Ellsworth Advisors LLC Invests $4.75 Million in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Ellsworth Advisors LLC bought a new position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 41,986 shares of the asset manager's stock, valued at approximately $4,748,000.

A number of other hedge funds have also modified their holdings of the business. Iron Horse Wealth Management LLC raised its holdings in T. Rowe Price Group by 90.9% in the 3rd quarter. Iron Horse Wealth Management LLC now owns 231 shares of the asset manager's stock valued at $25,000 after buying an additional 110 shares during the period. Hexagon Capital Partners LLC lifted its holdings in shares of T. Rowe Price Group by 54.7% in the 3rd quarter. Hexagon Capital Partners LLC now owns 294 shares of the asset manager's stock worth $32,000 after acquiring an additional 104 shares during the last quarter. True Wealth Design LLC purchased a new position in shares of T. Rowe Price Group during the 3rd quarter worth approximately $37,000. Larson Financial Group LLC increased its holdings in T. Rowe Price Group by 866.7% in the 3rd quarter. Larson Financial Group LLC now owns 348 shares of the asset manager's stock valued at $38,000 after purchasing an additional 312 shares during the last quarter. Finally, Brooklyn Investment Group acquired a new stake in T. Rowe Price Group in the 3rd quarter valued at approximately $43,000. 73.39% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other T. Rowe Price Group news, VP Andrew Justin Mackenzi Thomson sold 4,047 shares of the stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $123.35, for a total value of $499,197.45. Following the completion of the transaction, the vice president now directly owns 119,577 shares of the company's stock, valued at approximately $14,749,822.95. This trade represents a 3.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 2.00% of the company's stock.

Analyst Ratings Changes

Several research firms recently issued reports on TROW. Deutsche Bank Aktiengesellschaft boosted their price objective on T. Rowe Price Group from $115.00 to $120.00 and gave the company a "hold" rating in a report on Monday, November 11th. Wells Fargo & Company cut their target price on shares of T. Rowe Price Group from $124.00 to $118.00 and set an "equal weight" rating on the stock in a research note on Tuesday, January 14th. TD Cowen decreased their price target on shares of T. Rowe Price Group from $120.00 to $116.00 and set a "hold" rating for the company in a research report on Monday, November 4th. Morgan Stanley upped their price objective on T. Rowe Price Group from $129.00 to $132.00 and gave the stock an "equal weight" rating in a research report on Friday, December 20th. Finally, JPMorgan Chase & Co. lowered their target price on T. Rowe Price Group from $116.00 to $115.00 and set an "underweight" rating for the company in a research note on Monday, November 4th. Four research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $115.82.

T. Rowe Price Group Price Performance

Shares of NASDAQ:TROW traded up $1.08 during trading on Monday, hitting $113.21. 1,182,106 shares of the company were exchanged, compared to its average volume of 1,142,590. The firm's 50 day moving average price is $117.71 and its 200-day moving average price is $112.82. T. Rowe Price Group, Inc. has a 12-month low of $100.49 and a 12-month high of $125.81. The stock has a market capitalization of $25.15 billion, a P/E ratio of 12.39, a PEG ratio of 1.42 and a beta of 1.43.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last announced its quarterly earnings results on Friday, November 1st. The asset manager reported $2.57 earnings per share for the quarter, beating analysts' consensus estimates of $2.36 by $0.21. The firm had revenue of $1.79 billion during the quarter, compared to analysts' expectations of $1.84 billion. T. Rowe Price Group had a net margin of 30.35% and a return on equity of 20.35%. T. Rowe Price Group's quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the previous year, the company earned $2.17 earnings per share. As a group, equities research analysts anticipate that T. Rowe Price Group, Inc. will post 9.46 EPS for the current year.

T. Rowe Price Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 13th were issued a dividend of $1.24 per share. This represents a $4.96 dividend on an annualized basis and a dividend yield of 4.38%. The ex-dividend date of this dividend was Friday, December 13th. T. Rowe Price Group's dividend payout ratio is currently 54.27%.

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.