T. Rowe Price Group, Inc. $TROW Stock Position Lowered by Confluence Wealth Services Inc.

Confluence Wealth Services Inc. lowered its position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 23.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 15,611 shares of the asset manager’s stock after selling 4,670 shares during the period. Confluence Wealth Services Inc.’s holdings in T. Rowe Price Group were worth $1,624,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Twin Tree Management LP acquired a new position in shares of T. Rowe Price Group in the 2nd quarter valued at $2,989,000. Envestnet Portfolio Solutions Inc. raised its position in T. Rowe Price Group by 6.1% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 174,047 shares of the asset manager’s stock valued at $19,787,000 after purchasing an additional 10,077 shares during the last quarter. BlackRock Inc. acquired a new stake in T. Rowe Price Group during the 2nd quarter worth $2,728,119,000. Sanctuary Advisors LLC acquired a new stake in T. Rowe Price Group during the 2nd quarter worth $1,668,000. Finally, Sequoia Financial Advisors LLC boosted its stake in T. Rowe Price Group by 90.9% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 17,284 shares of the asset manager’s stock worth $1,965,000 after purchasing an additional 8,230 shares during the period. 73.39% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at T. Rowe Price Group

In related news, VP Joshua Nelson sold 10,000 shares of the company’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $111.82, for a total transaction of $1,118,200.00. Following the transaction, the vice president owned 71,328 shares of the company’s stock, valued at $7,975,896.96. This represents a 12.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.60% of the stock is currently owned by company insiders.

T. Rowe Price Group Stock Performance

Shares of T. Rowe Price Group stock opened at $110.69 on Thursday. The company has a market cap of $23.61 billion, a P/E ratio of 11.19, a PEG ratio of 4.25 and a beta of 1.43. T. Rowe Price Group, Inc. has a one year low of $85.22 and a one year high of $122.00. The firm has a fifty day moving average of $105.28 and a two-hundred day moving average of $103.84.

T. Rowe Price Group (NASDAQ:TROW) last issued its earnings results on Thursday, October 29th. The asset manager reported $2.86 earnings per share for the quarter, beating the consensus estimate of $2.63 by $0.23. T. Rowe Price Group had a net margin of 28.40% and a return on equity of 20.63%. The business had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.98 billion. During the same quarter in the previous year, the firm earned $2.81 earnings per share. The business’s quarterly revenue was up 5.9% compared to the same quarter last year. As a group, equities analysts predict that T. Rowe Price Group, Inc. will post 10.29 earnings per share for the current year.

T. Rowe Price Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 29th. Stockholders of record on Wednesday, December 16th will be issued a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 4.7%. The ex-dividend date of this dividend is Wednesday, December 16th. T. Rowe Price Group’s dividend payout ratio (DPR) is currently 52.58%.

Analysts Set New Price Targets

A number of research firms have commented on TROW. BMO Capital Markets dropped their price objective on shares of T. Rowe Price Group from $120.00 to $110.00 and set a “market perform” rating on the stock in a research note on Tuesday, October 13th. TD Cowen decreased their target price on shares of T. Rowe Price Group from $109.00 to $96.00 and set a “hold” rating for the company in a research note on Friday, October 30th. Zacks Research lowered T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 13th. Barclays reduced their price objective on T. Rowe Price Group from $103.00 to $102.00 and set an “underweight” rating for the company in a research note on Wednesday, October 14th. Finally, UBS Group initiated coverage on T. Rowe Price Group in a research report on Wednesday, October 7th. They set a “neutral” rating and a $107.00 price objective for the company. One research analyst has rated the stock with a Buy rating, ten have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Reduce” and an average target price of $102.83.

T. Rowe Price Group Company Profile

T. Rowe Price Group is a global investment management firm that provides investment products and related services to individuals, retirement plans, institutions and financial intermediaries. Founded in 1937 by Thomas Rowe Price Jr., the company is headquartered in Baltimore, Maryland. The firm manages a range of investment strategies, including equity, fixed-income and multi-asset portfolios. Its offerings include mutual funds, exchange-traded funds and separately managed accounts, as well as retirement-focused products and advisory services.