Morningstar Investment Management LLC Buys New Position in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Posted by Carolyn Dwyer on May 26th, 2023

Morningstar Investment Management LLC bought a new stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW – Get Rating) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 2,863 shares of the asset manager’s stock, valued at approximately $312,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Sentry Investment Management LLC increased its position in T. Rowe Price Group by 6.5% during the fourth quarter. Sentry Investment Management LLC now owns 1,518 shares of the asset manager’s stock worth $166,000 after buying an additional 93 shares during the period. Beacon Capital Management LLC increased its holdings in shares of T. Rowe Price Group by 61.3% in the fourth quarter. Beacon Capital Management LLC now owns 250 shares of the asset manager’s stock valued at $27,000 after purchasing an additional 95 shares during the period. Lumature Wealth Partners LLC increased its holdings in shares of T. Rowe Price Group by 4.8% in the third quarter. Lumature Wealth Partners LLC now owns 2,101 shares of the asset manager’s stock valued at $221,000 after purchasing an additional 96 shares during the period. Checchi Capital Advisers LLC increased its holdings in shares of T. Rowe Price Group by 3.6% in the third quarter. Checchi Capital Advisers LLC now owns 2,824 shares of the asset manager’s stock valued at $297,000 after purchasing an additional 99 shares during the period. Finally, Newbridge Financial Services Group Inc. increased its holdings in shares of T. Rowe Price Group by 15.4% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 749 shares of the asset manager’s stock valued at $82,000 after purchasing an additional 100 shares during the period. 76.58% of the stock is currently owned by hedge funds and other institutional investors.

T. Rowe Price Group Price Performance

NASDAQ:TROW traded up $2.13 during midday trading on Friday, reaching $106.22. 323,967 shares of the company traded hands, compared to its average volume of 1,550,441. T. Rowe Price Group, Inc. has a twelve month low of $93.53 and a twelve month high of $134.64. The firm has a market capitalization of $23.85 billion, a price-to-earnings ratio of 17.27, a price-to-earnings-growth ratio of 2.61 and a beta of 1.30. The company has a fifty day moving average price of $108.95 and a 200 day moving average price of $113.97.

T. Rowe Price Group (NASDAQ:TROW – Get Rating) last announced its earnings results on Tuesday, May 2nd. The asset manager reported $1.69 earnings per share for the quarter, beating the consensus estimate of $1.62 by $0.07. The firm had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. T. Rowe Price Group had a return on equity of 17.92% and a net margin of 22.90%. The firm’s revenue for the quarter was down 17.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.62 EPS. On average, equities research analysts forecast that T. Rowe Price Group, Inc. will post 6.63 earnings per share for the current fiscal year.

T. Rowe Price Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 29th. Stockholders of record on Thursday, June 15th will be paid a $1.22 dividend. This represents a $4.88 dividend on an annualized basis and a dividend yield of 4.59%. The ex-dividend date of this dividend is Wednesday, June 14th. T. Rowe Price Group’s dividend payout ratio is presently 79.87%.

Analyst Ratings Changes

TROW has been the topic of a number of analyst reports. Morgan Stanley lifted their price target on T. Rowe Price Group from $102.00 to $105.00 and gave the company an “equal weight” rating in a research note on Friday, April 14th. Evercore ISI reduced their price objective on T. Rowe Price Group from $101.00 to $98.00 and set an “in-line” rating on the stock in a research report on Thursday, April 13th. Deutsche Bank Aktiengesellschaft reduced their price objective on T. Rowe Price Group from $121.00 to $113.00 and set a “hold” rating on the stock in a research report on Friday, January 27th. JPMorgan Chase & Co. dropped their target price on T. Rowe Price Group from $96.00 to $95.00 and set an “underweight” rating for the company in a research note on Friday, January 27th. Finally, Credit Suisse Group dropped their target price on T. Rowe Price Group from $70.00 to $65.00 and set an “underperform” rating for the company in a research note on Friday, January 27th. Six investment analysts have rated the stock with a sell rating and six have issued a hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $93.73.

Insider Transactions at T. Rowe Price Group

In other news, insider Jessica M. Hiebler sold 1,881 shares of the business’s stock in a transaction on Wednesday, May 3rd. The stock was sold at an average price of $106.66, for a total value of $200,627.46. Following the sale, the insider now owns 11,628 shares of the company’s stock, valued at approximately $1,240,242.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.10% of the company’s stock.

About T. Rowe Price Group

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T. Rowe Price Group, Inc engages in the provision of investment management services. The company was founded by Thomas Rowe Price Jr. in 1937 and is headquartered in Baltimore, MD.