Synovus Financial Corp increased its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 15.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,317 shares of the asset manager’s stock after acquiring an additional 316 shares during the period. Synovus Financial Corp’s holdings in T. Rowe Price Group were worth $398,000 at the end of the most recent reporting period.
A number of other institutional investors have also made changes to their positions in the stock. BlackRock Inc. lifted its stake in T. Rowe Price Group by 3.3% in the 1st quarter. BlackRock Inc. now owns 18,568,862 shares of the asset manager’s stock worth $3,186,416,000 after acquiring an additional 597,301 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in T. Rowe Price Group by 2.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,967,656 shares of the asset manager’s stock worth $449,274,000 after acquiring an additional 69,878 shares in the last quarter. UBS Asset Management Americas Inc. lifted its stake in T. Rowe Price Group by 6.9% in the 4th quarter. UBS Asset Management Americas Inc. now owns 2,494,534 shares of the asset manager’s stock worth $377,648,000 after acquiring an additional 161,345 shares in the last quarter. Norges Bank purchased a new stake in shares of T. Rowe Price Group during the 4th quarter worth about $330,525,000. Finally, Provident Trust Co. raised its stake in shares of T. Rowe Price Group by 6.5% during the 1st quarter. Provident Trust Co. now owns 2,142,658 shares of the asset manager’s stock worth $367,680,000 after purchasing an additional 130,965 shares in the last quarter. 69.68% of the stock is owned by hedge funds and other institutional investors.
Shares of NASDAQ TROW opened at $193.95 on Friday. The firm has a market cap of $44.00 billion, a price-to-earnings ratio of 16.46, a price-to-earnings-growth ratio of 1.25 and a beta of 1.16. The firm’s 50-day moving average is $185.10. T. Rowe Price Group, Inc. has a 52 week low of $117.13 and a 52 week high of $196.73.
T. Rowe Price Group (NASDAQ:TROW) last released its earnings results on Thursday, April 29th. The asset manager reported $3.01 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.92 by $0.09. The firm had revenue of $1.83 billion for the quarter, compared to analyst estimates of $1.79 billion. T. Rowe Price Group had a return on equity of 33.97% and a net margin of 41.97%. The company’s revenue was up 24.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.87 EPS. On average, sell-side analysts forecast that T. Rowe Price Group, Inc. will post 12.3 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 29th. Shareholders of record on Tuesday, June 15th will be issued a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date is Monday, June 14th. T. Rowe Price Group’s dividend payout ratio (DPR) is currently 45.09%.
In other T. Rowe Price Group news, CEO William J. Stromberg sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 8th. The stock was sold at an average price of $195.74, for a total value of $1,370,180.00. Following the sale, the chief executive officer now owns 597,574 shares of the company’s stock, valued at approximately $116,969,134.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Andrew Justin Mackenzi Thomson sold 23,421 shares of the firm’s stock in a transaction that occurred on Thursday, June 3rd. The shares were sold at an average price of $192.16, for a total value of $4,500,579.36. Following the completion of the sale, the vice president now directly owns 156,524 shares in the company, valued at approximately $30,077,651.84. The disclosure for this sale can be found here. Insiders sold a total of 36,421 shares of company stock worth $6,931,259 in the last ninety days. Insiders own 1.00% of the company’s stock.
A number of equities research analysts have recently weighed in on the company. Morgan Stanley raised their price target on T. Rowe Price Group from $181.00 to $186.00 and gave the stock an “equal weight” rating in a research note on Friday, April 30th. Zacks Investment Research downgraded T. Rowe Price Group from a “buy” rating to a “hold” rating and set a $191.00 price target for the company. in a research note on Saturday, May 1st. Wells Fargo & Company raised their price target on T. Rowe Price Group from $200.00 to $215.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 14th. Credit Suisse Group downgraded T. Rowe Price Group from an “outperform” rating to a “neutral” rating and raised their price target for the stock from $179.00 to $181.00 in a research note on Tuesday, March 30th. They noted that the move was a valuation call. Finally, Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell reaffirmed a “sell” rating and set a $157.00 price target on shares of T. Rowe Price Group in a research note on Tuesday, April 20th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $166.36.
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.
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