Foster & Motley Inc. Purchases New Position in T. Rowe Price Group, Inc. $TROW

Foster & Motley Inc. acquired a new position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) during the 2nd quarter, Holdings Channel reports. The fund acquired 12,877 shares of the asset manager’s stock, valued at approximately $1,464,000.

Several other hedge funds have also added to or reduced their stakes in the business. TD Private Client Wealth LLC increased its stake in T. Rowe Price Group by 91.8% during the 4th quarter. TD Private Client Wealth LLC now owns 257 shares of the asset manager’s stock worth $26,000 after purchasing an additional 123 shares in the last quarter. DV Equities LLC acquired a new stake in shares of T. Rowe Price Group during the fourth quarter worth $32,000. Motiv8 Investments LLC bought a new stake in T. Rowe Price Group in the 4th quarter valued at $35,000. Bank & Trust Co boosted its stake in T. Rowe Price Group by 52.4% in the 2nd quarter. Bank & Trust Co now owns 314 shares of the asset manager’s stock worth $36,000 after purchasing an additional 108 shares during the period. Finally, TD Waterhouse Canada Inc. grew its holdings in shares of T. Rowe Price Group by 92.0% during the fourth quarter. TD Waterhouse Canada Inc. now owns 386 shares of the asset manager’s stock worth $40,000 after buying an additional 185 shares in the last quarter. Institutional investors and hedge funds own 73.39% of the company’s stock.

T. Rowe Price Group Stock Up 1.7%

Shares of NASDAQ:TROW opened at $112.23 on Thursday. T. Rowe Price Group, Inc. has a 12-month low of $85.22 and a 12-month high of $122.00. The stock has a market cap of $23.94 billion, a PE ratio of 11.26, a P/E/G ratio of 4.29 and a beta of 1.47. The business has a 50 day moving average of $113.83 and a 200-day moving average of $102.76.

T. Rowe Price Group (NASDAQ:TROW) last announced its earnings results on Friday, July 31st. The asset manager reported $2.57 earnings per share for the quarter, topping analysts’ consensus estimates of $2.52 by $0.05. T. Rowe Price Group had a return on equity of 20.91% and a net margin of 29.26%.The company had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.89 billion. During the same quarter last year, the company earned $2.24 earnings per share. The firm’s quarterly revenue was up 10.7% compared to the same quarter last year. Equities research analysts expect that T. Rowe Price Group, Inc. will post 10.13 earnings per share for the current year.

T. Rowe Price Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date is Tuesday, September 15th. T. Rowe Price Group’s dividend payout ratio is presently 52.16%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on TROW shares. The Goldman Sachs Group lifted their price objective on shares of T. Rowe Price Group from $90.00 to $92.00 and gave the company a “sell” rating in a report on Tuesday, June 30th. Zacks Research downgraded shares of T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 13th. BMO Capital Markets lifted their price target on shares of T. Rowe Price Group from $110.00 to $120.00 and gave the company a “market perform” rating in a research note on Monday, August 3rd. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $115.00 price target (down from $120.00) on shares of T. Rowe Price Group in a research note on Monday, August 3rd. Finally, Weiss Ratings raised T. Rowe Price Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, July 2nd. Ten research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat.com, T. Rowe Price Group currently has an average rating of “Reduce” and an average price target of $105.67.

T. Rowe Price Group Profile

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland, founded by Thomas Rowe Price Jr. in 1937. The company provides a broad range of investment products and services for individual investors, financial intermediaries, retirement plan sponsors and institutional clients. Its offerings are built around active investment management and in-house research across equity, fixed income and multi-asset strategies, reflecting a long history as a research-driven asset manager.

The firm’s product lineup includes mutual funds, separate accounts, collective investment trusts, target-date and target-risk funds, and managed account solutions, as well as services for defined contribution and defined benefit retirement plans.