T. Rowe Price Group (NASDAQ:TROW) Hits New 12-Month High – Here’s What Happened

T. Rowe Price Group, Inc. (NASDAQ:TROW) hit a new 52-week high on Wednesday . The company traded as high as $121.17 and last traded at $120.16, with a volume of 1698514 shares. The stock had previously closed at $119.12.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on TROW shares. Morgan Stanley boosted their price target on T. Rowe Price Group from $105.00 to $109.00 and gave the company an “equal weight” rating in a research note on Friday, June 26th. Jefferies Financial Group lowered their price objective on T. Rowe Price Group from $107.00 to $91.00 and set a “hold” rating on the stock in a research report on Wednesday, April 8th. The Goldman Sachs Group lifted their target price on T. Rowe Price Group from $90.00 to $92.00 and gave the stock a “sell” rating in a report on Tuesday, June 30th. Barclays boosted their target price on shares of T. Rowe Price Group from $87.00 to $89.00 and gave the company an “underweight” rating in a research report on Friday, May 1st. Finally, Weiss Ratings upgraded shares of T. Rowe Price Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, July 2nd. Eleven equities research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat.com, T. Rowe Price Group presently has a consensus rating of “Reduce” and a consensus price target of $100.54.

T. Rowe Price Group Trading Down 0.8%

The stock has a market capitalization of $25.08 billion, a P/E ratio of 12.55, a P/E/G ratio of 5.99 and a beta of 1.47. The business has a 50-day moving average price of $107.24 and a two-hundred day moving average price of $100.76.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings results on Thursday, April 30th. The asset manager reported $2.52 EPS for the quarter, topping analysts’ consensus estimates of $2.37 by $0.15. T. Rowe Price Group had a return on equity of 20.60% and a net margin of 28.28%.The company had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.85 billion. During the same quarter last year, the business earned $2.23 earnings per share. T. Rowe Price Group’s revenue was up 5.3% on a year-over-year basis. On average, sell-side analysts forecast that T. Rowe Price Group, Inc. will post 9.69 earnings per share for the current fiscal year.

T. Rowe Price Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 29th. Shareholders of record on Monday, June 15th were issued a $1.30 dividend. This represents a $5.20 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend was Monday, June 15th. T. Rowe Price Group’s dividend payout ratio (DPR) is currently 55.73%.

Insider Activity at T. Rowe Price Group

In other news, VP Stephon A. Jackson sold 3,000 shares of the company’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 transaction of $307,680.00. Following the completion of the sale, the vice president owned 83,883 shares of the company’s stock, valued at approximately $8,603,040.48. This represents a 3.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in TROW. Goldman Sachs Group Inc. boosted its holdings in shares of T. Rowe Price Group by 332.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 8,770,071 shares of the asset manager’s stock valued at $897,880,000 after purchasing an additional 6,740,172 shares in the last quarter. First Trust Advisors LP raised its holdings in shares of T. Rowe Price Group by 126.5% during the 4th quarter. First Trust Advisors LP now owns 3,280,854 shares of the asset manager’s stock worth $335,894,000 after buying an additional 1,832,231 shares in the last quarter. Norges Bank bought a new stake in shares of T. Rowe Price Group during the 4th quarter worth $128,283,000. PFA Pension Forsikringsaktieselskab bought a new stake in shares of T. Rowe Price Group during the 4th quarter worth $61,073,000. Finally, Caisse de depot et placement du Quebec boosted its stake in T. Rowe Price Group by 81.0% in the third quarter. Caisse de depot et placement du Quebec now owns 1,306,922 shares of the asset manager’s stock valued at $134,142,000 after buying an additional 584,949 shares in the last quarter. 73.39% of the stock is currently owned by institutional investors and hedge funds.

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.