Jupiter Topco LLC Buys Shares of 26,180 T. Rowe Price Group, Inc. $TROW

Jupiter Topco LLC acquired a new stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 26,180 shares of the asset manager’s stock, valued at approximately $2,976,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of TROW. TD Private Client Wealth LLC boosted its stake in shares of T. Rowe Price Group by 91.8% during the fourth 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 during the last quarter. DV Equities LLC purchased a new stake in shares of T. Rowe Price Group in the fourth quarter valued at $32,000. Motiv8 Investments LLC purchased a new stake in T. Rowe Price Group in the 4th quarter valued at about $35,000. Bank & Trust Co grew its holdings in T. Rowe Price Group by 52.4% in the second quarter. Bank & Trust Co now owns 314 shares of the asset manager’s stock valued at $36,000 after purchasing an additional 108 shares during the period. Finally, Keating Financial Advisory Services Inc. purchased a new stake in shares of T. Rowe Price Group during the 2nd quarter valued at $39,000. 73.39% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at T. Rowe Price Group

In other news, VP Joshua B. Nelson sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $111.82, for a total transaction of $1,118,200.00. Following the sale, the vice president directly owned 71,328 shares in the company, valued at approximately $7,975,896.96. This represents a 12.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $109.00 price objective on shares of T. Rowe Price Group in a research note on Monday, August 3rd. Zacks Research downgraded T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 13th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $115.00 price objective (down from $120.00) on shares of T. Rowe Price Group in a research note on Monday, August 3rd. BMO Capital Markets lifted their price objective on shares of T. Rowe Price Group from $110.00 to $120.00 and gave the company a “market perform” rating in a research note on Monday, August 3rd. Finally, The Goldman Sachs Group boosted their target price on shares of 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. Ten analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus target price of $106.15.

T. Rowe Price Group Price Performance

Shares of TROW stock opened at $109.38 on Thursday. The firm has a market cap of $23.33 billion, a P/E ratio of 10.97, a P/E/G ratio of 3.61 and a beta of 1.46. T. Rowe Price Group, Inc. has a 1-year low of $85.22 and a 1-year high of $122.00. The firm has a fifty day moving average of $114.56 and a two-hundred day moving average of $103.72.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings data on Friday, July 31st. The asset manager reported $2.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.52 by $0.05. T. Rowe Price Group had a return on equity of 20.91% and a net margin of 29.26%.The firm had revenue of $1.91 billion for the quarter, compared to analysts’ expectations of $1.89 billion. During the same quarter in the prior year, the firm posted $2.24 earnings per share. T. Rowe Price Group’s revenue for the quarter was up 10.7% compared to the same quarter last year. On average, sell-side analysts expect that T. Rowe Price Group, Inc. will post 10.15 EPS for the current year.

T. Rowe Price Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be given a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date of this dividend is Tuesday, September 15th. T. Rowe Price Group’s dividend payout ratio is currently 52.16%.

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.