41,563 T. Rowe Price Group, Inc. $TROW Shares Sold by Confluence Investment Management LLC

Key Points

• Confluence Investment Management reduced its T. Rowe Price Group stake by 4.4%, selling 41,563 shares and retaining 894,846 shares valued at approximately $93.1 million. Institutional investors collectively own 73.39% of TROW.
• T. Rowe Price reported quarterly EPS of $2.57, beating estimates by $0.05, while revenue rose 10.7% year over year to $1.91 billion. The company pays a quarterly dividend of $1.30, representing a 4.9% annualized yield.
• Analyst sentiment remains cautious, with one Buy, nine Hold, and four Sell ratings; the stock has an average “Reduce” rating and a consensus price target of $105.92, near its reported trading price of $105.83.

Confluence Investment Management LLC trimmed its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 4.4% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 894,846 shares of the asset manager's stock after selling 41,563 shares during the period. T. Rowe Price Group makes up 1.4% of Confluence Investment Management LLC's investment portfolio, making the stock its 23rd largest holding. Confluence Investment Management LLC owned about 0.42% of T. Rowe Price Group worth $93,109,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of TROW. QRG Capital Management Inc. lifted its position in shares of T. Rowe Price Group by 28.2% during the 2nd quarter. QRG Capital Management Inc. now owns 71,336 shares of the asset manager's stock valued at $8,110,000 after acquiring an additional 15,678 shares during the period. Envestnet Portfolio Solutions Inc. increased its stake in T. Rowe Price Group by 6.1% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 174,047 shares of the asset manager's stock valued at $19,787,000 after purchasing an additional 10,077 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in shares of T. Rowe Price Group by 19.4% during the second quarter. Envestnet Asset Management Inc. now owns 243,228 shares of the asset manager's stock valued at $27,653,000 after purchasing an additional 39,493 shares during the period. State Street Corp boosted its position in shares of T. Rowe Price Group by 2.7% during the 2nd quarter. State Street Corp now owns 14,653,478 shares of the asset manager's stock worth $1,665,954,000 after purchasing an additional 381,183 shares in the last quarter. Finally, Security National Bank of SO Dak boosted its position in shares of T. Rowe Price Group by 1.3% during the 2nd quarter. Security National Bank of SO Dak now owns 15,206 shares of the asset manager's stock worth $1,729,000 after purchasing an additional 197 shares in the last quarter. Institutional investors and hedge funds own 73.39% of the company's stock.

T. Rowe Price Group Stock Performance

Shares of T. Rowe Price Group stock traded up $1.78 on Thursday, hitting $105.83. The company had a trading volume of 749,037 shares, compared to its average volume of 2,063,698. The stock has a market capitalization of $22.57 billion, a price-to-earnings ratio of 10.62, a P/E/G ratio of 3.46 and a beta of 1.46. 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 50 day moving average of $110.38 and a 200-day moving average of $105.53.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last announced its earnings results on Friday, July 31st. The asset manager reported $2.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.52 by $0.05. The company had revenue of $1.91 billion for the quarter, compared to analysts' expectations of $1.89 billion. T. Rowe Price Group had a return on equity of 20.91% and a net margin of 29.26%.T. Rowe Price Group's quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.24 earnings per share. Equities analysts anticipate that T. Rowe Price Group, Inc. will post 10.15 earnings per share for the current year.

T. Rowe Price Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th were paid a $1.30 dividend. The ex-dividend date was Tuesday, September 15th. This represents a $5.20 annualized dividend and a dividend yield of 4.9%. T. Rowe Price Group's dividend payout ratio is presently 52.16%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on TROW shares. TD Cowen boosted their target price on T. Rowe Price Group from $108.00 to $110.00 and gave the company a "hold" rating in a research report on Monday, August 31st. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $109.00 price objective on shares of T. Rowe Price Group in a research note on Monday, August 3rd. BMO Capital Markets upped their target price on T. Rowe Price Group from $110.00 to $120.00 and gave the stock a "market perform" rating in a research report on Monday, August 3rd. Zacks Research cut T. Rowe Price Group from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 13th. Finally, The Goldman Sachs Group lifted their price target on shares of T. Rowe Price Group from $90.00 to $92.00 and gave the company a "sell" rating in a research report on Tuesday, June 30th. One equities research analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Reduce" and an average target price of $105.92.

Insider Activity

In related news, VP Joshua Nelson sold 10,000 shares of the business'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 transaction, the vice president directly owned 71,328 shares in the company, valued at approximately $7,975,896.96. The trade was a 12.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.60% of the stock is currently owned by insiders.

T. Rowe Price Group Profile

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland. The company provides investment strategies and related services to individual investors, retirement plans, financial intermediaries, institutions, and other clients.

Its offerings include actively managed mutual funds, exchange-traded funds, separately managed accounts, collective investment trusts, and other portfolio solutions. T. Rowe Price invests across equity, fixed-income, multi-asset, and alternative strategies, and also provides retirement planning, asset allocation, advisory, and investment research services.

Founded in 1937 by Thomas Rowe Price Jr., the company serves clients through operations and distribution relationships in the United States and international markets.

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