Raymond James Financial Inc. Invests $32.33 Million in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Raymond James Financial Inc. bought a new stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 285,898 shares of the asset manager's stock, valued at approximately $32,332,000. Raymond James Financial Inc. owned about 0.13% of T. Rowe Price Group as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Charles Schwab Investment Management Inc. grew its holdings in T. Rowe Price Group by 5.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,187,176 shares of the asset manager's stock worth $812,798,000 after acquiring an additional 346,369 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec grew its holdings in T. Rowe Price Group by 382.1% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 398,175 shares of the asset manager's stock worth $43,373,000 after acquiring an additional 315,581 shares during the last quarter. Provident Trust Co. lifted its position in shares of T. Rowe Price Group by 8.9% in the 4th quarter. Provident Trust Co. now owns 2,611,294 shares of the asset manager's stock worth $295,311,000 after purchasing an additional 213,566 shares during the period. Los Angeles Capital Management LLC lifted its position in shares of T. Rowe Price Group by 70.0% in the 4th quarter. Los Angeles Capital Management LLC now owns 490,059 shares of the asset manager's stock worth $55,421,000 after purchasing an additional 201,802 shares during the period. Finally, Franklin Resources Inc. lifted its position in shares of T. Rowe Price Group by 45.1% in the 3rd quarter. Franklin Resources Inc. now owns 490,155 shares of the asset manager's stock worth $53,760,000 after purchasing an additional 152,430 shares during the period. Institutional investors own 73.39% of the company's stock.

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Insider Activity

In other T. Rowe Price Group news, VP Arif Husain sold 4,112 shares of the company's stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $109.27, for a total transaction of $449,318.24. Following the completion of the sale, the vice president now directly owns 36,800 shares of the company's stock, valued at approximately $4,021,136. This represents a 10.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $113.00 target price (up from $111.00) on shares of T. Rowe Price Group in a research report on Thursday, February 6th. Barclays dropped their target price on shares of T. Rowe Price Group from $113.00 to $105.00 and set an "underweight" rating for the company in a research report on Thursday, February 6th. Morgan Stanley lowered their price target on shares of T. Rowe Price Group from $126.00 to $121.00 and set an "equal weight" rating for the company in a research report on Monday, February 24th. Wells Fargo & Company lowered their price target on shares of T. Rowe Price Group from $118.00 to $116.00 and set an "equal weight" rating for the company in a research report on Thursday, February 6th. Finally, StockNews.com cut shares of T. Rowe Price Group from a "buy" rating to a "hold" rating in a research report on Sunday, February 2nd. Four analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $114.09.

T. Rowe Price Group Stock Up 1.1 %

Shares of NASDAQ TROW traded up $1.00 during midday trading on Friday, hitting $93.04. The stock had a trading volume of 2,552,180 shares, compared to its average volume of 1,704,732. The business's 50 day moving average is $108.27 and its 200-day moving average is $111.62. T. Rowe Price Group, Inc. has a 52 week low of $91.37 and a 52 week high of $125.81. The company has a market cap of $20.71 billion, a P/E ratio of 10.16, a PEG ratio of 2.86 and a beta of 1.46.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last released its quarterly earnings data on Wednesday, February 5th. The asset manager reported $2.12 earnings per share for the quarter, missing the consensus estimate of $2.20 by ($0.08). T. Rowe Price Group had a net margin of 29.61% and a return on equity of 20.83%. During the same quarter in the previous year, the firm earned $1.72 EPS. As a group, analysts expect that T. Rowe Price Group, Inc. will post 9.29 EPS for the current fiscal year.

T. Rowe Price Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be issued a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a dividend yield of 5.46%. This is a boost from T. Rowe Price Group's previous quarterly dividend of $1.24. The ex-dividend date is Friday, March 14th. T. Rowe Price Group's payout ratio is presently 55.46%.

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.