Novem Group Invests $291,000 in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Novem Group purchased a new position in T. Rowe Price Group, Inc. (NASDAQ:TROW) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 2,571 shares of the asset manager’s stock, valued at approximately $291,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Norges Bank bought a new position in shares of T. Rowe Price Group during the fourth quarter valued at $117,704,000. Marshall Wace LLP bought a new position in shares of T. Rowe Price Group during the fourth quarter valued at $63,284,000. Fayez Sarofim & Co increased its holdings in shares of T. Rowe Price Group by 7.6% during the fourth quarter. Fayez Sarofim & Co now owns 6,052,469 shares of the asset manager’s stock valued at $684,474,000 after acquiring an additional 425,142 shares in the last quarter. Amundi lifted its stake in shares of T. Rowe Price Group by 30.1% in the fourth quarter. Amundi now owns 1,717,877 shares of the asset manager’s stock worth $194,064,000 after buying an additional 397,278 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of T. Rowe Price Group by 28.2% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,762,910 shares of the asset manager’s stock worth $199,367,000 after buying an additional 387,604 shares in the last quarter. 73.39% of the stock is owned by institutional investors.

Insider Activity at T. Rowe Price Group

In other news, insider Jessica M. Hiebler sold 968 shares of T. Rowe Price Group stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $96.98, for a total transaction of $93,876.64. Following the transaction, the insider now directly owns 13,611 shares of the company’s stock, valued at $1,319,994.78. The trade was a 6.64% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert F. Maclellan sold 3,955 shares of T. Rowe Price Group stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $91.56, for a total value of $362,119.80. Following the transaction, the director now directly owns 42,979 shares in the company, valued at approximately $3,935,157.24. The trade was a 8.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by company insiders.

T. Rowe Price Group Stock Performance

TROW stock opened at $94.46 on Friday. T. Rowe Price Group, Inc. has a fifty-two week low of $77.85 and a fifty-two week high of $125.81. The business’s 50-day moving average is $90.70 and its two-hundred day moving average is $105.37. The company has a market cap of $20.81 billion, a price-to-earnings ratio of 10.31, a P/E/G ratio of 2.86 and a beta of 1.50.

T. Rowe Price Group (NASDAQ:TROW) last posted its earnings results on Friday, May 2nd. The asset manager reported $2.23 earnings per share for the quarter, beating analysts’ consensus estimates of $2.13 by $0.10. The company had revenue of $1.76 billion for the quarter, compared to the consensus estimate of $1.80 billion. T. Rowe Price Group had a return on equity of 20.83% and a net margin of 29.61%. T. Rowe Price Group’s revenue was up .8% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.38 earnings per share. Equities analysts predict that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current year.

T. Rowe Price Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 13th will be given a dividend of $1.27 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $5.08 annualized dividend and a yield of 5.38%. T. Rowe Price Group’s dividend payout ratio (DPR) is 57.60%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on TROW. Citigroup dropped their target price on shares of T. Rowe Price Group from $100.00 to $95.00 and set a “neutral” rating on the stock in a research note on Monday, April 14th. Barclays lifted their target price on T. Rowe Price Group from $85.00 to $90.00 and gave the stock an “underweight” rating in a report on Monday, May 5th. Wall Street Zen lowered T. Rowe Price Group from a “buy” rating to a “hold” rating in a report on Sunday, February 2nd. TD Cowen reduced their target price on T. Rowe Price Group from $112.00 to $89.00 and set a “hold” rating for the company in a report on Wednesday, April 9th. Finally, Morgan Stanley lifted their target price on T. Rowe Price Group from $94.00 to $95.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 6th. Four equities research analysts have rated the stock with a sell rating and nine have given a hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $94.09.

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.