River Wealth Advisors LLC reduced its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 6.2% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 12,068 shares of the asset manager’s stock after selling 803 shares during the quarter. River Wealth Advisors LLC’s holdings in T. Rowe Price Group were worth $1,094,000 as of its most recent filing with the SEC.
Other large investors have also modified their holdings of the company. Alpha Cubed Investments LLC acquired a new stake in shares of T. Rowe Price Group in the third quarter valued at about $256,000. JPMorgan Chase & Co. lifted its stake in shares of T. Rowe Price Group by 1.3% in the second quarter. JPMorgan Chase & Co. now owns 11,756,348 shares of the asset manager’s stock valued at $872,439,000 after buying an additional 156,326 shares during the period. Ffcm LLC lifted its stake in shares of T. Rowe Price Group by 6.4% in the second quarter. Ffcm LLC now owns 37,660 shares of the asset manager’s stock valued at $2,795,000 after buying an additional 2,261 shares during the period. Reliance Trust Co. of Delaware bought a new stake in shares of T. Rowe Price Group in the third quarter valued at about $304,000. Finally, OLD Point Trust & Financial Services N A lifted its stake in shares of T. Rowe Price Group by 11.6% in the third quarter. OLD Point Trust & Financial Services N A now owns 15,334 shares of the asset manager’s stock valued at $1,390,000 after buying an additional 1,600 shares during the period. 72.28% of the stock is currently owned by institutional investors.
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Shares of T. Rowe Price Group, Inc. (TROW) traded up $0.79 on Tuesday, reaching $94.20. 221,795 shares of the company’s stock were exchanged, compared to its average volume of 1,686,925. The company has a market capitalization of $22,672.95, a PE ratio of 18.27, a price-to-earnings-growth ratio of 1.72 and a beta of 1.29. T. Rowe Price Group, Inc. has a 1 year low of $65.33 and a 1 year high of $97.35.
T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings results on Thursday, October 26th. The asset manager reported $1.56 EPS for the quarter, topping analysts’ consensus estimates of $1.36 by $0.20. The firm had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.22 billion. T. Rowe Price Group had a net margin of 33.10% and a return on equity of 24.76%. The company’s revenue for the quarter was up 11.8% compared to the same quarter last year. During the same quarter last year, the company earned $1.17 earnings per share. research analysts predict that T. Rowe Price Group, Inc. will post 5.29 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 28th. Stockholders of record on Thursday, December 14th will be issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 2.42%. The ex-dividend date is Wednesday, December 13th. T. Rowe Price Group’s payout ratio is 37.38%.
In other news, CFO Kenneth V. Moreland sold 13,041 shares of the firm’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $90.43, for a total transaction of $1,179,297.63. Following the completion of the sale, the chief financial officer now owns 135,028 shares of the company’s stock, valued at $12,210,582.04. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Jessica M. Hiebler sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $84.29, for a total transaction of $84,290.00. Following the sale, the insider now directly owns 8,461 shares of the company’s stock, valued at approximately $713,177.69. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,204 shares of company stock valued at $1,640,922. Company insiders own 3.60% of the company’s stock.
TROW has been the subject of several research reports. Jefferies Group LLC reiterated a “buy” rating and issued a $104.00 target price (up previously from $96.00) on shares of T. Rowe Price Group in a research note on Tuesday, October 10th. ValuEngine upgraded shares of T. Rowe Price Group from a “hold” rating to a “buy” rating in a research note on Wednesday, August 2nd. Zacks Investment Research cut shares of T. Rowe Price Group from a “buy” rating to a “hold” rating in a research note on Wednesday, September 13th. Wells Fargo & Company reiterated a “market perform” rating on shares of T. Rowe Price Group in a research note on Thursday, July 27th. Finally, Morgan Stanley reiterated an “underweight” rating and issued a $71.00 target price (up previously from $70.00) on shares of T. Rowe Price Group in a research note on Tuesday, July 18th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $89.50.
T. Rowe Price Group Profile
T. Rowe Price Group, Inc is a financial services holding company. The Company provides global investment management services through its subsidiaries to investors across the world. The Company provides an array of Company sponsored the United States mutual funds, other sponsored pooled investment vehicles, sub advisory services, separate account management, recordkeeping, and related services to individuals, advisors, institutions, financial intermediaries and retirement plan sponsors.
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