Piedmont Investment Advisors LLC Grows Position in T. Rowe Price Group, Inc. (TROW)

Piedmont Investment Advisors LLC lifted its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 19.5% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 90,837 shares of the asset manager’s stock after acquiring an additional 14,810 shares during the period. Piedmont Investment Advisors LLC’s holdings in T. Rowe Price Group were worth $8,234,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Alpha Cubed Investments LLC acquired a new position in T. Rowe Price Group during the third quarter worth $256,000. Reliance Trust Co. of Delaware acquired a new position in T. Rowe Price Group during the third quarter worth $304,000. JPMorgan Chase & Co. raised its holdings in T. Rowe Price Group by 1.3% during the second quarter. JPMorgan Chase & Co. now owns 11,756,348 shares of the asset manager’s stock worth $872,439,000 after buying an additional 156,326 shares during the last quarter. Ffcm LLC raised its holdings in T. Rowe Price Group by 6.4% during the second quarter. Ffcm LLC now owns 37,660 shares of the asset manager’s stock worth $2,795,000 after buying an additional 2,261 shares during the last quarter. Finally, OLD Point Trust & Financial Services N A raised its holdings in T. Rowe Price Group by 11.6% during the third quarter. OLD Point Trust & Financial Services N A now owns 15,334 shares of the asset manager’s stock worth $1,390,000 after buying an additional 1,600 shares during the last quarter. Institutional investors own 72.21% of the company’s stock.

Several research firms have weighed in on TROW. Zacks Investment Research downgraded shares of T. Rowe Price Group from a “buy” rating to a “hold” rating in a report on Wednesday, December 6th. Barclays upped their price objective on shares of T. Rowe Price Group from $79.00 to $84.00 and gave the stock an “underweight” rating in a report on Friday, October 27th. Citigroup upped their price objective on shares of T. Rowe Price Group from $94.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, October 27th. UBS upped their price objective on shares of T. Rowe Price Group from $69.00 to $72.00 and gave the stock a “sell” rating in a report on Friday, October 27th. Finally, Jefferies Group restated a “buy” rating and set a $104.00 price objective (up previously from $96.00) on shares of T. Rowe Price Group in a report on Tuesday, October 10th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $89.67.

Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) opened at $102.64 on Wednesday. T. Rowe Price Group, Inc. has a one year low of $65.33 and a one year high of $104.40. The stock has a market cap of $24,880.00, a price-to-earnings ratio of 20.07, a PEG ratio of 1.89 and a beta of 1.31.

T. Rowe Price Group (NASDAQ:TROW) last posted its earnings results on Thursday, October 26th. The asset manager reported $1.56 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.36 by $0.20. T. Rowe Price Group had a net margin of 33.10% and a return on equity of 24.76%. The firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same quarter in the prior year, the business posted $1.17 EPS. The business’s revenue was up 11.8% compared to the same quarter last year. equities analysts expect that T. Rowe Price Group, Inc. will post 5.29 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Stockholders of record on Thursday, December 14th will be paid a $0.57 dividend. The ex-dividend date of this dividend is Wednesday, December 13th. This represents a $2.28 annualized dividend and a dividend yield of 2.22%. T. Rowe Price Group’s payout ratio is 37.32%.

In related news, VP Christopher D. Alderson sold 6,808 shares of the stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $102.83, for a total transaction of $700,066.64. Following the completion of the transaction, the vice president now owns 119,846 shares in the company, valued at $12,323,764.18. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Anne M. Whittemore sold 4,163 shares of the stock in a transaction dated Friday, September 29th. The shares were sold at an average price of $90.64, for a total transaction of $377,334.32. Following the transaction, the director now owns 29,070 shares of the company’s stock, valued at approximately $2,634,904.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 88,513 shares of company stock valued at $8,562,005. Company insiders own 3.60% of the company’s stock.

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About T. Rowe Price Group

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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Institutional Ownership by Quarter for T. Rowe Price Group (NASDAQ:TROW)

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