Park Place Capital Corp now owns 300 shares of the asset manager’s stock valued at $32,000 after purchasing an additional 284 shares during the period. Finally, Fortitude Family Office LLC bought a new stake in shares of T. Rowe Price Group in the 4th quarter valued at approximately $33,000. 73.39% of the stock is currently owned by institutional investors.

T. Rowe Price Group Stock Down 0.3 %

NASDAQ:TROW traded down $0.32 during trading hours on Friday, hitting $108.40. 694,782 shares of the stock were exchanged, compared to its average volume of 1,398,450. The company’s 50 day moving average is $114.67 and its two-hundred day moving average is $106.71. T. Rowe Price Group, Inc. has a twelve month low of $87.43 and a twelve month high of $132.76. The company has a market capitalization of $24.24 billion, a P/E ratio of 13.97, a price-to-earnings-growth ratio of 2.15 and a beta of 1.40.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings results on Thursday, February 8th. The asset manager reported $1.72 earnings per share for the quarter, beating analysts’ consensus estimates of $1.60 by $0.12. The company had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.63 billion. T. Rowe Price Group had a return on equity of 18.41% and a net margin of 27.69%. The firm’s quarterly revenue was up 6.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.74 EPS. On average, equities research analysts expect that T. Rowe Price Group, Inc. will post 8.13 EPS for the current year.

T. Rowe Price Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a $1.24 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $4.96 dividend on an annualized basis and a dividend yield of 4.58%. This is an increase from T. Rowe Price Group’s previous quarterly dividend of $1.22. T. Rowe Price Group’s dividend payout ratio is 63.92%.

Insider Activity

In other news, Director Freeman A. Hrabowski III sold 8,740 shares of the stock in a transaction on Friday, March 8th. The stock was sold at an average price of $118.32, for a total value of $1,034,116.80. Following the transaction, the director now owns 21,073 shares of the company’s stock, valued at approximately $2,493,357.36. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, insider Jessica M. Hiebler sold 1,138 shares of the company’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $107.13, for a total value of $121,913.94. Following the completion of the sale, the insider now owns 14,113 shares in the company, valued at approximately $1,511,925.69. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Freeman A. Hrabowski III sold 8,740 shares of the company’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $118.32, for a total transaction of $1,034,116.80. Following the completion of the sale, the director now owns 21,073 shares of the company’s stock, valued at approximately $2,493,357.36. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Keefe, Bruyette & Woods raised T. Rowe Price Group from an “underperform” rating to a “market perform” rating and boosted their target price for the stock from $106.00 to $120.00 in a report on Thursday, April 11th. TD Cowen raised T. Rowe Price Group from a “sell” rating to a “hold” rating and boosted their target price for the stock from $92.00 to $114.00 in a report on Monday, April 8th. Citigroup boosted their target price on T. Rowe Price Group from $110.00 to $125.00 and gave the stock a “neutral” rating in a report on Friday, April 5th. JPMorgan Chase & Co. boosted their target price on T. Rowe Price Group from $94.00 to $103.00 and gave the stock an “underweight” rating in a report on Tuesday. Finally, Morgan Stanley boosted their target price on T. Rowe Price Group from $114.00 to $125.00 and gave the stock an “equal weight” rating in a report on Wednesday. Four analysts have rated the stock with a sell rating and six have given a hold rating to the company. According to MarketBeat, T. Rowe Price Group has a consensus rating of “Hold” and a consensus price target of $112.67.

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.