687,094 T. Rowe Price Group, Inc. $TROW Shares Sold by Provident Trust Co.

Provident Trust Co. cut its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 33.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,374,259 shares of the asset manager’s stock after selling 687,094 shares during the period. T. Rowe Price Group accounts for 4.4% of Provident Trust Co.’s investment portfolio, making the stock its 12th largest holding. Provident Trust Co.’s holdings in T. Rowe Price Group were worth $142,992,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Wealthcare Capital Partners LLC lifted its position in shares of T. Rowe Price Group by 1.0% in the 2nd quarter. Wealthcare Capital Partners LLC now owns 9,565 shares of the asset manager’s stock worth $1,087,000 after purchasing an additional 93 shares during the period. Kesler Norman & Wride LLC increased its position in shares of T. Rowe Price Group by 0.6% during the second quarter. Kesler Norman & Wride LLC now owns 15,914 shares of the asset manager’s stock worth $1,809,000 after buying an additional 96 shares during the period. MassMutual Private Wealth & Trust FSB increased its position in shares of T. Rowe Price Group by 9.4% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,150 shares of the asset manager’s stock worth $131,000 after buying an additional 99 shares during the period. Oregon Public Employees Retirement Fund raised its stake in T. Rowe Price Group by 0.4% during the first quarter. Oregon Public Employees Retirement Fund now owns 25,062 shares of the asset manager’s stock worth $2,259,000 after buying an additional 100 shares during the last quarter. Finally, Concorde Asset Management LLC raised its stake in T. Rowe Price Group by 3.9% during the first quarter. Concorde Asset Management LLC now owns 2,730 shares of the asset manager’s stock worth $246,000 after buying an additional 102 shares during the last quarter. Institutional investors and hedge funds own 73.39% of the company’s stock.

Insiders Place Their Bets

In other T. Rowe Price Group news, VP Joshua Nelson sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $111.82, for a total value of $1,118,200.00. Following the completion of the sale, the vice president owned 71,328 shares in the company, valued at approximately $7,975,896.96. The trade was a 12.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 1.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. TD Cowen cut their price target on shares of T. Rowe Price Group from $109.00 to $96.00 and set a “hold” rating on the stock in a research report on Friday. Evercore set a $109.00 target price on T. Rowe Price Group in a research report on Friday, October 9th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $109.00 target price on shares of T. Rowe Price Group in a research note on Monday, August 3rd. Barclays decreased their target price on shares of T. Rowe Price Group from $103.00 to $102.00 and set an “underweight” rating for the company in a research report on Wednesday, October 14th. Finally, UBS Group started coverage on T. Rowe Price Group in a report on Wednesday, October 7th. They set a “neutral” rating and a $107.00 price target on the stock. One analyst has rated the stock with a Buy rating, ten have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average target price of $103.15.

T. Rowe Price Group Stock Performance

Shares of TROW opened at $103.90 on Monday. The firm has a market cap of $22.16 billion, a price-to-earnings ratio of 10.51, a PEG ratio of 3.02 and a beta of 1.43. The firm has a 50 day moving average price of $105.65 and a 200-day moving average price of $103.70. T. Rowe Price Group, Inc. has a fifty-two week low of $85.22 and a fifty-two week high of $122.00.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings data on Thursday, October 29th. The asset manager reported $2.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.63 by $0.23. The firm had revenue of $2 billion for the quarter, compared to analysts’ expectations of $1.98 billion. T. Rowe Price Group had a return on equity of 20.63% and a net margin of 28.40%. The company’s revenue for the quarter was up 5.9% compared to the same quarter last year. During the same period last year, the firm earned $2.81 earnings per share. As a group, equities research analysts predict that T. Rowe Price Group, Inc. will post 10.16 earnings per share for the current year.

T. Rowe Price Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th were paid a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a yield of 5.0%. The ex-dividend date of this dividend was Tuesday, September 15th. T. Rowe Price Group’s payout ratio is 52.58%.

T. Rowe Price Group Company Profile

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland. Founded in 1937 by Thomas Rowe Price Jr., the company provides investment strategies and advisory services to individual investors, retirement plans, financial intermediaries, institutions and other clients.

The company offers a range of actively managed and multi-asset investment products, including mutual funds, exchange-traded funds, separately managed accounts and other portfolio solutions.