Meritage Portfolio Management Takes $2.67 Million Position in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Meritage Portfolio Management acquired a new position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 23,608 shares of the asset manager’s stock, valued at approximately $2,670,000.

A number of other hedge funds have also recently modified their holdings of the business. Insight Folios Inc raised its stake in T. Rowe Price Group by 3.6% in the third quarter. Insight Folios Inc now owns 2,612 shares of the asset manager’s stock valued at $285,000 after buying an additional 90 shares during the last quarter. Keystone Financial Services lifted its position in T. Rowe Price Group by 5.1% during the third quarter. Keystone Financial Services now owns 1,885 shares of the asset manager’s stock worth $205,000 after buying an additional 92 shares in the last quarter. MCF Advisors LLC raised its position in T. Rowe Price Group by 1.5% in the fourth quarter. MCF Advisors LLC now owns 6,226 shares of the asset manager’s stock valued at $704,000 after purchasing an additional 93 shares during the period. Nvwm LLC boosted its holdings in T. Rowe Price Group by 2.2% during the 3rd quarter. Nvwm LLC now owns 4,496 shares of the asset manager’s stock valued at $490,000 after acquiring an additional 95 shares during the period. Finally, Strategy Asset Managers LLC raised its holdings in T. Rowe Price Group by 4.6% in the third quarter. Strategy Asset Managers LLC now owns 2,169 shares of the asset manager’s stock valued at $236,000 after acquiring an additional 95 shares in the last quarter. Institutional investors own 73.39% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on TROW shares. Wells Fargo & Company cut their price target on T. Rowe Price Group from $124.00 to $118.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 14th. Morgan Stanley boosted their price objective on shares of T. Rowe Price Group from $129.00 to $132.00 and gave the stock an “equal weight” rating in a report on Friday, December 20th. StockNews.com downgraded shares of T. Rowe Price Group from a “buy” rating to a “hold” rating in a report on Sunday. Deutsche Bank Aktiengesellschaft lifted their target price on shares of T. Rowe Price Group from $115.00 to $120.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. Finally, TD Cowen reduced their price objective on T. Rowe Price Group from $120.00 to $116.00 and set a “hold” rating for the company in a research report on Monday, November 4th. Four research analysts have rated the stock with a sell rating and eight have given a hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $115.82.

T. Rowe Price Group Stock Performance

Shares of T. Rowe Price Group stock opened at $110.70 on Thursday. The company has a market capitalization of $24.59 billion, a P/E ratio of 12.11, a P/E/G ratio of 1.78 and a beta of 1.44. The company has a fifty day moving average of $116.58 and a 200 day moving average of $112.65. T. Rowe Price Group, Inc. has a fifty-two week low of $100.49 and a fifty-two week high of $125.81.

T. Rowe Price Group (NASDAQ:TROW) last announced its earnings results on Wednesday, February 5th. The asset manager reported $2.12 earnings per share for the quarter, missing the consensus estimate of $2.20 by ($0.08). T. Rowe Price Group had a net margin of 30.35% and a return on equity of 20.35%. During the same quarter last year, the company earned $1.72 earnings per share. Analysts forecast that T. Rowe Price Group, Inc. will post 9.42 EPS for the current year.

Insider Activity

In other T. Rowe Price Group news, VP Andrew Justin Mackenzi Thomson sold 4,047 shares of the stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $123.35, for a total transaction of $499,197.45. Following the transaction, the vice president now owns 119,577 shares of the company’s stock, valued at $14,749,822.95. This represents a 3.27 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 2.00% of the company’s stock.

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.