Park Avenue Securities LLC Buys 5,271 Shares of T. Rowe Price Group, Inc. $TROW

Park Avenue Securities LLC increased its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 34.8% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 20,425 shares of the asset manager’s stock after buying an additional 5,271 shares during the period. Park Avenue Securities LLC’s holdings in T. Rowe Price Group were worth $2,125,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Twin Tree Management LP purchased a new position in shares of T. Rowe Price Group in the 2nd quarter worth about $2,989,000. Envestnet Portfolio Solutions Inc. increased its position in shares of T. Rowe Price Group by 6.1% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 174,047 shares of the asset manager’s stock valued at $19,787,000 after purchasing an additional 10,077 shares during the last quarter. BlackRock Inc. bought a new position in shares of T. Rowe Price Group during the 2nd quarter valued at about $2,728,119,000. Louisiana State Employees Retirement System purchased a new position in shares of T. Rowe Price Group during the 1st quarter valued at about $1,001,000. Finally, Sanctuary Advisors LLC purchased a new position in shares of T. Rowe Price Group during the 2nd quarter valued at about $1,668,000. 73.39% of the stock is owned by institutional investors.

More T. Rowe Price Group News

Here are the key news stories impacting T. Rowe Price Group this week:

• Positive Sentiment: Third-quarter adjusted earnings of $2.86 per share exceeded the $2.63 consensus estimate, while revenue reached approximately $2.0 billion versus expectations of $1.98 billion. Revenue increased 5.9% year over year, supported by higher advisory fees. T. Rowe Price Q3 Earnings and Revenues Surpass Estimates
• Positive Sentiment: Keefe, Bruyette & Woods reaffirmed its “market perform” rating but raised its price target to $113 from $112, implying approximately 8.8% potential upside based on the referenced price. Keefe, Bruyette & Woods Ratings
• Neutral Sentiment: T. Rowe Price is expanding its wealth-management operation with more than 50 new roles. The initiative could diversify growth and strengthen distribution over time, although added staffing costs may weigh on near-term efficiency. T. Rowe Price Adds Over 50 Wealth Management Roles
• Negative Sentiment: The earnings beat was offset by substantial client outflows and a decline in AUM during the quarter. Persistent redemptions are a key concern for an asset manager because they reduce fee-generating assets and could limit future revenue growth. T. Rowe Price Q3 Earnings, Revenue Beat Even as AUM Dips

Analyst Ratings Changes

TROW has been the topic of a number of recent research reports. JPMorgan Chase & Co. increased their price target on shares of T. Rowe Price Group from $106.00 to $107.00 and gave the company an “underweight” rating in a research report on Friday. TD Cowen lowered their price objective on shares of T. Rowe Price Group from $109.00 to $96.00 and set a “hold” rating for the company in a report on Friday. UBS Group started coverage on shares of T. Rowe Price Group in a research note on Wednesday, October 7th. They issued a “neutral” rating and a $107.00 price objective for the company. Zacks Research lowered shares of T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 13th. Finally, Weiss Ratings upgraded shares of T. Rowe Price Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, September 4th. One investment analyst has rated the stock with a Buy rating, ten have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus price target of $103.15.

Insider Buying and Selling at T. Rowe Price Group

In related news, VP Joshua Nelson sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $111.82, for a total transaction of $1,118,200.00. Following the transaction, the vice president owned 71,328 shares in the company, valued at $7,975,896.96. This represents a 12.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.60% of the stock is owned by insiders.

T. Rowe Price Group Stock Down 2.6%

NASDAQ:TROW opened at $103.90 on Friday. T. Rowe Price Group, Inc. has a twelve month low of $85.22 and a twelve month high of $122.00. The stock has a market cap of $22.16 billion, a P/E ratio of 10.51, a price-to-earnings-growth ratio of 3.04 and a beta of 1.45. The firm’s fifty day simple moving average is $105.65 and its 200 day simple moving average is $103.70.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings results on Thursday, October 29th. The asset manager reported $2.86 earnings per share for the quarter, topping the consensus estimate of $2.63 by $0.23. T. Rowe Price Group had a return on equity of 20.71% and a net margin of 28.40%. The company had revenue of $2 billion for the quarter, compared to analysts’ expectations of $1.98 billion. During the same period in the prior year, the firm earned $2.81 earnings per share. The firm’s revenue for the quarter was up 5.9% on a year-over-year basis. On average, analysts expect that T. Rowe Price Group, Inc. will post 10.16 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th were issued a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 5.0%. The ex-dividend date of this dividend was Tuesday, September 15th. T. Rowe Price Group’s payout ratio is presently 52.58%.

About T. Rowe Price Group

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland. Founded in 1937 by Thomas Rowe Price Jr., the company provides investment strategies and advisory services to individual investors, retirement plans, financial intermediaries, institutions and other clients.

The company offers a range of actively managed and multi-asset investment products, including mutual funds, exchange-traded funds, separately managed accounts and other portfolio solutions.