Brophy Wealth Management LLC Acquires New Stake in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Brophy Wealth Management LLC acquired a new stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 3,823 shares of the asset manager’s stock, valued at approximately $416,000.

Several other hedge funds have also made changes to their positions in TROW. QRG Capital Management Inc. raised its stake in shares of T. Rowe Price Group by 2.8% in the second quarter. QRG Capital Management Inc. now owns 5,199 shares of the asset manager’s stock worth $599,000 after purchasing an additional 140 shares during the last quarter. Sequoia Financial Advisors LLC grew its holdings in T. Rowe Price Group by 34.0% during the second quarter. Sequoia Financial Advisors LLC now owns 3,888 shares of the asset manager’s stock worth $448,000 after acquiring an additional 987 shares during the period. M&G Plc acquired a new stake in T. Rowe Price Group during the second quarter worth about $1,333,000. V Square Quantitative Management LLC grew its holdings in T. Rowe Price Group by 4.1% in the second quarter. V Square Quantitative Management LLC now owns 4,311 shares of the asset manager’s stock valued at $497,000 after purchasing an additional 169 shares during the period. Finally, ORG Partners LLC acquired a new stake in T. Rowe Price Group in the second quarter valued at approximately $46,000. 73.39% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

TROW has been the topic of a number of research analyst reports. Barclays lifted their price target on T. Rowe Price Group from $110.00 to $115.00 and gave the stock an “underweight” rating in a research note on Monday. Deutsche Bank Aktiengesellschaft lifted their price objective on T. Rowe Price Group from $115.00 to $120.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. Morgan Stanley lifted their price objective on T. Rowe Price Group from $127.00 to $129.00 and gave the stock an “equal weight” rating in a research report on Monday, November 4th. JPMorgan Chase & Co. reduced their price objective on T. Rowe Price Group from $116.00 to $115.00 and set an “underweight” rating on the stock in a research report on Monday, November 4th. Finally, TD Cowen reduced their target price on T. Rowe Price Group from $120.00 to $116.00 and set a “hold” rating on the stock in a research report on Monday, November 4th. Four investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $116.00.

Insider Buying and Selling at T. Rowe Price Group

In other T. Rowe Price Group news, insider Jessica M. Hiebler sold 484 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $104.73, for a total transaction of $50,689.32. Following the completion of the sale, the insider now directly owns 13,939 shares of the company’s stock, valued at $1,459,831.47. This represents a 3.36 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.00% of the stock is owned by company insiders.

T. Rowe Price Group Stock Performance

NASDAQ:TROW opened at $123.03 on Wednesday. The stock has a 50-day simple moving average of $115.55 and a 200-day simple moving average of $113.11. The stock has a market cap of $27.33 billion, a P/E ratio of 13.46, a P/E/G ratio of 1.75 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 $125.81.

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

T. Rowe Price Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be issued a $1.24 dividend. This represents a $4.96 annualized dividend and a dividend yield of 4.03%. The ex-dividend date of this dividend is Friday, December 13th. T. Rowe Price Group’s payout ratio is currently 54.27%.

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.