Rockland Trust Co. boosted its stake in shares of T. Rowe Price Group Inc (NASDAQ:TROW) by 1.7% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 105,631 shares of the asset manager’s stock after buying an additional 1,788 shares during the quarter. Rockland Trust Co.’s holdings in T. Rowe Price Group were worth $11,570,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Pacer Advisors Inc. grew its position in T. Rowe Price Group by 10.3% during the third quarter. Pacer Advisors Inc. now owns 25,078 shares of the asset manager’s stock valued at $2,865,000 after buying an additional 2,340 shares during the period. Artemis Investment Management LLP purchased a new stake in T. Rowe Price Group during the third quarter valued at about $7,706,000. Carroll Financial Associates Inc. lifted its holdings in T. Rowe Price Group by 73.6% during the third quarter. Carroll Financial Associates Inc. now owns 4,427 shares of the asset manager’s stock valued at $505,000 after purchasing an additional 1,877 shares during the last quarter. Centric Wealth Management lifted its holdings in T. Rowe Price Group by 6.2% during the third quarter. Centric Wealth Management now owns 8,307 shares of the asset manager’s stock valued at $906,000 after purchasing an additional 487 shares during the last quarter. Finally, North Star Investment Management Corp. purchased a new stake in T. Rowe Price Group during the third quarter valued at about $27,000. Institutional investors own 68.66% of the company’s stock.
Several equities research analysts have commented on TROW shares. UBS Group upped their price objective on shares of T. Rowe Price Group from $109.00 to $111.00 and gave the company a “neutral” rating in a report on Monday, July 8th. BidaskClub downgraded shares of T. Rowe Price Group from a “buy” rating to a “hold” rating in a report on Saturday, September 21st. Citigroup upped their price objective on shares of T. Rowe Price Group from $113.00 to $115.00 and gave the company a “neutral” rating in a report on Tuesday, July 9th. BMO Capital Markets started coverage on shares of T. Rowe Price Group in a report on Monday. They set a “market perform” rating and a $101.00 price objective on the stock. Finally, Morgan Stanley upped their price objective on shares of T. Rowe Price Group from $117.00 to $122.00 and gave the company an “equal weight” rating in a report on Friday, July 26th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $110.15.
T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings results on Wednesday, July 24th. The asset manager reported $2.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.88 by $0.15. T. Rowe Price Group had a net margin of 36.17% and a return on equity of 28.80%. The firm had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.39 billion. During the same period in the prior year, the firm posted $1.87 earnings per share. The company’s revenue for the quarter was up 3.7% on a year-over-year basis. On average, equities analysts anticipate that T. Rowe Price Group Inc will post 7.78 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were issued a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 2.72%. The ex-dividend date was Thursday, September 12th. T. Rowe Price Group’s payout ratio is 42.52%.
In related news, VP W. Sharps Robert sold 19,064 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $118.50, for a total value of $2,259,084.00. Following the sale, the vice president now directly owns 467,715 shares of the company’s stock, valued at $55,424,227.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Christopher D. Alderson sold 36,898 shares of the firm’s stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $114.41, for a total transaction of $4,221,500.18. Following the completion of the sale, the vice president now directly owns 414,144 shares in the company, valued at $47,382,215.04. The disclosure for this sale can be found here. Over the last three months, insiders sold 79,773 shares of company stock worth $9,187,023. Insiders own 3.10% of the company’s stock.
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.
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