JPMorgan Chase & Co. Grows Position in T. Rowe Price Group, Inc. (NASDAQ:TROW)

JPMorgan Chase & Co. raised its position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 1.9% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 11,974,559 shares of the asset manager’s stock after purchasing an additional 218,211 shares during the quarter. JPMorgan Chase & Co. owned 4.94% of T. Rowe Price Group worth $1,079,267,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in TROW. Renaissance Technologies LLC purchased a new stake in shares of T. Rowe Price Group during the 1st quarter worth approximately $3,352,000. APG Asset Management N.V. grew its position in T. Rowe Price Group by 34.3% in the 2nd quarter. APG Asset Management N.V. now owns 318,785 shares of the asset manager’s stock valued at $23,657,000 after acquiring an additional 81,400 shares during the last quarter. Campbell & CO Investment Adviser LLC bought a new position in T. Rowe Price Group in the 2nd quarter valued at $319,000. FineMark National Bank & Trust grew its position in shares of T. Rowe Price Group by 18.7% during the 2nd quarter. FineMark National Bank & Trust now owns 4,748 shares of the asset manager’s stock worth $352,000 after buying an additional 748 shares in the last quarter. Finally, Cubic Asset Management LLC grew its position in shares of T. Rowe Price Group by 2.3% during the 2nd quarter. Cubic Asset Management LLC now owns 97,840 shares of the asset manager’s stock worth $7,261,000 after buying an additional 2,170 shares in the last quarter. Institutional investors and hedge funds own 72.21% of the company’s stock.

A number of equities research analysts recently weighed in on the company. Zacks Investment Research downgraded T. Rowe Price Group from a “buy” rating to a “hold” rating in a research report on Wednesday. UBS increased their price target on T. Rowe Price Group from $69.00 to $72.00 and gave the company a “sell” rating in a research note on Friday, October 27th. Barclays increased their price target on T. Rowe Price Group from $79.00 to $84.00 and gave the company an “underweight” rating in a research note on Friday, October 27th. Citigroup raised their price objective on T. Rowe Price Group from $94.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, October 27th. Finally, Jefferies Group reissued a “buy” rating and issued a $104.00 price objective (up from $96.00) on shares of T. Rowe Price Group in a report on Tuesday, October 10th. Three research analysts have rated the stock with a sell rating, six have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $89.50.

In other news, CFO Kenneth V. Moreland sold 13,041 shares of the stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $90.43, for a total transaction of $1,179,297.63. Following the completion of the transaction, the chief financial officer now directly owns 135,028 shares of the company’s stock, valued at approximately $12,210,582.04. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO William J. Stromberg sold 30,000 shares of the stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $97.09, for a total value of $2,912,700.00. Following the transaction, the chief executive officer now directly owns 534,077 shares of the company’s stock, valued at $51,853,535.93. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 81,705 shares of company stock valued at $7,861,938. 3.60% of the stock is owned by company insiders.

Shares of T. Rowe Price Group, Inc. (NASDAQ TROW) opened at $101.64 on Wednesday. The stock has a market capitalization of $24,914.31, a price-to-earnings ratio of 20.08, a P/E/G ratio of 1.89 and a beta of 1.32. T. Rowe Price Group, Inc. has a 1-year low of $65.33 and a 1-year high of $104.40.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings data on Thursday, October 26th. The asset manager reported $1.56 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.36 by $0.20. T. Rowe Price Group had a return on equity of 24.76% and a net margin of 33.10%. The business had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same period in the prior year, the firm posted $1.17 EPS. The business’s quarterly revenue was up 11.8% compared to the same quarter last year. analysts expect that T. Rowe Price Group, Inc. will post 5.29 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Stockholders of record on Thursday, December 14th will be issued a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 2.24%. The ex-dividend date is Wednesday, December 13th. T. Rowe Price Group’s payout ratio is currently 37.38%.

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T. Rowe Price Group Profile

T. Rowe Price Group, Inc is a financial services holding company. The Company provides global investment management services through its subsidiaries to investors across the world. The Company provides an array of Company sponsored the United States mutual funds, other sponsored pooled investment vehicles, sub advisory services, separate account management, recordkeeping, and related services to individuals, advisors, institutions, financial intermediaries and retirement plan sponsors.

Institutional Ownership by Quarter for T. Rowe Price Group (NASDAQ:TROW)

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