Western Pacific Wealth Management LP Grows Stock Position in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Western Pacific Wealth Management LP boosted its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 141.7% during the 3rd quarter, Holdings Channel reports. The firm owned 1,535 shares of the asset manager’s stock after acquiring an additional 900 shares during the quarter. Western Pacific Wealth Management LP’s holdings in T. Rowe Price Group were worth $167,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the company. Iron Horse Wealth Management LLC grew its holdings in T. Rowe Price Group by 90.9% during the third quarter. Iron Horse Wealth Management LLC now owns 231 shares of the asset manager’s stock worth $25,000 after acquiring an additional 110 shares during the period. Lynx Investment Advisory purchased a new position in T. Rowe Price Group in the second quarter valued at $29,000. Hexagon Capital Partners LLC raised its position in shares of T. Rowe Price Group by 54.7% in the third 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 period. Family Firm Inc. purchased a new stake in shares of T. Rowe Price Group during the 2nd quarter worth about $36,000. Finally, Versant Capital Management Inc grew its position 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 acquiring an additional 284 shares during the period. 73.39% of the stock is owned by institutional investors and hedge funds.

T. Rowe Price Group Price Performance

Shares of TROW stock opened at $120.06 on Friday. The company has a market capitalization of $26.67 billion, a PE ratio of 13.14, a price-to-earnings-growth ratio of 1.76 and a beta of 1.41. The firm’s 50-day moving average is $108.79 and its two-hundred day moving average is $111.82. T. Rowe Price Group, Inc. has a 12 month low of $90.02 and a 12 month high of $122.27.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings data on Friday, November 1st. The asset manager reported $2.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.36 by $0.21. The firm had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.84 billion. T. Rowe Price Group had a return on equity of 20.35% and a net margin of 30.35%. The company’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period last year, the company earned $2.17 EPS. Sell-side analysts forecast that T. Rowe Price Group, Inc. will post 9.32 EPS for the current year.

T. Rowe Price Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be issued a $1.24 dividend. The ex-dividend date is Friday, December 13th. This represents a $4.96 annualized dividend and a dividend yield of 4.13%. T. Rowe Price Group’s dividend payout ratio is currently 54.27%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Evercore ISI increased their price target on T. Rowe Price Group from $112.00 to $113.00 and gave the stock an “in-line” rating in a research report on Thursday. The Goldman Sachs Group decreased their target price on T. Rowe Price Group from $106.00 to $102.00 and set a “sell” rating on the stock in a research report on Thursday, October 3rd. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $120.00 price target (down previously from $121.00) on shares of T. Rowe Price Group in a report on Monday, July 29th. JPMorgan Chase & Co. decreased their price objective on shares of T. Rowe Price Group from $116.00 to $115.00 and set an “underweight” rating on the stock in a report on Monday. Finally, Barclays upped their price target on shares of T. Rowe Price Group from $101.00 to $110.00 and gave the stock an “underweight” rating in a research report on Monday. 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 an average rating of “Hold” and a consensus price target of $115.09.

Insider Buying and Selling

In other T. Rowe Price Group news, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of T. Rowe Price Group stock in a transaction dated 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 transaction, the vice president now directly owns 123,624 shares of the company’s stock, valued at $12,712,255.92. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Jessica M. Hiebler sold 484 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $104.73, for a total value of $50,689.32. Following the sale, the insider now directly owns 13,939 shares in the company, valued at approximately $1,459,831.47. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of T. Rowe Price Group stock in a transaction on Friday, September 6th. The shares were sold at an average price of $102.83, for a total value of $1,230,772.27. Following the completion of the transaction, the vice president now owns 123,624 shares of the company’s stock, valued at approximately $12,712,255.92. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by corporate insiders.

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.