T. Rowe Price Group (NASDAQ:TROW) Reaches New 1-Year High – Here’s What Happened

T. Rowe Price Group, Inc. (NASDAQ:TROW)’s stock price hit a new 52-week high during trading on Monday . The stock traded as high as $122.27 and last traded at $122.03, with a volume of 235898 shares traded. The stock had previously closed at $119.84.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Barclays lifted their price objective on T. Rowe Price Group from $101.00 to $110.00 and gave the stock an “underweight” rating in a report on Monday, November 4th. The Goldman Sachs Group cut their price objective on 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. Evercore ISI boosted their price target on T. Rowe Price Group from $112.00 to $113.00 and gave the stock an “in-line” rating in a report on Thursday, November 7th. Deutsche Bank Aktiengesellschaft boosted 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. Finally, TD Cowen lowered their price target on shares of T. Rowe Price Group from $120.00 to $116.00 and set a “hold” rating for the company in a 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 company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $115.55.

T. Rowe Price Group Stock Up 0.2 %

The firm’s 50 day simple moving average is $113.18 and its 200-day simple moving average is $112.69. The company has a market capitalization of $27.58 billion, a PE ratio of 13.58, a P/E/G ratio of 1.73 and a beta of 1.41.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings results on Friday, November 1st. The asset manager reported $2.57 earnings per share for the quarter, topping 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 firm had revenue of $1.79 billion during the quarter, compared to analysts’ expectations of $1.84 billion. During the same period in the prior year, the company earned $2.17 EPS. The firm’s revenue was up 6.9% on a year-over-year basis. As a group, sell-side analysts anticipate that T. Rowe Price Group, Inc. will post 9.39 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be issued a dividend of $1.24 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $4.96 annualized dividend and a dividend yield of 3.99%. T. Rowe Price Group’s payout ratio is currently 54.27%.

Insiders Place Their Bets

In other news, insider Jessica M. Hiebler sold 484 shares of the firm’s stock in a transaction dated 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 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $102.83, for a total value of $1,230,772.27. Following the completion of the transaction, the vice president now owns 123,624 shares in the company, valued at approximately $12,712,255.92. This trade represents a 8.83 % decrease in their position. The disclosure for this sale can be found here. 2.00% of the stock is owned by company insiders.

Institutional Trading of T. Rowe Price Group

Several institutional investors have recently added to or reduced their stakes in the stock. 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 valued at $25,000 after buying an additional 110 shares in the last quarter. Lynx Investment Advisory acquired a new stake in shares of T. Rowe Price Group during the 2nd quarter valued at approximately $29,000. Hexagon Capital Partners LLC lifted its stake in T. Rowe Price Group by 54.7% during the third quarter. Hexagon Capital Partners LLC now owns 294 shares of the asset manager’s stock worth $32,000 after purchasing an additional 104 shares during the last quarter. Family Firm Inc. bought a new stake in T. Rowe Price Group during the second quarter valued at $36,000. Finally, True Wealth Design LLC acquired a new stake in shares of T. Rowe Price Group during the third quarter worth $37,000. 73.39% of the stock is owned by institutional investors and hedge funds.

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.