Financial Advocates Investment Management lowered its stake in shares of T. Rowe Price Group Inc (NASDAQ:TROW) by 13.9% in the fourth quarter, Holdings Channel reports. The fund owned 717 shares of the asset manager’s stock after selling 116 shares during the quarter. Financial Advocates Investment Management’s holdings in T. Rowe Price Group were worth $193,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Reilly Financial Advisors LLC increased its stake in shares of T. Rowe Price Group by 66.3% during the 4th quarter. Reilly Financial Advisors LLC now owns 296 shares of the asset manager’s stock valued at $27,000 after acquiring an additional 118 shares during the last quarter. Ruggie Capital Group purchased a new stake in shares of T. Rowe Price Group during the 4th quarter worth about $28,000. Financial Gravity Companies Inc. purchased a new stake in shares of T. Rowe Price Group during the 4th quarter worth about $30,000. Pearl River Capital LLC purchased a new stake in shares of T. Rowe Price Group during the 4th quarter worth about $31,000. Finally, Rational Advisors LLC grew its holdings in shares of T. Rowe Price Group by 306.7% during the 4th quarter. Rational Advisors LLC now owns 366 shares of the asset manager’s stock worth $34,000 after purchasing an additional 276 shares during the period. 71.75% of the stock is owned by institutional investors.
TROW has been the subject of a number of research reports. BidaskClub upgraded T. Rowe Price Group from a “strong sell” rating to a “sell” rating in a report on Wednesday, January 16th. Evercore ISI upgraded T. Rowe Price Group from an “in-line” rating to an “outperform” rating and set a $99.00 target price for the company in a report on Thursday, January 31st. Bank of America reiterated a “buy” rating and set a $108.00 target price (down previously from $125.00) on shares of T. Rowe Price Group in a report on Thursday, December 6th. Morgan Stanley decreased their target price on T. Rowe Price Group from $105.00 to $98.00 and set an “equal weight” rating for the company in a report on Friday, January 4th. Finally, Wells Fargo & Co boosted their target price on T. Rowe Price Group from $92.00 to $102.00 and gave the stock a “market perform” rating in a report on Wednesday, February 27th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $102.73.
T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings results on Wednesday, January 30th. The asset manager reported $1.41 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.66 by ($0.25). The company had revenue of $1.30 billion during the quarter, compared to analysts’ expectations of $1.33 billion. T. Rowe Price Group had a return on equity of 29.16% and a net margin of 33.95%. The firm’s revenue was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.52 EPS. As a group, equities analysts forecast that T. Rowe Price Group Inc will post 6.4 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 15th will be issued a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 2.97%. The ex-dividend date of this dividend is Thursday, March 14th. This is a boost from T. Rowe Price Group’s previous quarterly dividend of $0.70. T. Rowe Price Group’s dividend payout ratio is currently 42.52%.
In other T. Rowe Price Group news, VP Christopher D. Alderson sold 104,465 shares of the company’s stock in a transaction that occurred on Wednesday, February 20th. The stock was sold at an average price of $96.94, for a total value of $10,126,837.10. Following the completion of the transaction, the vice president now owns 401,164 shares in the company, valued at approximately $38,888,838.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP W. Sharps Robert sold 2,617 shares of the company’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $100.73, for a total value of $263,610.41. Following the completion of the transaction, the vice president now owns 448,651 shares of the company’s stock, valued at approximately $45,192,615.23. The disclosure for this sale can be found here. In the last 90 days, insiders sold 117,082 shares of company stock valued at $11,361,948. 3.10% of the stock is owned by company insiders.
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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.
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