Renaissance Technologies LLC Buys New Holdings in T. Rowe Price Group, Inc. $TROW

Renaissance Technologies LLC bought a new position in T. Rowe Price Group, Inc. (NASDAQ:TROW) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 86,400 shares of the asset manager’s stock, valued at approximately $7,788,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. TD Private Client Wealth LLC boosted its position in shares of T. Rowe Price Group by 91.8% during the 4th quarter. TD Private Client Wealth LLC now owns 257 shares of the asset manager’s stock valued at $26,000 after acquiring an additional 123 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. lifted its stake in T. Rowe Price Group by 540.9% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 282 shares of the asset manager’s stock worth $29,000 after purchasing an additional 238 shares during the period. Canton Hathaway LLC bought a new position in T. Rowe Price Group during the fourth quarter worth about $31,000. Sound Income Strategies LLC grew its stake in shares of T. Rowe Price Group by 170.3% in the 4th quarter. Sound Income Strategies LLC now owns 300 shares of the asset manager’s stock valued at $32,000 after purchasing an additional 189 shares during the period. Finally, DV Equities LLC acquired a new position in shares of T. Rowe Price Group in the 4th quarter worth approximately $32,000. Institutional investors own 73.39% of the company’s stock.

T. Rowe Price Group Stock Performance

T. Rowe Price Group stock opened at $113.51 on Tuesday. The firm has a market cap of $24.32 billion, a P/E ratio of 11.39, a P/E/G ratio of 4.01 and a beta of 1.47. The business’s fifty day moving average is $111.97 and its two-hundred day moving average is $102.18. T. Rowe Price Group, Inc. has a 52 week low of $85.22 and a 52 week high of $122.00.

T. Rowe Price Group (NASDAQ:TROW) last announced its earnings results on Friday, July 31st. The asset manager reported $2.57 earnings per share for the quarter, beating analysts’ consensus estimates of $2.52 by $0.05. T. Rowe Price Group had a return on equity of 20.45% and a net margin of 29.26%.The company had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.89 billion. During the same period last year, the company posted $2.24 earnings per share. The firm’s quarterly revenue was up 10.7% compared to the same quarter last year. On average, equities research analysts predict that T. Rowe Price Group, Inc. will post 10.11 earnings per share for the current year.

T. Rowe Price Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 29th. Shareholders of record on Monday, June 15th were given a $1.30 dividend. This represents a $5.20 annualized dividend and a yield of 4.6%. The ex-dividend date was Monday, June 15th. T. Rowe Price Group’s dividend payout ratio (DPR) is presently 52.16%.

Insiders Place Their Bets

In other T. Rowe Price Group news, VP Stephon A. Jackson sold 3,000 shares of the business’s stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $102.56, for a total value of $307,680.00. Following the completion of the transaction, the vice president directly owned 83,883 shares of the company’s stock, valued at approximately $8,603,040.48. The trade was a 3.45% decrease in their ownership of the stock. 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.

Wall Street Analyst Weigh In

TROW has been the subject of several analyst reports. The Goldman Sachs Group raised their target price on T. Rowe Price Group from $90.00 to $92.00 and gave the stock a “sell” rating in a research report on Tuesday, June 30th. Jefferies Financial Group cut their price objective on T. Rowe Price Group from $107.00 to $91.00 and set a “hold” rating for the company in a report on Wednesday, April 8th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $109.00 target price on shares of T. Rowe Price Group in a research note on Monday. BMO Capital Markets increased their target price on shares of T. Rowe Price Group from $110.00 to $120.00 and gave the stock a “market perform” rating in a research report on Monday. Finally, JPMorgan Chase & Co. cut their price target on shares of T. Rowe Price Group from $106.00 to $103.00 and set an “underweight” rating for the company in a report on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat.com, T. Rowe Price Group has a consensus rating of “Reduce” and a consensus price target of $105.92.

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.