Cresset Asset Management LLC Acquires 38,887 Shares of T. Rowe Price Group, Inc. $TROW

Cresset Asset Management LLC boosted its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 174.8% in the 1st quarter, Holdings Channel reports. The firm owned 61,132 shares of the asset manager’s stock after buying an additional 38,887 shares during the period. Cresset Asset Management LLC’s holdings in T. Rowe Price Group were worth $5,616,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Zions Bancorporation National Association UT bought a new position in shares of T. Rowe Price Group in the 1st quarter valued at $27,000. Hexagon Capital Partners LLC lifted its stake in shares of T. Rowe Price Group by 44.8% in the 1st quarter. Hexagon Capital Partners LLC now owns 365 shares of the asset manager’s stock valued at $34,000 after acquiring an additional 113 shares during the last quarter. Smallwood Wealth Investment Management LLC bought a new position in shares of T. Rowe Price Group in the 1st quarter valued at $39,000. Chilton Capital Management LLC bought a new position in shares of T. Rowe Price Group in the 1st quarter valued at $41,000. Finally, Ameriflex Group Inc. bought a new position in shares of T. Rowe Price Group in the 4th quarter valued at $42,000. 73.39% of the stock is currently owned by institutional investors.

T. Rowe Price Group Trading Down 1.9%

Shares of T. Rowe Price Group stock opened at $107.04 on Monday. The business has a 50-day moving average price of $100.94 and a two-hundred day moving average price of $97.68. T. Rowe Price Group, Inc. has a 1-year low of $77.85 and a 1-year high of $125.81. The company has a market cap of $23.52 billion, a P/E ratio of 11.96, a PEG ratio of 2.91 and a beta of 1.47.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings results on Friday, August 1st. The asset manager reported $2.24 earnings per share 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 firm had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.72 billion. During the same period last year, the business posted $2.26 EPS. The business’s revenue was down .6% compared to the same quarter last year. Equities research analysts forecast that T. Rowe Price Group, Inc. will post 9.29 EPS for the current fiscal year.

T. Rowe Price Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be paid a $1.27 dividend. The ex-dividend date is Monday, September 15th. This represents a $5.08 annualized dividend and a dividend yield of 4.7%. T. Rowe Price Group’s dividend payout ratio (DPR) is currently 56.76%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. JPMorgan Chase & Co. increased their price target 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. Morgan Stanley increased their price target on T. Rowe Price Group from $112.00 to $116.00 and gave the company an “equal weight” rating in a research note on Monday, August 4th. Wells Fargo & Company increased their price objective on T. Rowe Price Group from $98.00 to $108.00 and gave the company an “equal weight” rating in a report on Friday, July 11th. Evercore ISI increased their price objective on T. Rowe Price Group from $106.00 to $110.00 and gave the company an “in-line” rating in a report on Monday, August 4th. Finally, Keefe, Bruyette & Woods increased their price objective on T. Rowe Price Group from $110.00 to $112.00 and gave the company a “market perform” rating in a report on Monday, August 4th. Four investment analysts have rated the stock with a sell rating and nine have given a hold rating to the stock. According to MarketBeat.com, T. Rowe Price Group currently has an average rating of “Hold” and an average target price of $101.09.

Insider Activity at T. Rowe Price Group

In other news, VP Dorothy C. Sawyer sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $95.43, for a total value of $190,860.00. Following the completion of the sale, the vice president directly owned 44,789 shares in the company, valued at $4,274,214.27. This trade represents a 4.27% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 1.60% of the stock is currently owned by corporate insiders.

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.