Davis Capital Management Invests $132,000 in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Davis Capital Management bought a new stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 1,170 shares of the asset manager’s stock, valued at approximately $132,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Iron Horse Wealth Management LLC grew its stake in T. Rowe Price Group by 90.9% in the third quarter. Iron Horse Wealth Management LLC now owns 231 shares of the asset manager’s stock worth $25,000 after purchasing an additional 110 shares in the last quarter. Hexagon Capital Partners LLC lifted its holdings in shares of T. Rowe Price Group by 54.7% in the 3rd quarter. Hexagon Capital Partners LLC now owns 294 shares of the asset manager’s stock valued at $32,000 after buying an additional 104 shares during the period. True Wealth Design LLC purchased a new stake in shares of T. Rowe Price Group during the 3rd quarter worth about $37,000. Larson Financial Group LLC raised its position in shares of T. Rowe Price Group by 866.7% during the 3rd quarter. Larson Financial Group LLC now owns 348 shares of the asset manager’s stock worth $38,000 after purchasing an additional 312 shares during the last quarter. Finally, Brooklyn Investment Group acquired a new stake in shares of T. Rowe Price Group in the third quarter valued at approximately $43,000. 73.39% of the stock is currently owned by institutional investors.

T. Rowe Price Group Stock Performance

Shares of TROW stock opened at $113.80 on Wednesday. The company has a market capitalization of $25.28 billion, a price-to-earnings ratio of 12.45, a PEG ratio of 1.67 and a beta of 1.43. T. Rowe Price Group, Inc. has a 52 week low of $100.49 and a 52 week high of $125.81. The company has a 50-day simple moving average of $117.62 and a 200 day simple moving average of $112.80.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings results on Friday, November 1st. The asset manager reported $2.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.36 by $0.21. The business had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.84 billion. T. Rowe Price Group had a return on equity of 20.35% and a net margin of 30.35%. The company’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.17 EPS. Sell-side analysts forecast that T. Rowe Price Group, Inc. will post 9.45 EPS for the current year.

T. Rowe Price Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 13th were paid a $1.24 dividend. This represents a $4.96 dividend on an annualized basis and a yield of 4.36%. The ex-dividend date of this dividend was Friday, December 13th. T. Rowe Price Group’s payout ratio is 54.27%.

Insiders Place Their Bets

In related news, VP Andrew Justin Mackenzi Thomson sold 4,047 shares of the company’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $123.35, for a total transaction of $499,197.45. Following the sale, the vice president now directly owns 119,577 shares of the company’s stock, valued at $14,749,822.95. This represents a 3.27 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft raised their price target on T. Rowe Price Group from $115.00 to $120.00 and gave the stock a “hold” rating in a report on Monday, November 11th. Morgan Stanley raised their price objective on T. Rowe Price Group from $129.00 to $132.00 and gave the company an “equal weight” rating in a research note on Friday, December 20th. The Goldman Sachs Group dropped their price target on T. Rowe Price Group from $106.00 to $102.00 and set a “sell” rating on the stock in a research report on Thursday, October 3rd. Evercore ISI upped their price target on shares of T. Rowe Price Group from $112.00 to $113.00 and gave the stock an “in-line” rating in a research note on Thursday, November 7th. Finally, JPMorgan Chase & Co. dropped their price target on T. Rowe Price Group from $116.00 to $115.00 and set an “underweight” rating on the stock in a research note on Monday, November 4th. Four analysts have rated the stock with a sell rating and eight have given a hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $115.82.

T. Rowe Price Group Company Profile

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.