Investors Buy Shares of T. Rowe Price Group (TROW) on Weakness

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Investors purchased shares of T. Rowe Price Group Inc (NASDAQ:TROW) on weakness during trading on Thursday. $30.13 million flowed into the stock on the tick-up and $15.37 million flowed out of the stock on the tick-down, for a money net flow of $14.76 million into the stock. Of all companies tracked, T. Rowe Price Group had the 33rd highest net in-flow for the day. T. Rowe Price Group traded down ($0.24) for the day and closed at $115.49

TROW has been the subject of several research reports. Credit Suisse Group raised shares of T. Rowe Price Group from a “neutral” rating to an “outperform” rating and set a $123.00 price target for the company in a research report on Wednesday, May 16th. UBS Group upped their price target on shares of T. Rowe Price Group from $113.00 to $117.00 and gave the stock a “neutral” rating in a research report on Thursday, April 26th. Zacks Investment Research raised shares of T. Rowe Price Group from a “hold” rating to a “buy” rating and set a $130.00 price target for the company in a research report on Monday, July 2nd. BidaskClub cut shares of T. Rowe Price Group from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 27th. Finally, Deutsche Bank lowered their price target on shares of T. Rowe Price Group from $116.00 to $114.00 and set a “hold” rating for the company in a research report on Friday, April 6th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company’s stock. T. Rowe Price Group currently has a consensus rating of “Hold” and a consensus price target of $114.60.

The stock has a market capitalization of $28.02 billion, a price-to-earnings ratio of 21.27, a P/E/G ratio of 1.47 and a beta of 1.22.

T. Rowe Price Group (NASDAQ:TROW) last posted its earnings results on Wednesday, April 25th. The asset manager reported $1.74 EPS for the quarter, beating the Zacks’ consensus estimate of $1.65 by $0.09. T. Rowe Price Group had a net margin of 31.10% and a return on equity of 26.93%. The company had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.28 billion. During the same quarter in the prior year, the company posted $1.18 earnings per share. T. Rowe Price Group’s revenue for the quarter was up 17.3% compared to the same quarter last year. analysts anticipate that T. Rowe Price Group Inc will post 7.05 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, June 29th. Investors of record on Friday, June 15th were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Thursday, June 14th. This represents a $2.80 dividend on an annualized basis and a yield of 2.42%. T. Rowe Price Group’s payout ratio is 51.57%.

T. Rowe Price Group announced that its board has approved a share buyback plan on Thursday, April 26th that permits the company to buyback 10,000,000 shares. This buyback authorization permits the asset manager to reacquire shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

In related news, VP W. Sharps Robert sold 36,000 shares of the stock in a transaction that occurred on Tuesday, June 12th. The shares were sold at an average price of $126.34, for a total transaction of $4,548,240.00. Following the completion of the sale, the vice president now owns 487,917 shares of the company’s stock, valued at $61,643,433.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Edward A. Wiese sold 40,000 shares of the stock in a transaction that occurred on Thursday, June 14th. The shares were sold at an average price of $123.75, for a total transaction of $4,950,000.00. Following the sale, the vice president now directly owns 132,219 shares of the company’s stock, valued at approximately $16,362,101.25. The disclosure for this sale can be found here. Insiders have sold 102,000 shares of company stock valued at $12,746,220 in the last three months. 3.10% of the stock is currently owned by corporate insiders.

A number of large investors have recently bought and sold shares of the stock. Old Mutual Global Investors UK Ltd. lifted its position in T. Rowe Price Group by 1,232.5% during the first quarter. Old Mutual Global Investors UK Ltd. now owns 2,023,988 shares of the asset manager’s stock valued at $218,529,000 after acquiring an additional 1,872,098 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its position in T. Rowe Price Group by 19.0% during the first quarter. Schwab Charles Investment Management Inc. now owns 1,562,121 shares of the asset manager’s stock valued at $168,663,000 after acquiring an additional 249,772 shares during the last quarter. Provident Trust Co. lifted its position in T. Rowe Price Group by 1.1% during the first quarter. Provident Trust Co. now owns 1,561,712 shares of the asset manager’s stock valued at $168,618,000 after acquiring an additional 16,831 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in T. Rowe Price Group by 0.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,363,389 shares of the asset manager’s stock valued at $147,205,000 after acquiring an additional 11,124 shares during the last quarter. Finally, KAMES CAPITAL plc raised its holdings in shares of T. Rowe Price Group by 15.4% in the first quarter. KAMES CAPITAL plc now owns 1,085,955 shares of the asset manager’s stock worth $117,162,000 after buying an additional 144,851 shares during the last quarter. 72.07% of the stock is owned by institutional investors.

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.

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