Alliancebernstein L.P. Purchases 8,668 Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW)

Alliancebernstein L.P. raised its position in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 2.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 310,160 shares of the asset manager's stock after buying an additional 8,668 shares during the period. Alliancebernstein L.P. owned 0.14% of T. Rowe Price Group worth $35,076,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of T. Rowe Price Group by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 26,063,837 shares of the asset manager's stock worth $2,947,559,000 after purchasing an additional 135,203 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in T. Rowe Price Group by 5.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,187,176 shares of the asset manager's stock valued at $812,798,000 after buying an additional 346,369 shares during the period. Geode Capital Management LLC increased its stake in T. Rowe Price Group by 0.5% in the third quarter. Geode Capital Management LLC now owns 5,515,198 shares of the asset manager's stock valued at $598,801,000 after purchasing an additional 25,481 shares in the last quarter. Provident Trust Co. increased its position in shares of T. Rowe Price Group by 8.9% during the fourth quarter. Provident Trust Co. now owns 2,611,294 shares of the asset manager's stock worth $295,311,000 after acquiring an additional 213,566 shares in the last quarter. Finally, Fisher Asset Management LLC increased its position in shares of T. Rowe Price Group by 0.5% during the fourth quarter. Fisher Asset Management LLC now owns 1,870,446 shares of the asset manager's stock worth $211,529,000 after acquiring an additional 8,992 shares in the last quarter. 73.39% of the stock is currently owned by institutional investors and hedge funds.

Remove Ads

Insider Activity at T. Rowe Price Group

In other T. Rowe Price Group news, Director Robert F. Maclellan sold 3,955 shares of the business's stock in a transaction on Monday, March 31st. The shares were sold at an average price of $91.56, for a total transaction of $362,119.80. Following the completion of the sale, the director now owns 42,979 shares in the company, valued at approximately $3,935,157.24. The trade was a 8.43 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Arif Husain sold 4,112 shares of the business's stock in a transaction 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 sale, the vice president now owns 36,800 shares of the company's stock, valued at $4,021,136. This trade represents a 10.05 % decrease in their position. The disclosure for this sale can be found here. 1.60% of the stock is owned by corporate insiders.

T. Rowe Price Group Stock Performance

Shares of NASDAQ TROW traded down $4.67 during midday trading on Thursday, reaching $85.49. The stock had a trading volume of 651,736 shares, compared to its average volume of 1,919,480. The firm has a market cap of $19.00 billion, a price-to-earnings ratio of 9.33, a price-to-earnings-growth ratio of 2.86 and a beta of 1.50. T. Rowe Price Group, Inc. has a twelve month low of $77.85 and a twelve month high of $125.81. The company's 50 day moving average price is $99.10 and its 200 day moving average price is $109.45.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued its quarterly earnings results on Wednesday, February 5th. The asset manager reported $2.12 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.20 by ($0.08). T. Rowe Price Group had a return on equity of 20.83% and a net margin of 29.61%. During the same quarter last year, the company posted $1.72 earnings per share. Equities analysts forecast that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current fiscal year.

T. Rowe Price Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were given a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a dividend yield of 5.94%. The ex-dividend date of this dividend was Friday, March 14th. This is an increase from T. Rowe Price Group's previous quarterly dividend of $1.24. T. Rowe Price Group's payout ratio is presently 55.46%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on TROW. Morgan Stanley lowered their price objective 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. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $113.00 target price (up previously from $111.00) on shares of T. Rowe Price Group in a research report on Thursday, February 6th. TD Cowen cut their price target on shares of T. Rowe Price Group from $112.00 to $89.00 and set a "hold" rating for the company in a research note on Wednesday. The Goldman Sachs Group cut their target price on shares of T. Rowe Price Group from $103.00 to $89.00 and set a "sell" rating for the company in a research note on Thursday, April 3rd. Finally, Bank of America cut their target price on shares of T. Rowe Price Group from $90.00 to $85.00 and set an "underperform" rating for the company in a research note on Thursday, April 3rd. Five analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $104.75.

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.