Allstate Corp Takes Position in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Allstate Corp bought a new stake in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) in the 4th quarter, according to its most recent filing with the SEC. The fund bought 6,615 shares of the asset manager's stock, valued at approximately $748,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Addison Advisors LLC raised its position in shares of T. Rowe Price Group by 67.4% in the fourth quarter. Addison Advisors LLC now owns 231 shares of the asset manager's stock worth $26,000 after acquiring an additional 93 shares during the period. Curio Wealth LLC acquired a new position in T. Rowe Price Group in the 4th quarter worth about $27,000. Y.D. More Investments Ltd raised its holdings in T. Rowe Price Group by 124.0% in the 4th quarter. Y.D. More Investments Ltd now owns 280 shares of the asset manager's stock worth $32,000 after purchasing an additional 155 shares during the period. Stonebridge Financial Group LLC purchased a new position in T. Rowe Price Group during the fourth quarter worth approximately $32,000. Finally, Advantage Trust Co grew its holdings in T. Rowe Price Group by 48.8% in the fourth quarter. Advantage Trust Co now owns 305 shares of the asset manager's stock valued at $34,000 after purchasing an additional 100 shares during the period. 73.39% of the stock is owned by hedge funds and other institutional investors.

T. Rowe Price Group Trading Down 2.8 %

TROW stock traded down $2.40 during trading on Friday, hitting $83.82. 2,526,948 shares of the company's stock were exchanged, compared to its average volume of 1,383,572. The business has a 50-day moving average price of $102.82 and a two-hundred day moving average price of $110.45. The stock has a market capitalization of $18.63 billion, a price-to-earnings ratio of 9.12, a PEG ratio of 2.86 and a beta of 1.50. T. Rowe Price Group, Inc. has a 52-week low of $82.37 and a 52-week high of $125.81.

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T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last posted its earnings results 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 period in the previous year, the company earned $1.72 earnings per share. On average, equities research analysts anticipate 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 declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were paid a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a dividend yield of 6.06%. The ex-dividend date was Friday, March 14th. This is a boost from T. Rowe Price Group's previous quarterly dividend of $1.24. T. Rowe Price Group's dividend payout ratio is 55.46%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Wells Fargo & Company decreased their target price on T. Rowe Price Group from $118.00 to $116.00 and set an "equal weight" rating on the stock in a research report on Thursday, February 6th. Citigroup dropped their target price on shares of T. Rowe Price Group from $120.00 to $100.00 and set a "neutral" rating on the stock in a research report on Monday. Barclays reduced their price target 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. The Goldman Sachs Group lowered their price objective on T. Rowe Price Group from $103.00 to $89.00 and set a "sell" rating on the stock in a report on Thursday. Finally, Bank of America reduced their target price on T. Rowe Price Group from $90.00 to $85.00 and set an "underperform" rating for the company in a report on Thursday. Five 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 has an average rating of "Hold" and a consensus target price of $108.50.

Insider Buying and Selling

In related news, VP Arif Husain sold 4,112 shares of the business's stock in a transaction dated 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 approximately $4,021,136. The trade was a 10.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Robert F. Maclellan sold 3,955 shares of the business's stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $91.56, for a total value of $362,119.80. Following the sale, the director now directly owns 42,979 shares in the company, valued at $3,935,157.24. This trade represents a 8.43 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company's stock.

T. Rowe Price Group 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.