Stevens Capital Management LP Purchases New Stake in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Stevens Capital Management LP purchased a new stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 2,430 shares of the asset manager’s stock, valued at approximately $265,000.

Other hedge funds have also recently bought and sold shares of the company. Iron Horse Wealth Management LLC raised its holdings in T. Rowe Price Group by 90.9% in the third quarter. Iron Horse Wealth Management LLC now owns 231 shares of the asset manager’s stock valued at $25,000 after buying an additional 110 shares during the period. Hexagon Capital Partners LLC grew its position in T. Rowe Price Group by 54.7% in the third quarter. Hexagon Capital Partners LLC now owns 294 shares of the asset manager’s stock valued at $32,000 after acquiring an additional 104 shares in the last quarter. Family Firm Inc. acquired a new stake in T. Rowe Price Group in the second quarter valued at approximately $36,000. True Wealth Design LLC acquired a new stake in T. Rowe Price Group in the third quarter valued at approximately $37,000. Finally, Larson Financial Group LLC grew its position in T. Rowe Price Group by 866.7% in the third quarter. Larson Financial Group LLC now owns 348 shares of the asset manager’s stock valued at $38,000 after acquiring an additional 312 shares in the last quarter. Hedge funds and other institutional investors own 73.39% of the company’s stock.

T. Rowe Price Group Stock Performance

TROW stock opened at $124.69 on Friday. The stock has a market capitalization of $27.70 billion, a price-to-earnings ratio of 13.64, a PEG ratio of 1.74 and a beta of 1.42. T. Rowe Price Group, Inc. has a 1 year low of $97.50 and a 1 year high of $124.94. The stock’s fifty day moving average is $114.97 and its two-hundred day moving average is $113.08.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings data on Friday, November 1st. The asset manager reported $2.57 earnings per share for the quarter, beating analysts’ consensus estimates of $2.36 by $0.21. T. Rowe Price Group had a net margin of 30.35% and a return on equity of 20.35%. The business had revenue of $1.79 billion for the quarter, compared to analysts’ expectations of $1.84 billion. During the same period in the previous year, the business earned $2.17 earnings per share. The company’s revenue was up 6.9% on a year-over-year basis. As a group, analysts predict that T. Rowe Price Group, Inc. will post 9.39 EPS for the current fiscal year.

T. Rowe Price Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be paid a dividend of $1.24 per share. This represents a $4.96 dividend on an annualized basis and a dividend yield of 3.98%. The ex-dividend date of this dividend is Friday, December 13th. T. Rowe Price Group’s dividend payout ratio is currently 54.27%.

Insider Activity at T. Rowe Price Group

In other T. Rowe Price Group news, insider Jessica M. Hiebler sold 484 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $104.73, for a total value of $50,689.32. Following the sale, the insider now directly owns 13,939 shares in the company, valued at approximately $1,459,831.47. The trade was a 3.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. The Goldman Sachs Group lowered their price objective on shares of T. Rowe Price Group from $106.00 to $102.00 and set a “sell” rating for the company in a research report on Thursday, October 3rd. Barclays lifted their price objective on shares of T. Rowe Price Group from $101.00 to $110.00 and gave the stock an “underweight” rating in a report on Monday, November 4th. Morgan Stanley lifted their price objective on shares of T. Rowe Price Group from $127.00 to $129.00 and gave the stock an “equal weight” rating in a report on Monday, November 4th. Wells Fargo & Company lifted their price objective on shares of T. Rowe Price Group from $109.00 to $112.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 9th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of T. Rowe Price Group from $116.00 to $115.00 and set an “underweight” rating for the company in a report on Monday, November 4th. Four equities research analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. Based on data from MarketBeat.com, T. Rowe Price Group has a consensus rating of “Hold” and an average target price of $115.55.

T. Rowe Price Group Company Profile

T. Rowe Price Group, Inc is a publicly owned investment manager. The firm provides its services to individuals, institutional investors, retirement plans, financial intermediaries, and institutions. It launches and manages equity and fixed income mutual funds. The firm invests in the public equity and fixed income markets across the globe.