Folger Nolan Fleming Douglas Capital Management Inc. Cuts Holdings in T. Rowe Price Group, Inc. $TROW

Folger Nolan Fleming Douglas Capital Management Inc. decreased its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 0.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 89,282 shares of the asset manager’s stock after selling 715 shares during the quarter. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in T. Rowe Price Group were worth $8,616,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of TROW. Zions Bancorporation National Association UT purchased a new stake in T. Rowe Price Group during the 1st quarter worth about $27,000. Hexagon Capital Partners LLC increased its holdings in T. Rowe Price Group by 44.8% during the 1st quarter. Hexagon Capital Partners LLC now owns 365 shares of the asset manager’s stock worth $34,000 after purchasing an additional 113 shares during the period. Smallwood Wealth Investment Management LLC purchased a new stake in T. Rowe Price Group during the 1st quarter worth about $39,000. Chilton Capital Management LLC purchased a new stake in T. Rowe Price Group during the 1st quarter worth about $41,000. Finally, Cromwell Holdings LLC increased its holdings in T. Rowe Price Group by 3,483.3% during the 2nd quarter. Cromwell Holdings LLC now owns 430 shares of the asset manager’s stock worth $41,000 after purchasing an additional 418 shares during the period. Hedge funds and other institutional investors own 73.39% of the company’s stock.

Insider Transactions at T. Rowe Price Group

In related news, Director Robert F. Maclellan sold 3,090 shares of the firm’s stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $105.01, for a total transaction of $324,480.90. Following the transaction, the director owned 47,335 shares in the company, valued at $4,970,648.35. This trade represents a 6.13% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 2.00% of the stock is owned by corporate insiders.

T. Rowe Price Group Stock Down 4.3%

NASDAQ:TROW opened at $101.43 on Friday. The stock’s 50 day moving average price is $105.82 and its 200 day moving average price is $98.43. The company has a market capitalization of $22.29 billion, a PE ratio of 11.33, a P/E/G ratio of 6.84 and a beta of 1.50. T. Rowe Price Group, Inc. has a 52-week low of $77.85 and a 52-week high of $125.81.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings results on Friday, August 1st. The asset manager reported $2.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.15 by $0.09. The firm had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.72 billion. T. Rowe Price Group had a return on equity of 19.77% and a net margin of 28.72%.The firm’s quarterly revenue was down .6% compared to the same quarter last year. During the same quarter last year, the business posted $2.26 EPS. As a group, sell-side analysts anticipate that T. Rowe Price Group, Inc. will post 9.29 EPS for the current fiscal year.

T. Rowe Price Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Monday, September 15th were paid a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a yield of 5.0%. The ex-dividend date was Monday, September 15th. T. Rowe Price Group’s dividend payout ratio (DPR) is currently 56.76%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Weiss Ratings restated a “hold (c)” rating on shares of T. Rowe Price Group in a report on Wednesday. Keefe, Bruyette & Woods increased their price objective on T. Rowe Price Group from $110.00 to $112.00 and gave the company a “market perform” rating in a report on Monday, August 4th. Deutsche Bank Aktiengesellschaft increased their price objective on T. Rowe Price Group from $109.00 to $114.00 and gave the company a “hold” rating in a report on Thursday. Zacks Research downgraded T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a report on Monday, September 8th. Finally, JPMorgan Chase & Co. increased their price objective on T. Rowe Price Group from $98.00 to $102.00 and gave the company an “underweight” rating in a report on Monday, August 4th. One analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, T. Rowe Price Group presently has a consensus rating of “Reduce” and an average price target of $104.69.

T. Rowe Price Group Company 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.