Absher Wealth Management LLC Decreases Stock Position in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Absher Wealth Management LLC trimmed its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 93.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,533 shares of the asset manager's stock after selling 63,334 shares during the quarter. Absher Wealth Management LLC's holdings in T. Rowe Price Group were worth $416,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in TROW. Addison Advisors LLC boosted its stake in T. Rowe Price Group by 67.4% during the 4th quarter. Addison Advisors LLC now owns 231 shares of the asset manager's stock valued at $26,000 after acquiring an additional 93 shares during the last quarter. Curio Wealth LLC bought a new position in T. Rowe Price Group during the 4th quarter valued at $27,000. Advantage Trust Co boosted its stake in T. Rowe Price Group by 48.8% during the 4th quarter. Advantage Trust Co now owns 305 shares of the asset manager's stock valued at $34,000 after acquiring an additional 100 shares during the last quarter. Ameriflex Group Inc. bought a new position in T. Rowe Price Group during the 4th quarter valued at $42,000. Finally, Summit Securities Group LLC bought a new position in T. Rowe Price Group during the 4th quarter valued at $57,000. 73.39% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have commented on TROW shares. Citigroup reduced their price objective on shares of T. Rowe Price Group from $100.00 to $95.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Evercore ISI reduced their price target on shares of T. Rowe Price Group from $104.00 to $80.00 and set an "in-line" rating on the stock in a research report on Friday, April 11th. Cowen reaffirmed a "hold" rating on shares of T. Rowe Price Group in a report on Monday, May 5th. Morgan Stanley boosted their price objective on shares of T. Rowe Price Group from $94.00 to $95.00 and gave the company an "equal weight" rating in a research report on Tuesday, May 6th. Finally, Wells Fargo & Company dropped their price objective on shares of T. Rowe Price Group from $116.00 to $98.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 8th. Four equities research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $94.09.

T. Rowe Price Group Stock Up 1.2%

TROW stock opened at $93.21 on Friday. T. Rowe Price Group, Inc. has a fifty-two week low of $77.85 and a fifty-two week high of $125.81. The firm's 50-day simple moving average is $92.20 and its 200 day simple moving average is $101.36. The stock has a market cap of $20.54 billion, a PE ratio of 10.57, a price-to-earnings-growth ratio of 3.03 and a beta of 1.49.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last released its quarterly earnings data on Friday, May 2nd. The asset manager reported $2.23 earnings per share for the quarter, topping analysts' consensus estimates of $2.13 by $0.10. T. Rowe Price Group had a net margin of 28.38% and a return on equity of 20.17%. The business had revenue of $1.76 billion for the quarter, compared to analysts' expectations of $1.80 billion. During the same quarter last year, the company earned $2.38 EPS. The company's revenue for the quarter was up .8% compared to the same quarter last year. Equities analysts forecast that T. Rowe Price Group, Inc. will post 9.29 EPS for the current fiscal year.

T. Rowe Price Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 13th will be issued a $1.27 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 5.45%. T. Rowe Price Group's dividend payout ratio (DPR) is presently 57.60%.

Insider Buying and Selling

In other T. Rowe Price Group news, VP Dorothy C. Sawyer sold 2,000 shares of the firm's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $95.43, for a total transaction of $190,860.00. Following the transaction, the vice president now owns 44,789 shares of the company's stock, valued at approximately $4,274,214.27. This trade represents a 4.27% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert F. Maclellan sold 3,955 shares of the firm's stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $91.56, for a total transaction of $362,119.80. Following the transaction, the director now directly owns 42,979 shares in the company, valued at approximately $3,935,157.24. The trade was a 8.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 6,923 shares of company stock valued at $646,856 in the last quarter. Company insiders own 2.00% of the company's stock.

T. Rowe Price Group Profile

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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