Allstate Corp Makes New Investment in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Allstate Corp purchased a new stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) in the 4th quarter, HoldingsChannel reports. The institutional investor purchased 6,615 shares of the asset manager’s stock, valued at approximately $748,000.

A number of other large investors have also added to or reduced their stakes in TROW. Addison Advisors LLC raised its holdings in T. Rowe Price Group by 67.4% in the 4th quarter. Addison Advisors LLC now owns 231 shares of the asset manager’s stock valued at $26,000 after acquiring an additional 93 shares in the last quarter. Curio Wealth LLC acquired a new position in T. Rowe Price Group in the fourth quarter valued at about $27,000. Y.D. More Investments Ltd lifted its position in T. Rowe Price Group by 124.0% during the fourth quarter. Y.D. More Investments Ltd now owns 280 shares of the asset manager’s stock worth $32,000 after purchasing an additional 155 shares during the period. Stonebridge Financial Group LLC bought a new position in T. Rowe Price Group in the 4th quarter valued at about $32,000. Finally, Advantage Trust Co raised its position in shares of T. Rowe Price Group by 48.8% in the 4th quarter. Advantage Trust Co now owns 305 shares of the asset manager’s stock valued at $34,000 after buying an additional 100 shares in the last quarter. Institutional investors and hedge funds own 73.39% of the company’s stock.

Analyst Upgrades and Downgrades

TROW has been the topic of several analyst reports. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $113.00 price target (up previously from $111.00) on shares of T. Rowe Price Group in a research report on Thursday, February 6th. Wells Fargo & Company decreased their price target on T. Rowe Price Group from $118.00 to $116.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 6th. Barclays dropped their price objective on T. Rowe Price Group from $113.00 to $105.00 and set an “underweight” rating for the company in a research report on Thursday, February 6th. Citigroup decreased their target price on T. Rowe Price Group from $120.00 to $100.00 and set a “neutral” rating on the stock in a research report on Monday. Finally, Morgan Stanley dropped their target price on shares of T. Rowe Price Group from $126.00 to $121.00 and set an “equal weight” rating for the company in a report on Monday, February 24th. Four research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. According to MarketBeat, T. Rowe Price Group presently has an average rating of “Hold” and a consensus price target of $111.82.

T. Rowe Price Group Price Performance

NASDAQ:TROW opened at $91.87 on Tuesday. T. Rowe Price Group, Inc. has a one year low of $89.70 and a one year high of $125.81. The firm’s 50 day simple moving average is $104.18 and its 200 day simple moving average is $110.82. The company has a market cap of $20.42 billion, a PE ratio of 10.03, a P/E/G ratio of 2.86 and a beta of 1.46.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings data on Wednesday, February 5th. The asset manager reported $2.12 earnings per share for the quarter, missing analysts’ consensus estimates of $2.20 by ($0.08). T. Rowe Price Group had a net margin of 29.61% and a return on equity of 20.83%. During the same period last year, the company earned $1.72 earnings per share. Equities research analysts expect that T. Rowe Price Group, Inc. will post 9.29 EPS for the current year.

T. Rowe Price Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were paid a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a yield of 5.53%. The ex-dividend date was Friday, March 14th. This is an increase 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%.

Insider Activity at T. Rowe Price Group

In related news, VP Arif Husain sold 4,112 shares of the company’s stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $109.27, for a total transaction of $449,318.24. Following the sale, the vice president now owns 36,800 shares in the company, valued at $4,021,136. This represents a 10.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.00% of the stock is owned by company insiders.

T. Rowe Price Group 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.