AQR Capital Management LLC Grows Position in T. Rowe Price Group, Inc. (NASDAQ:TROW)

AQR Capital Management LLC boosted its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 77.2% in the second quarter, Holdings Channel.com reports. The institutional investor owned 451,237 shares of the asset manager’s stock after acquiring an additional 196,565 shares during the period. AQR Capital Management LLC’s holdings in T. Rowe Price Group were worth $52,032,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Lynx Investment Advisory purchased a new position in shares of T. Rowe Price Group in the 2nd quarter worth $29,000. Family Firm Inc. bought a new stake in shares of T. Rowe Price Group during the 2nd quarter valued at about $36,000. Versant Capital Management Inc grew its stake in shares of T. Rowe Price Group by 660.5% during the 2nd quarter. Versant Capital Management Inc now owns 327 shares of the asset manager’s stock valued at $38,000 after purchasing an additional 284 shares during the period. EverSource Wealth Advisors LLC lifted its stake in shares of T. Rowe Price Group by 93.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 331 shares of the asset manager’s stock worth $40,000 after purchasing an additional 160 shares during the period. Finally, Riverview Trust Co boosted its holdings in shares of T. Rowe Price Group by 136.4% in the second quarter. Riverview Trust Co now owns 357 shares of the asset manager’s stock worth $41,000 after buying an additional 206 shares during the last quarter. Institutional investors own 73.39% of the company’s stock.

Insider Activity

In related news, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of the firm’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $102.83, for a total value of $1,230,772.27. Following the completion of the sale, the vice president now directly owns 123,624 shares in the company, valued at $12,712,255.92. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other T. Rowe Price Group news, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $102.83, for a total transaction of $1,230,772.27. Following the completion of the transaction, the vice president now owns 123,624 shares in the company, valued at $12,712,255.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jessica M. Hiebler sold 484 shares of the business’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $104.73, for a total value of $50,689.32. Following the transaction, the insider now owns 13,939 shares of the company’s stock, valued at approximately $1,459,831.47. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

TROW has been the topic of several analyst reports. Evercore ISI lowered their target price on T. Rowe Price Group from $115.00 to $108.00 and set an “in-line” rating on the stock in a research report on Thursday, September 5th. StockNews.com cut shares of T. Rowe Price Group from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Wells Fargo & Company started coverage on shares of T. Rowe Price Group in a research note on Thursday, September 12th. They issued an “equal weight” rating and a $109.00 price objective for the company. TD Cowen lowered their target price on shares of T. Rowe Price Group from $123.00 to $118.00 and set a “hold” rating on the stock in a research note on Monday, July 29th. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and set a $120.00 price target (down from $121.00) on shares of T. Rowe Price Group in a report on Monday, July 29th. Three investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $113.30.

T. Rowe Price Group Price Performance

NASDAQ:TROW opened at $109.51 on Friday. The company has a market cap of $24.45 billion, a price-to-earnings ratio of 13.01, a PEG ratio of 1.75 and a beta of 1.41. T. Rowe Price Group, Inc. has a 1 year low of $87.43 and a 1 year high of $122.27. The stock’s 50 day simple moving average is $107.90 and its two-hundred day simple moving average is $113.01.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings data on Friday, July 26th. The asset manager reported $2.26 EPS for the quarter, missing the consensus estimate of $2.27 by ($0.01). T. Rowe Price Group had a net margin of 28.66% and a return on equity of 19.90%. The business had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.79 billion. During the same quarter last year, the business earned $2.02 EPS. T. Rowe Price Group’s revenue for the quarter was up 7.6% compared to the same quarter last year. As a group, analysts anticipate that T. Rowe Price Group, Inc. will post 8.96 EPS for the current year.

T. Rowe Price Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were given a dividend of $1.24 per share. The ex-dividend date was Friday, September 13th. This represents a $4.96 dividend on an annualized basis and a yield of 4.53%. T. Rowe Price Group’s dividend payout ratio (DPR) is presently 58.91%.

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.