T. Rowe Price Group (NASDAQ:TROW) Reaches New 12-Month High – Still a Buy?

T. Rowe Price Group, Inc. (NASDAQ:TROW)’s stock price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $118.47 and last traded at $117.9840, with a volume of 585373 shares changing hands. The stock had previously closed at $116.11.

Analyst Ratings Changes

Several analysts have issued reports on TROW shares. Keefe, Bruyette & Woods lifted their price target on T. Rowe Price Group from $95.00 to $107.00 and gave the company a “market perform” rating in a research note on Friday, May 1st. Jefferies Financial Group cut their price target on shares of 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. Zacks Research upgraded shares of T. Rowe Price Group from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 13th. BMO Capital Markets raised their price objective on T. Rowe Price Group from $98.00 to $110.00 and gave the company a “market perform” rating in a report on Monday, May 4th. Finally, The Goldman Sachs Group lifted their target price on T. Rowe Price Group from $90.00 to $92.00 and gave the company a “sell” rating in a research report on Tuesday. Eleven research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus price target of $100.54.

T. Rowe Price Group Price Performance

The company’s 50-day simple moving average is $105.76 and its 200-day simple moving average is $100.36. The stock has a market capitalization of $25.40 billion, a price-to-earnings ratio of 12.71, a P/E/G ratio of 6.02 and a beta of 1.47.

T. Rowe Price Group (NASDAQ:TROW) last posted its earnings results on Thursday, April 30th. The asset manager reported $2.52 EPS for the quarter, beating the consensus estimate of $2.37 by $0.15. The company had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.85 billion. T. Rowe Price Group had a return on equity of 20.60% and a net margin of 28.28%.The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.23 earnings per share. Research analysts expect that T. Rowe Price Group, Inc. will post 9.69 earnings per share for the current year.

T. Rowe Price Group Dividend Announcement

The company also recently disclosed 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 dividend on an annualized basis 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 is currently 55.73%.

Insider Buying and Selling at T. Rowe Price Group

In related news, VP Stephon A. Jackson sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $102.56, for a total value of $307,680.00. Following the completion of the sale, the vice president directly owned 83,883 shares in the company, 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 filing with the SEC, which is accessible through this link. Insiders own 1.60% of the company’s stock.

Institutional Trading of T. Rowe Price Group

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

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.