SteelPeak Wealth LLC Makes New Investment in T. Rowe Price Group, Inc. (NASDAQ:TROW)

SteelPeak Wealth LLC acquired a new stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 2,248 shares of the asset manager’s stock, valued at approximately $254,000.

Several other large investors have also modified their holdings of TROW. Iron Horse Wealth Management LLC raised its stake in T. Rowe Price Group by 90.9% during the third quarter. Iron Horse Wealth Management LLC now owns 231 shares of the asset manager’s stock worth $25,000 after purchasing an additional 110 shares during the period. Hexagon Capital Partners LLC increased its holdings in shares of T. Rowe Price Group by 54.7% during the 3rd quarter. Hexagon Capital Partners LLC now owns 294 shares of the asset manager’s stock worth $32,000 after buying an additional 104 shares during the last quarter. True Wealth Design LLC purchased a new position in shares of T. Rowe Price Group in the 3rd quarter worth $37,000. Larson Financial Group LLC boosted its holdings 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 during the last quarter. Finally, Brooklyn Investment Group purchased a new stake in T. Rowe Price Group during the third quarter valued at about $43,000. 73.39% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on TROW shares. JPMorgan Chase & Co. cut their price objective on T. Rowe Price Group from $116.00 to $115.00 and set an “underweight” rating on the stock in a report on Monday, November 4th. Evercore ISI raised their price target on shares of T. Rowe Price Group from $112.00 to $113.00 and gave the company an “in-line” rating in a report on Thursday, November 7th. Wells Fargo & Company decreased their price objective on shares of T. Rowe Price Group from $124.00 to $118.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 14th. TD Cowen cut their target price on shares of T. Rowe Price Group from $120.00 to $116.00 and set a “hold” rating on the stock in a research note on Monday, November 4th. Finally, Morgan Stanley increased their price target on T. Rowe Price Group from $129.00 to $132.00 and gave the company an “equal weight” rating in a report on Friday, December 20th. Four analysts have rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $115.82.

T. Rowe Price Group Stock Performance

Shares of NASDAQ TROW opened at $116.92 on Friday. T. Rowe Price Group, Inc. has a 1 year low of $100.49 and a 1 year high of $125.81. The stock’s 50-day simple moving average is $116.96 and its 200-day simple moving average is $112.76. The firm has a market cap of $25.97 billion, a price-to-earnings ratio of 12.79, a PEG ratio of 1.74 and a beta of 1.43.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings data on Friday, November 1st. The asset manager reported $2.57 earnings per share (EPS) for the quarter, topping 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 company had revenue of $1.79 billion for 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. T. Rowe Price Group’s revenue for the quarter was up 6.9% compared to the same quarter last year. As a group, research analysts predict that T. Rowe Price Group, Inc. will post 9.42 EPS for the current year.

Insider Activity at T. Rowe Price Group

In related news, VP Andrew Justin Mackenzi Thomson sold 4,047 shares of the business’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $123.35, for a total value of $499,197.45. Following the completion of the sale, the vice president now directly owns 119,577 shares of the company’s stock, valued at $14,749,822.95. The trade was a 3.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.00% of the stock is currently owned by corporate insiders.

About T. Rowe Price Group

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.