Assetmark Inc. Buys 38,601 Shares of T. Rowe Price Group, Inc. $TROW

Assetmark Inc. lifted its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 8.2% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 509,139 shares of the asset manager’s stock after purchasing an additional 38,601 shares during the quarter. Assetmark Inc.’s holdings in T. Rowe Price Group were worth $49,132,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of T. Rowe Price Group by 0.9% during the first quarter. Vanguard Group Inc. now owns 26,286,393 shares of the asset manager’s stock worth $2,414,931,000 after purchasing an additional 222,556 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of T. Rowe Price Group by 7.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 7,706,251 shares of the asset manager’s stock worth $707,973,000 after purchasing an additional 519,075 shares in the last quarter. Invesco Ltd. grew its position in shares of T. Rowe Price Group by 43.2% during the first quarter. Invesco Ltd. now owns 3,433,684 shares of the asset manager’s stock worth $315,453,000 after purchasing an additional 1,035,865 shares in the last quarter. American Century Companies Inc. grew its position in shares of T. Rowe Price Group by 4.9% during the first quarter. American Century Companies Inc. now owns 2,955,703 shares of the asset manager’s stock worth $271,541,000 after purchasing an additional 138,515 shares in the last quarter. Finally, Northern Trust Corp grew its position in shares of T. Rowe Price Group by 3.6% during the first quarter. Northern Trust Corp now owns 2,374,063 shares of the asset manager’s stock worth $218,105,000 after purchasing an additional 83,324 shares in the last quarter. Hedge funds and other institutional investors own 73.39% of the company’s stock.

Insider Activity

In related news, Director Robert F. Maclellan sold 3,090 shares of the firm’s stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $105.01, for a total transaction of $324,480.90. Following the completion of the sale, the director directly owned 47,335 shares of the company’s stock, valued at approximately $4,970,648.35. This trade represents a 6.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.00% of the stock is owned by insiders.

T. Rowe Price Group Price Performance

NASDAQ:TROW opened at $102.13 on Friday. The firm has a market capitalization of $22.44 billion, a price-to-earnings ratio of 11.41, a PEG ratio of 5.61 and a beta of 1.50. T. Rowe Price Group, Inc. has a 1 year low of $77.85 and a 1 year high of $125.81. The business has a 50 day simple moving average of $105.19 and a 200-day simple moving average of $100.03.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings data on Friday, August 1st. The asset manager reported $2.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.09. The business had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.72 billion. T. Rowe Price Group had a return on equity of 19.77% and a net margin of 28.72%.The company’s revenue for the quarter was down .6% on a year-over-year basis. During the same period last year, the company earned $2.26 EPS. As a group, analysts expect that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current fiscal year.

T. Rowe Price Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 30th. Stockholders of record on Monday, December 15th will be paid a $1.27 dividend. This represents a $5.08 annualized dividend and a dividend yield of 5.0%. The ex-dividend date of this dividend is Monday, December 15th. T. Rowe Price Group’s dividend payout ratio (DPR) is presently 56.76%.

Analyst Ratings Changes

Several analysts recently issued reports on TROW shares. Wells Fargo & Company increased their target price on T. Rowe Price Group from $98.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Friday, July 11th. Jefferies Financial Group increased their target price on T. Rowe Price Group from $104.00 to $106.00 and gave the stock a “hold” rating in a research report on Tuesday, October 7th. Barclays increased their target price on T. Rowe Price Group from $95.00 to $103.00 and gave the stock an “underweight” rating in a research report on Tuesday, October 21st. The Goldman Sachs Group raised their price target on T. Rowe Price Group from $91.00 to $92.00 and gave the company a “sell” rating in a report on Friday, October 3rd. Finally, TD Cowen raised their price target on T. Rowe Price Group from $103.00 to $108.00 and gave the company a “hold” rating in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Reduce” and an average price target of $107.62.

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.