Victory Capital Management Inc. reduced its position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 8.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 94,890 shares of the asset manager’s stock after selling 8,694 shares during the period. Victory Capital Management Inc.’s holdings in T. Rowe Price Group were worth $8,602,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of TROW. Sheets Smith Wealth Management increased its position in T. Rowe Price Group by 0.7% in the second quarter. Sheets Smith Wealth Management now owns 5,292 shares of the asset manager’s stock worth $393,000 after buying an additional 38 shares during the period. Good Life Advisors LLC increased its position in T. Rowe Price Group by 1.1% in the second quarter. Good Life Advisors LLC now owns 4,650 shares of the asset manager’s stock worth $359,000 after buying an additional 52 shares during the period. GHP Investment Advisors Inc. increased its position in T. Rowe Price Group by 0.3% in the second quarter. GHP Investment Advisors Inc. now owns 19,549 shares of the asset manager’s stock worth $1,451,000 after buying an additional 53 shares during the period. Farmers & Merchants Trust Co of Chambersburg PA increased its position in T. Rowe Price Group by 0.7% in the second quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 11,027 shares of the asset manager’s stock worth $818,000 after buying an additional 75 shares during the period. Finally, Pacer Advisors Inc. increased its position in T. Rowe Price Group by 1.5% in the second quarter. Pacer Advisors Inc. now owns 5,259 shares of the asset manager’s stock worth $390,000 after buying an additional 77 shares during the period. 72.28% of the stock is currently owned by institutional investors and hedge funds.
T. Rowe Price Group, Inc. (NASDAQ:TROW) opened at $94.48 on Wednesday. The company has a market capitalization of $22,634.18, a price-to-earnings ratio of 18.24, a PEG ratio of 1.72 and a beta of 1.29. T. Rowe Price Group, Inc. has a fifty-two week low of $65.33 and a fifty-two week high of $97.35.
T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings results on Thursday, October 26th. The asset manager reported $1.56 EPS for the quarter, beating analysts’ consensus estimates of $1.36 by $0.20. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. T. Rowe Price Group had a return on equity of 24.76% and a net margin of 33.10%. The company’s quarterly revenue was up 11.8% compared to the same quarter last year. During the same period last year, the company earned $1.17 earnings per share. research analysts anticipate that T. Rowe Price Group, Inc. will post 5.29 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Investors of record on Thursday, December 14th will be paid a dividend of $0.57 per share. The ex-dividend date is Wednesday, December 13th. This represents a $2.28 annualized dividend and a yield of 2.41%. T. Rowe Price Group’s dividend payout ratio is currently 37.38%.
Several equities research analysts have weighed in on the company. ValuEngine raised T. Rowe Price Group from a “hold” rating to a “buy” rating in a research report on Wednesday, August 2nd. Citigroup Inc. increased their target price on T. Rowe Price Group from $94.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, October 27th. BidaskClub raised T. Rowe Price Group from a “buy” rating to a “strong-buy” rating in a research report on Monday, August 14th. Morgan Stanley reaffirmed an “underweight” rating and issued a $71.00 target price (up from $70.00) on shares of T. Rowe Price Group in a research report on Tuesday, July 18th. Finally, Wells Fargo & Company reaffirmed a “market perform” rating on shares of T. Rowe Price Group in a research report on Thursday, July 27th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. T. Rowe Price Group presently has an average rating of “Hold” and an average price target of $89.50.
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In related news, insider Jessica M. Hiebler sold 1,000 shares of the firm’s stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $84.29, for a total transaction of $84,290.00. Following the completion of the transaction, the insider now owns 8,461 shares of the company’s stock, valued at $713,177.69. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Kenneth V. Moreland sold 13,041 shares of the firm’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $90.43, for a total value of $1,179,297.63. Following the transaction, the chief financial officer now directly owns 135,028 shares of the company’s stock, valued at approximately $12,210,582.04. The disclosure for this sale can be found here. Insiders have sold 18,204 shares of company stock valued at $1,640,922 in the last ninety days. Company insiders own 3.60% of the company’s stock.
About T. Rowe Price Group
T. Rowe Price Group, Inc is a financial services holding company. The Company provides global investment management services through its subsidiaries to investors across the world. The Company provides an array of Company sponsored the United States mutual funds, other sponsored pooled investment vehicles, sub advisory services, separate account management, recordkeeping, and related services to individuals, advisors, institutions, financial intermediaries and retirement plan sponsors.
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