Folger Nolan Fleming Douglas Capital Management Inc. Cuts Stock Position in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Folger Nolan Fleming Douglas Capital Management Inc. lowered its position in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 1.2% during the first quarter, Holdings Channel reports. The institutional investor owned 89,997 shares of the asset manager’s stock after selling 1,097 shares during the quarter. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in T. Rowe Price Group were worth $8,268,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of TROW. Addison Advisors LLC grew its position in shares of T. Rowe Price Group by 67.4% in the 4th quarter. Addison Advisors LLC now owns 231 shares of the asset manager’s stock worth $26,000 after buying an additional 93 shares during the last quarter. Curio Wealth LLC purchased a new stake in T. Rowe Price Group during the 4th quarter worth approximately $27,000. Stonebridge Financial Group LLC purchased a new stake in T. Rowe Price Group during the 4th quarter worth approximately $32,000. Advantage Trust Co grew its position in T. Rowe Price Group by 48.8% during the 4th quarter. Advantage Trust Co now owns 305 shares of the asset manager’s stock worth $34,000 after purchasing an additional 100 shares during the last quarter. Finally, Ameriflex Group Inc. purchased a new stake in T. Rowe Price Group during the 4th quarter worth approximately $42,000. Hedge funds and other institutional investors own 73.39% of the company’s stock.

T. Rowe Price Group Price Performance

TROW stock opened at $94.58 on Friday. The firm’s fifty day simple moving average is $91.43 and its 200-day simple moving average is $102.81. The company has a market capitalization of $20.84 billion, a P/E ratio of 10.33, a price-to-earnings-growth ratio of 2.86 and a beta of 1.49. T. Rowe Price Group, Inc. has a 12 month low of $77.85 and a 12 month high of $125.81.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings data on Friday, May 2nd. The asset manager reported $2.23 EPS for the quarter, beating the consensus estimate of $2.13 by $0.10. The business had revenue of $1.76 billion for the quarter, compared to the consensus estimate of $1.80 billion. T. Rowe Price Group had a net margin of 29.61% and a return on equity of 20.83%. The business’s revenue for the quarter was up .8% on a year-over-year basis. During the same period in the prior year, the firm earned $2.38 EPS. As a group, sell-side analysts forecast that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current year.

T. Rowe Price Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 13th will be issued a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a yield of 5.37%. The ex-dividend date of this dividend is Friday, June 13th. T. Rowe Price Group’s dividend payout ratio (DPR) is presently 57.60%.

Analyst Ratings Changes

Several research firms have weighed in on TROW. JPMorgan Chase & Co. dropped their target price on shares of T. Rowe Price Group from $110.00 to $90.00 and set an “underweight” rating on the stock in a research report on Wednesday, April 16th. Citigroup dropped their target price on shares of T. Rowe Price Group from $100.00 to $95.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Morgan Stanley boosted their target price on shares of T. Rowe Price Group from $94.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 6th. Evercore ISI dropped their target price on shares of T. Rowe Price Group from $104.00 to $80.00 and set an “in-line” rating on the stock in a research report on Friday, April 11th. Finally, The Goldman Sachs Group dropped their target price on shares of T. Rowe Price Group from $89.00 to $80.00 and set a “sell” rating on the stock in a research report on Monday, April 14th. Four investment analysts have rated the stock with a sell rating and nine have issued a hold rating to the company. According to data from MarketBeat, T. Rowe Price Group has a consensus rating of “Hold” and a consensus price target of $94.09.

Insider Buying and Selling

In related news, VP Dorothy C. Sawyer sold 2,000 shares of the stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $95.43, for a total transaction of $190,860.00. Following the sale, the vice president now directly owns 44,789 shares of the company’s stock, valued at approximately $4,274,214.27. This represents a 4.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Jessica M. Hiebler sold 968 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $96.98, for a total transaction of $93,876.64. Following the sale, the insider now directly owns 13,611 shares in the company, valued at $1,319,994.78. This trade represents a 6.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 6,923 shares of company stock valued at $646,856. Corporate insiders own 2.00% of the company’s stock.

T. Rowe Price Group Profile

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.