Signaturefd LLC purchased a new stake in T. Rowe Price (NASDAQ:TROW) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 1,030 shares of the asset manager’s stock, valued at approximately $111,000.
A number of other institutional investors have also recently bought and sold shares of the business. State Treasurer State of Michigan raised its holdings in T. Rowe Price by 1.4% in the 1st quarter. State Treasurer State of Michigan now owns 72,061 shares of the asset manager’s stock valued at $7,780,000 after acquiring an additional 1,000 shares in the last quarter. Gerber Kawasaki Wealth & Investment Management acquired a new position in T. Rowe Price in the 1st quarter valued at approximately $203,000. Aperio Group LLC raised its holdings in T. Rowe Price by 14.4% in the 1st quarter. Aperio Group LLC now owns 117,226 shares of the asset manager’s stock valued at $12,657,000 after acquiring an additional 14,796 shares in the last quarter. Pendal Group Ltd acquired a new position in T. Rowe Price in the 1st quarter valued at approximately $9,978,000. Finally, Synovus Financial Corp acquired a new position in T. Rowe Price in the 1st quarter valued at approximately $198,000. 72.04% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts have commented on TROW shares. TheStreet raised T. Rowe Price from a “c+” rating to a “b+” rating in a report on Monday, March 5th. ValuEngine upgraded T. Rowe Price from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. BidaskClub lowered T. Rowe Price from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, January 31st. Deutsche Bank upgraded T. Rowe Price from a “hold” rating to a “buy” rating and lowered their price objective for the company from $121.00 to $114.00 in a research note on Wednesday, May 16th. Finally, Zacks Investment Research lowered T. Rowe Price from a “buy” rating to a “hold” rating in a research note on Monday, March 12th. One analyst has rated the stock with a sell rating, six have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $113.10.
TROW stock opened at $121.94 on Tuesday. T. Rowe Price has a 1-year low of $67.62 and a 1-year high of $122.36. The company has a market capitalization of $29.20 billion, a PE ratio of 22.46, a P/E/G ratio of 1.59 and a beta of 1.21.
T. Rowe Price (NASDAQ:TROW) last released its quarterly earnings results on Wednesday, April 25th. The asset manager reported $1.74 EPS for the quarter, topping the Zacks’ consensus estimate of $1.65 by $0.09. The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.28 billion. T. Rowe Price had a return on equity of 26.93% and a net margin of 31.10%. T. Rowe Price’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same period in the prior year, the company earned $1.18 EPS. sell-side analysts predict that T. Rowe Price will post 7.01 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 29th. Investors of record on Friday, June 15th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Thursday, June 14th. This represents a $2.80 dividend on an annualized basis and a yield of 2.30%. T. Rowe Price’s dividend payout ratio (DPR) is presently 51.57%.
T. Rowe Price announced that its board has approved a share buyback program on Thursday, April 26th that allows the company to buyback 10,000,000 outstanding shares. This buyback authorization allows the asset manager to repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
About T. Rowe Price
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.
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