Sprucegrove Investment Management Ltd. Has $16.79 Million Stock Holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Sprucegrove Investment Management Ltd. decreased its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 7.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 149,889 shares of the asset manager’s stock after selling 11,367 shares during the period. T. Rowe Price Group accounts for about 0.9% of Sprucegrove Investment Management Ltd.’s holdings, making the stock its 15th biggest holding. Sprucegrove Investment Management Ltd. owned 0.07% of T. Rowe Price Group worth $16,791,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Financial Gravity Asset Management Inc. bought a new stake in shares of T. Rowe Price Group during the 2nd quarter valued at about $97,000. Park Place Capital Corp boosted its position in shares of T. Rowe Price Group by 1,875.0% during the 2nd quarter. Park Place Capital Corp now owns 316 shares of the asset manager’s stock valued at $35,000 after purchasing an additional 300 shares in the last quarter. Glass Jacobson Investment Advisors llc bought a new stake in shares of T. Rowe Price Group during the 2nd quarter valued at about $38,000. Beacon Capital Management LLC boosted its position in shares of T. Rowe Price Group by 34.7% during the 2nd quarter. Beacon Capital Management LLC now owns 338 shares of the asset manager’s stock valued at $38,000 after purchasing an additional 87 shares in the last quarter. Finally, Sunbelt Securities Inc. bought a new stake in shares of T. Rowe Price Group during the 1st quarter valued at about $42,000. Institutional investors and hedge funds own 75.85% of the company’s stock.

T. Rowe Price Group Price Performance

Shares of TROW stock traded down $2.32 during trading hours on Tuesday, reaching $96.51. The company had a trading volume of 393,640 shares, compared to its average volume of 1,489,074. T. Rowe Price Group, Inc. has a 12 month low of $87.43 and a 12 month high of $132.76. The business has a fifty day simple moving average of $100.00 and a 200-day simple moving average of $107.63. The company has a market cap of $21.57 billion, a price-to-earnings ratio of 14.08, a price-to-earnings-growth ratio of 2.21 and a beta of 1.32.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings results on Friday, October 27th. The asset manager reported $2.17 EPS for the quarter, beating analysts’ consensus estimates of $1.78 by $0.39. The company had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.65 billion. T. Rowe Price Group had a return on equity of 18.79% and a net margin of 25.50%. T. Rowe Price Group’s revenue was up 5.2% on a year-over-year basis. During the same period last year, the business posted $1.86 earnings per share. On average, equities research analysts expect that T. Rowe Price Group, Inc. will post 7.36 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 Friday, December 29th. Investors of record on Friday, December 15th will be given a dividend of $1.22 per share. This represents a $4.88 dividend on an annualized basis and a dividend yield of 5.06%. The ex-dividend date of this dividend is Thursday, December 14th. T. Rowe Price Group’s payout ratio is 69.52%.

Insider Activity at T. Rowe Price Group

In related news, VP Andrew C. Mccormick sold 5,040 shares of the stock in a transaction that occurred on Wednesday, September 27th. The stock was sold at an average price of $103.63, for a total transaction of $522,295.20. Following the completion of the sale, the vice president now directly owns 64,440 shares of the company’s stock, valued at $6,677,917.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other T. Rowe Price Group news, VP Andrew C. Mccormick sold 5,040 shares of the firm’s stock in a transaction on Wednesday, September 27th. The stock was sold at an average price of $103.63, for a total value of $522,295.20. Following the completion of the sale, the vice president now directly owns 64,440 shares of the company’s stock, valued at $6,677,917.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider William J. Stromberg sold 10,000 shares of the firm’s stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $98.48, for a total value of $984,800.00. Following the completion of the sale, the insider now directly owns 49,000 shares of the company’s stock, valued at $4,825,520. The disclosure for this sale can be found here. Over the last three months, insiders sold 27,039 shares of company stock valued at $2,848,848. 2.10% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Wells Fargo & Company upped their target price on T. Rowe Price Group from $117.00 to $123.00 and gave the company an “equal weight” rating in a research report on Monday, July 31st. Morgan Stanley cut their price target on T. Rowe Price Group from $109.00 to $101.00 and set an “equal weight” rating on the stock in a report on Monday, October 30th. UBS Group increased their price target on T. Rowe Price Group from $83.00 to $90.00 and gave the stock a “sell” rating in a report on Monday, July 31st. The Goldman Sachs Group increased their price target on T. Rowe Price Group from $89.50 to $100.00 and gave the stock a “sell” rating in a report on Monday, July 31st. Finally, Deutsche Bank Aktiengesellschaft cut their price target on T. Rowe Price Group from $113.00 to $110.00 and set a “hold” rating on the stock in a report on Wednesday, October 11th. Five analysts have rated the stock with a sell rating and seven have given a hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $94.45.

About T. Rowe Price Group

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.