14,287 T. Rowe Price Group, Inc. $TROW Shares Sold by Heritage Investors Management Corp

Key Points

• Heritage Investors Management Corp. cut its T. Rowe Price position by 11.5%, selling 14,287 shares in the third quarter and retaining 110,404 shares valued at approximately $11.5 million. Institutional investors collectively own 73.39% of the company.
• T. Rowe Price reported third-quarter adjusted EPS of $2.86 and revenue of about $2.0 billion, beating analyst expectations, with revenue up 5.9% year over year. However, client outflows and a decline in assets under management remain concerns.
• Analyst sentiment remains cautious, with a consensus rating of “Reduce” and an average price target of $103.15. The company’s quarterly dividend is $1.30 per share, equivalent to a $5.20 annualized payout and a 5.0% yield.

Heritage Investors Management Corp decreased its position in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 11.5% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 110,404 shares of the asset manager's stock after selling 14,287 shares during the period. Heritage Investors Management Corp owned 0.05% of T. Rowe Price Group worth $11,488,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in TROW. Wealthcare Capital Partners LLC grew its holdings in shares of T. Rowe Price Group by 1.0% in the second quarter. Wealthcare Capital Partners LLC now owns 9,565 shares of the asset manager's stock valued at $1,087,000 after acquiring an additional 93 shares in the last quarter. Kesler Norman & Wride LLC lifted its holdings in 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 acquiring an additional 96 shares during the period. MassMutual Private Wealth & Trust FSB lifted its holdings in 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 acquiring an additional 99 shares during the period. Oregon Public Employees Retirement Fund grew its stake in T. Rowe Price Group by 0.4% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 25,062 shares of the asset manager's stock valued at $2,259,000 after purchasing an additional 100 shares during the period. Finally, Concorde Asset Management LLC increased its position in shares of T. Rowe Price Group by 3.9% during the 1st quarter. Concorde Asset Management LLC now owns 2,730 shares of the asset manager's stock valued at $246,000 after purchasing an additional 102 shares during the last quarter. Hedge funds and other institutional investors own 73.39% of the company's stock.

Wall Street Analyst Weigh In

TROW has been the topic of a number of research analyst reports. Morgan Stanley boosted their price target on shares of T. Rowe Price Group from $110.00 to $112.00 and gave the stock an "equal weight" rating in a report on Friday, October 23rd. Evercore set a $109.00 price objective on shares of T. Rowe Price Group in a report on Friday, October 9th. BMO Capital Markets lowered their price objective on shares of T. Rowe Price Group from $120.00 to $110.00 and set a "market perform" rating on the stock in a research report on Tuesday, October 13th. Weiss Ratings raised shares of T. Rowe Price Group from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, September 4th. Finally, Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $113.00 target price (up from $112.00) on shares of T. Rowe Price Group in a research note on Friday. One investment analyst has rated the stock with a Buy rating, ten have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Reduce" and a consensus target price of $103.15.

Insider Transactions at T. Rowe Price Group

In other T. Rowe Price Group news, VP Joshua Nelson sold 10,000 shares of the company's stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $111.82, for a total transaction of $1,118,200.00. Following the completion of the sale, the vice president directly owned 71,328 shares in the company, valued at $7,975,896.96. This represents a 12.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 1.60% of the stock is currently owned by insiders.

T. Rowe Price Group News Roundup

Here are the key news stories impacting T. Rowe Price Group this week:

• Positive Sentiment: Third-quarter adjusted earnings of $2.86 per share exceeded the $2.63 consensus estimate, while revenue reached approximately $2.0 billion versus expectations of $1.98 billion. Revenue increased 5.9% year over year, supported by higher advisory fees. T. Rowe Price Q3 Earnings and Revenues Surpass Estimates
• Positive Sentiment: Keefe, Bruyette & Woods reaffirmed its “market perform” rating but raised its price target to $113 from $112, implying approximately 8.8% potential upside based on the referenced price. Keefe, Bruyette & Woods Ratings
• Neutral Sentiment: T. Rowe Price is expanding its wealth-management operation with more than 50 new roles. The initiative could diversify growth and strengthen distribution over time, although added staffing costs may weigh on near-term efficiency. T. Rowe Price Adds Over 50 Wealth Management Roles
• Negative Sentiment: The earnings beat was offset by substantial client outflows and a decline in AUM during the quarter. Persistent redemptions are a key concern for an asset manager because they reduce fee-generating assets and could limit future revenue growth. T. Rowe Price Q3 Earnings, Revenue Beat Even as AUM Dips

T. Rowe Price Group Stock Performance

TROW stock opened at $103.90 on Monday. The company's 50 day moving average is $105.65 and its 200 day moving average is $103.70. T. Rowe Price Group, Inc. has a 1-year low of $85.22 and a 1-year high of $122.00. The stock has a market cap of $22.16 billion, a price-to-earnings ratio of 10.51, a price-to-earnings-growth ratio of 3.02 and a beta of 1.43.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last announced its quarterly earnings data on Thursday, October 29th. The asset manager reported $2.86 earnings per share for the quarter, topping analysts' consensus estimates of $2.63 by $0.23. T. Rowe Price Group had a net margin of 28.40% and a return on equity of 20.63%. The firm had revenue of $2 billion during the quarter, compared to analyst estimates of $1.98 billion. During the same period in the previous year, the business posted $2.81 EPS. The business's quarterly revenue was up 5.9% on a year-over-year basis. As a group, sell-side analysts forecast that T. Rowe Price Group, Inc. will post 10.16 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th were given a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 5.0%. The ex-dividend date was Tuesday, September 15th. T. Rowe Price Group's dividend payout ratio is presently 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.

Want to see what other hedge funds are holding TROW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.