Independent Solutions Wealth Management LLC Invests $208,000 in T. Rowe Price Group, Inc. $TROW

Independent Solutions Wealth Management LLC bought a new position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) in the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 2,154 shares of the asset manager’s stock, valued at approximately $208,000.

Several other institutional investors also recently modified their holdings of the stock. Gateway Investment Advisers LLC grew its position in shares of T. Rowe Price Group by 13.9% in the 1st quarter. Gateway Investment Advisers LLC now owns 6,686 shares of the asset manager’s stock valued at $614,000 after purchasing an additional 815 shares during the period. Park Avenue Securities LLC grew its position in shares of T. Rowe Price Group by 16.5% in the 1st quarter. Park Avenue Securities LLC now owns 4,879 shares of the asset manager’s stock valued at $448,000 after purchasing an additional 691 shares during the period. Range Financial Group LLC grew its position in shares of T. Rowe Price Group by 51.2% in the 1st quarter. Range Financial Group LLC now owns 3,141 shares of the asset manager’s stock valued at $289,000 after purchasing an additional 1,064 shares during the period. Daymark Wealth Partners LLC grew its position in shares of T. Rowe Price Group by 2.6% in the 1st quarter. Daymark Wealth Partners LLC now owns 6,823 shares of the asset manager’s stock valued at $627,000 after purchasing an additional 171 shares during the period. Finally, Farther Finance Advisors LLC grew its position in shares of T. Rowe Price Group by 75.8% in the 1st quarter. Farther Finance Advisors LLC now owns 7,949 shares of the asset manager’s stock valued at $733,000 after purchasing an additional 3,427 shares during the period. 73.39% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Robert F. Maclellan sold 3,090 shares of the stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $105.01, for a total value of $324,480.90. Following the sale, the director owned 47,335 shares in the company, valued at approximately $4,970,648.35. This represents a 6.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.60% of the company’s stock.

T. Rowe Price Group Stock Up 0.1%

Shares of T. Rowe Price Group stock opened at $105.78 on Wednesday. T. Rowe Price Group, Inc. has a 12-month low of $77.85 and a 12-month high of $125.81. The stock has a market cap of $23.24 billion, a P/E ratio of 11.82, a P/E/G ratio of 6.84 and a beta of 1.50. The business’s 50 day moving average is $105.72 and its 200-day moving average is $98.27.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings data on Friday, August 1st. The asset manager reported $2.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.15 by $0.09. T. Rowe Price Group had a return on equity of 19.77% and a net margin of 28.72%.The company had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.72 billion. During the same quarter in the prior year, the business posted $2.26 EPS. The business’s revenue was down .6% compared to the same quarter last year. On average, sell-side analysts expect that T. Rowe Price Group, Inc. will post 9.29 EPS for the current year.

T. Rowe Price Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Monday, September 15th were paid a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date was Monday, September 15th. T. Rowe Price Group’s dividend payout ratio is 56.76%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on TROW shares. Bank of America boosted their price objective on T. Rowe Price Group from $91.00 to $97.00 and gave the company an “underperform” rating in a research report on Thursday, October 2nd. JPMorgan Chase & Co. boosted their target price on T. Rowe Price Group from $98.00 to $102.00 and gave the company an “underweight” rating in a research note on Monday, August 4th. BMO Capital Markets began coverage on T. Rowe Price Group in a research note on Friday, October 3rd. They issued a “market perform” rating and a $108.00 target price on the stock. Keefe, Bruyette & Woods boosted their target price on T. Rowe Price Group from $110.00 to $112.00 and gave the company a “market perform” rating in a research note on Monday, August 4th. Finally, Wells Fargo & Company boosted their target price on T. Rowe Price Group from $98.00 to $108.00 and gave the company an “equal weight” rating in a research note on Friday, July 11th. Two analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat, T. Rowe Price Group currently has a consensus rating of “Reduce” and a consensus target price of $104.83.

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.