T. Rowe Price Group (NASDAQ:TROW) Hits New 52-Week High – Here’s What Happened

T. Rowe Price Group, Inc. (NASDAQ:TROW) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $122.27 and last traded at $122.03, with a volume of 235898 shares trading hands. The stock had previously closed at $119.84.

Analysts Set New Price Targets

Several equities research analysts have commented on TROW shares. Evercore ISI upped their target price on shares of T. Rowe Price Group from $112.00 to $113.00 and gave the company an “in-line” rating in a research note on Thursday, November 7th. JPMorgan Chase & Co. reduced 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 research note on Monday, November 4th. The Goldman Sachs Group reduced 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 note on Thursday, October 3rd. StockNews.com downgraded shares of T. Rowe Price Group from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of T. Rowe Price Group from $115.00 to $120.00 and gave the company a “hold” rating in a research note on Monday, November 11th. Four equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $115.55.

T. Rowe Price Group Stock Up 2.6 %

The company’s fifty day moving average price is $112.20 and its 200 day moving average price is $112.44. The company has a market capitalization of $27.32 billion, a P/E ratio of 13.11, a PEG ratio of 1.70 and a beta of 1.41.

T. Rowe Price Group (NASDAQ:TROW) last announced its earnings results on Friday, November 1st. The asset manager reported $2.57 EPS for the quarter, topping the consensus estimate of $2.36 by $0.21. The company had revenue of $1.79 billion for the quarter, compared to analysts’ expectations of $1.84 billion. T. Rowe Price Group had a net margin of 30.35% and a return on equity of 20.35%. The business’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period last year, the firm earned $2.17 earnings per share. Research analysts predict that T. Rowe Price Group, Inc. will post 9.33 earnings per share for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The company 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 $1.24 dividend. The ex-dividend date is Friday, December 13th. This represents a $4.96 dividend on an annualized basis and a yield of 4.03%. T. Rowe Price Group’s dividend payout ratio (DPR) is 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 firm’s stock in a transaction that occurred on 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 owns 13,939 shares in the company, valued at $1,459,831.47. This trade represents a 3.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $102.83, for a total transaction of $1,230,772.27. Following the completion of the sale, the vice president now owns 123,624 shares in the company, valued at $12,712,255.92. This represents a 8.83 % decrease in their position. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On T. Rowe Price Group

Hedge funds have recently modified their holdings of the business. Charles Schwab Investment Management Inc. lifted its holdings in T. Rowe Price Group by 3.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,840,807 shares of the asset manager’s stock valued at $745,169,000 after buying an additional 231,286 shares during the period. Geode Capital Management LLC lifted its holdings in T. Rowe Price Group by 0.5% in the third quarter. Geode Capital Management LLC now owns 5,515,198 shares of the asset manager’s stock valued at $598,801,000 after buying an additional 25,481 shares during the period. Victory Capital Management Inc. increased its stake in T. Rowe Price Group by 3.8% in the second quarter. Victory Capital Management Inc. now owns 3,436,019 shares of the asset manager’s stock valued at $396,207,000 after purchasing an additional 124,686 shares in the last quarter. American Century Companies Inc. increased its stake in T. Rowe Price Group by 4.5% in the second quarter. American Century Companies Inc. now owns 2,512,793 shares of the asset manager’s stock valued at $289,750,000 after purchasing an additional 107,086 shares in the last quarter. Finally, Provident Trust Co. increased its stake in T. Rowe Price Group by 0.3% in the third quarter. Provident Trust Co. now owns 2,397,728 shares of the asset manager’s stock valued at $261,185,000 after purchasing an additional 7,905 shares in the last quarter. Institutional investors and hedge funds own 73.39% of the company’s stock.

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.