Tufton Capital Management Sells 263 Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW)

Tufton Capital Management lowered its stake in T. Rowe Price Group, Inc. (NASDAQ:TROWGet Rating) by 4.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,889 shares of the asset manager’s stock after selling 263 shares during the period. Tufton Capital Management’s holdings in T. Rowe Price Group were worth $890,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Covestor Ltd purchased a new position in shares of T. Rowe Price Group in the fourth quarter worth about $27,000. Rise Advisors LLC increased its holdings in T. Rowe Price Group by 645.8% during the 1st quarter. Rise Advisors LLC now owns 179 shares of the asset manager’s stock valued at $27,000 after purchasing an additional 155 shares during the period. Amplius Wealth Advisors LLC purchased a new position in T. Rowe Price Group during the 4th quarter valued at about $29,000. Bivin & Associates Inc. purchased a new position in T. Rowe Price Group during the 4th quarter valued at about $29,000. Finally, Independence Bank of Kentucky purchased a new position in T. Rowe Price Group during the 1st quarter valued at about $29,000. Hedge funds and other institutional investors own 71.80% of the company’s stock.

Shares of TROW stock opened at $117.08 on Wednesday. T. Rowe Price Group, Inc. has a 52-week low of $104.72 and a 52-week high of $224.55. The firm has a market capitalization of $26.61 billion, a PE ratio of 9.47, a PEG ratio of 1.94 and a beta of 1.33. The stock has a fifty day simple moving average of $120.41 and a two-hundred day simple moving average of $144.02.

T. Rowe Price Group (NASDAQ:TROWGet Rating) last issued its quarterly earnings results on Thursday, April 28th. The asset manager reported $2.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.76 by ($0.14). T. Rowe Price Group had a return on equity of 33.38% and a net margin of 37.64%. The business had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.86 billion. During the same quarter in the previous year, the company posted $3.01 EPS. The company’s quarterly revenue was up 2.0% on a year-over-year basis. Equities analysts anticipate that T. Rowe Price Group, Inc. will post 10.06 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 29th. Shareholders of record on Wednesday, June 15th were issued a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 4.10%. The ex-dividend date was Tuesday, June 14th. T. Rowe Price Group’s dividend payout ratio (DPR) is presently 38.83%.

A number of brokerages recently issued reports on TROW. Morgan Stanley reduced their price target on T. Rowe Price Group from $155.00 to $121.00 and set an “equal weight” rating on the stock in a report on Thursday, June 30th. Deutsche Bank Aktiengesellschaft reduced their target price on T. Rowe Price Group from $142.00 to $126.00 in a report on Thursday, May 19th. The Goldman Sachs Group reduced their target price on T. Rowe Price Group from $118.00 to $100.00 and set a “sell” rating on the stock in a report on Wednesday, June 29th. BMO Capital Markets cut T. Rowe Price Group from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $160.00 to $135.00 in a research report on Monday, June 13th. Finally, Citigroup dropped their price target on T. Rowe Price Group from $110.00 to $90.00 in a research report on Friday, April 29th. Four research analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $149.60.

In related news, insider Jessica M. Hiebler sold 730 shares of the stock in a transaction dated Monday, May 2nd. The shares were sold at an average price of $125.00, for a total value of $91,250.00. Following the completion of the transaction, the insider now owns 13,089 shares of the company’s stock, valued at approximately $1,636,125. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.00% of the stock is owned by corporate insiders.

T. Rowe Price Group Profile (Get Rating)

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.

Further Reading

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

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