Cypress Capital Group Buys 690 Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW)

Cypress Capital Group grew its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 17.6% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,620 shares of the asset manager’s stock after buying an additional 690 shares during the quarter. Cypress Capital Group’s holdings in T. Rowe Price Group were worth $503,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Victory Capital Management Inc. increased its position in T. Rowe Price Group by 3.8% in the 2nd quarter. Victory Capital Management Inc. now owns 3,436,019 shares of the asset manager’s stock valued at $396,207,000 after acquiring an additional 124,686 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of T. Rowe Price Group by 4.5% in the 2nd quarter. American Century Companies Inc. now owns 2,512,793 shares of the asset manager’s stock valued at $289,750,000 after purchasing an additional 107,086 shares during the last quarter. Provident Trust Co. boosted its stake in shares of T. Rowe Price Group by 0.3% in the 3rd quarter. Provident Trust Co. now owns 2,397,728 shares of the asset manager’s stock valued at $261,185,000 after purchasing an additional 7,905 shares during the last quarter. ProShare Advisors LLC boosted its stake in shares of T. Rowe Price Group by 2.5% in the 2nd quarter. ProShare Advisors LLC now owns 1,635,519 shares of the asset manager’s stock valued at $188,592,000 after purchasing an additional 40,490 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of T. Rowe Price Group by 15.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,611,307 shares of the asset manager’s stock valued at $185,810,000 after purchasing an additional 220,105 shares during the last quarter. Institutional investors and hedge funds own 73.39% of the company’s stock.

T. Rowe Price Group Stock Up 0.7 %

NASDAQ TROW opened at $118.38 on Friday. T. Rowe Price Group, Inc. has a 12-month low of $96.48 and a 12-month high of $122.27. The company has a market capitalization of $26.30 billion, a PE ratio of 12.95, a price-to-earnings-growth ratio of 1.67 and a beta of 1.41. The firm’s 50 day moving average is $111.89 and its 200-day moving average is $112.37.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings data on Friday, November 1st. The asset manager reported $2.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.36 by $0.21. T. Rowe Price Group had a net margin of 30.35% and a return on equity of 20.35%. The company had revenue of $1.79 billion for the quarter, compared to the consensus estimate of $1.84 billion. During the same period last year, the company earned $2.17 earnings per share. The firm’s revenue was up 6.9% compared to the same quarter last year. As a group, sell-side analysts expect that T. Rowe Price Group, Inc. will post 9.33 EPS for the current year.

T. Rowe Price Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be issued a dividend of $1.24 per share. The ex-dividend date is Friday, December 13th. This represents a $4.96 dividend on an annualized basis and a yield of 4.19%. T. Rowe Price Group’s payout ratio is 54.27%.

Insider Buying and Selling

In other T. Rowe Price Group news, insider Jessica M. Hiebler sold 484 shares of T. Rowe Price Group stock in a transaction on Friday, September 13th. The shares were sold at an average price of $104.73, for a total transaction of $50,689.32. Following the completion of the transaction, the insider now directly owns 13,939 shares of the company’s stock, valued at $1,459,831.47. The trade was a 3.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of T. Rowe Price Group stock in a transaction 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 transaction, the vice president now directly owns 123,624 shares of the company’s stock, valued at approximately $12,712,255.92. This trade represents a 8.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Morgan Stanley raised their target price on shares of T. Rowe Price Group from $127.00 to $129.00 and gave the company an “equal weight” rating in a research note on Monday, November 4th. Evercore ISI lifted their price objective on shares of T. Rowe Price Group from $112.00 to $113.00 and gave the stock an “in-line” rating in a research note on Thursday, November 7th. The Goldman Sachs Group reduced their price objective on shares of T. Rowe Price Group from $106.00 to $102.00 and set a “sell” rating on the stock in a research note on Thursday, October 3rd. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $120.00 price objective (down previously from $121.00) on shares of T. Rowe Price Group in a research note on Monday, July 29th. Finally, JPMorgan Chase & Co. reduced 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 research note on Monday, November 4th. Four analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $115.55.

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.