Sterling Capital Management LLC Acquires 4,638 Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW)

Sterling Capital Management LLC raised its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 55.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 13,002 shares of the asset manager's stock after purchasing an additional 4,638 shares during the quarter. Sterling Capital Management LLC's holdings in T. Rowe Price Group were worth $1,470,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Norges Bank purchased a new stake in shares of T. Rowe Price Group during the 4th quarter valued at $117,704,000. Amundi raised its position in T. Rowe Price Group by 30.1% during the fourth quarter. Amundi now owns 1,717,877 shares of the asset manager's stock valued at $194,064,000 after purchasing an additional 397,278 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in T. Rowe Price Group by 5.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,187,176 shares of the asset manager's stock worth $812,798,000 after purchasing an additional 346,369 shares during the last quarter. L.K. Benson & Company P.C. purchased a new position in shares of T. Rowe Price Group in the 4th quarter worth about $36,643,000. Finally, Raymond James Financial Inc. bought a new position in shares of T. Rowe Price Group during the 4th quarter valued at about $32,332,000. Hedge funds and other institutional investors own 73.39% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on TROW shares. Bank of America dropped their target price on T. Rowe Price Group from $90.00 to $85.00 and set an "underperform" rating for the company in a research report on Thursday, April 3rd. The Goldman Sachs Group cut their price objective on shares of T. Rowe Price Group from $89.00 to $80.00 and set a "sell" rating for the company in a research note on Monday, April 14th. Citigroup reduced their target price on shares of T. Rowe Price Group from $100.00 to $95.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. TD Cowen lowered 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, April 9th. Finally, Evercore ISI reduced their price objective on T. Rowe Price Group from $104.00 to $80.00 and set an "in-line" rating on the stock in a research note on Friday, April 11th. Four investment analysts have rated the stock with a sell rating and eight have given a hold rating to the company. Based on data from MarketBeat.com, T. Rowe Price Group currently has a consensus rating of "Hold" and a consensus price target of $96.00.

Insider Activity

In other T. Rowe Price Group news, Director Robert F. Maclellan sold 3,955 shares of T. Rowe Price Group stock in a transaction on Monday, March 31st. The stock was sold at an average price of $91.56, for a total transaction of $362,119.80. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Arif Husain sold 4,112 shares of the business's stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $109.27, for a total value of $449,318.24. Following the completion of the sale, the vice president now directly owns 36,800 shares in the company, valued at $4,021,136. This trade represents a 10.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.00% of the company's stock.

T. Rowe Price Group Price Performance

TROW stock traded up $0.74 during trading on Friday, reaching $86.11. The company had a trading volume of 4,903,880 shares, compared to its average volume of 1,453,090. T. Rowe Price Group, Inc. has a 52 week low of $77.85 and a 52 week high of $125.81. The business has a 50 day moving average of $95.65 and a 200 day moving average of $108.42. The company has a market cap of $19.14 billion, a P/E ratio of 9.40, a PEG ratio of 2.86 and a beta of 1.50.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last announced its earnings results on Wednesday, February 5th. The asset manager reported $2.12 earnings per share (EPS) for the quarter, missing the consensus estimate 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 period in the prior year, the business posted $1.72 earnings per share. Research analysts expect that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current year.

T. Rowe Price Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were given a dividend of $1.27 per share. The ex-dividend date was Friday, March 14th. This represents a $5.08 annualized dividend and a yield of 5.90%. This is a positive change from T. Rowe Price Group's previous quarterly dividend of $1.24. T. Rowe Price Group's dividend payout ratio (DPR) is currently 55.46%.

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.