Kovack Advisors Inc. Buys Shares of 1,609 T. Rowe Price Group, Inc. (NASDAQ:TROW)

Kovack Advisors Inc. bought a new stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 1,609 shares of the asset manager’s stock, valued at approximately $276,000.

Other large investors also recently modified their holdings of the company. CVA Family Office LLC acquired a new stake in shares of T. Rowe Price Group during the 1st quarter valued at $27,000. Montag A & Associates Inc. acquired a new stake in shares of T. Rowe Price Group during the 4th quarter valued at $25,000. Ellevest Inc. boosted its stake in shares of T. Rowe Price Group by 435.0% during the 4th quarter. Ellevest Inc. now owns 214 shares of the asset manager’s stock valued at $32,000 after buying an additional 174 shares during the period. Bogart Wealth LLC lifted its stake in shares of T. Rowe Price Group by 260.0% in the 1st quarter. Bogart Wealth LLC now owns 216 shares of the asset manager’s stock valued at $37,000 after purchasing an additional 156 shares during the last quarter. Finally, Peconic Partners LLC acquired a new stake in shares of T. Rowe Price Group in the 4th quarter valued at $35,000. 69.48% of the stock is owned by institutional investors.

Shares of TROW opened at $191.07 on Monday. The company has a market capitalization of $43.35 billion, a PE ratio of 21.40, a price-to-earnings-growth ratio of 1.19 and a beta of 1.15. T. Rowe Price Group, Inc. has a one year low of $110.69 and a one year high of $192.10. The company’s fifty day moving average price is $179.36 and its 200 day moving average price is $160.43.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings data on Thursday, April 29th. The asset manager reported $3.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.92 by $0.09. T. Rowe Price Group had a net margin of 35.92% and a return on equity of 30.52%. The company had revenue of $1.83 billion for the quarter, compared to the consensus estimate of $1.79 billion. During the same quarter in the previous year, the firm posted $1.87 EPS. The business’s revenue was up 24.9% compared to the same quarter last year. As a group, equities research analysts forecast that T. Rowe Price Group, Inc. will post 9.23 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 29th. Stockholders of record on Tuesday, June 15th will be issued a dividend of $1.08 per share. The ex-dividend date is Monday, June 14th. This represents a $4.32 annualized dividend and a dividend yield of 2.26%. T. Rowe Price Group’s payout ratio is 53.53%.

In other news, President W. Sharps Robert sold 6,000 shares of the business’s stock in a transaction dated Monday, March 29th. The shares were sold at an average price of $176.75, for a total transaction of $1,060,500.00. Following the transaction, the president now owns 472,138 shares in the company, valued at approximately $83,450,391.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO William J. Stromberg sold 9,000 shares of T. Rowe Price Group stock in a transaction dated Thursday, March 11th. The shares were sold at an average price of $173.78, for a total transaction of $1,564,020.00. Insiders own 1.00% of the company’s stock.

TROW has been the subject of several analyst reports. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell reaffirmed a “sell” rating and issued a $157.00 price objective on shares of T. Rowe Price Group in a research note on Tuesday, April 20th. Zacks Investment Research lowered shares of T. Rowe Price Group from a “buy” rating to a “hold” rating and set a $191.00 price objective for the company. in a research note on Saturday, May 1st. Morgan Stanley lifted their price objective on shares of T. Rowe Price Group from $181.00 to $186.00 and gave the company an “equal weight” rating in a research note on Thursday, May 6th. Wells Fargo & Company lifted their price objective on shares of T. Rowe Price Group from $200.00 to $215.00 and gave the company an “overweight” rating in a research note on Tuesday, April 20th. Finally, Credit Suisse Group lowered shares of T. Rowe Price Group from an “outperform” rating to a “neutral” rating and lifted their price objective for the company from $179.00 to $181.00 in a research note on Tuesday, March 30th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average 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.

Featured Story: Stock Selection – What is cash flow?

Want to see what other hedge funds are holding TROW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for T. Rowe Price Group, Inc. (NASDAQ:TROW).

Institutional Ownership by Quarter for T. Rowe Price Group (NASDAQ:TROW)

Receive News & Ratings for T. Rowe Price Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for T. Rowe Price Group and related companies with MarketBeat.com's FREE daily email newsletter.