Carnegie Lake Advisors LLC Sells 9,688 Shares of T. Rowe Price Group, Inc. $TROW

Key Points

• Carnegie Lake Advisors cut its T. Rowe Price stake by 96.9%, selling 9,688 shares in the third quarter and retaining 312 shares worth about $32,000.
• T. Rowe Price reported quarterly earnings of $2.86 per share, beating the $2.63 consensus estimate; revenue rose 5.9% year over year to $2 billion.
• The company declared a $1.30 quarterly dividend, equivalent to a 4.8% annualized yield. Analysts’ consensus rating was “Reduce,” with an average price target of $102.83.

Carnegie Lake Advisors LLC reduced its position in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 96.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 312 shares of the asset manager's stock after selling 9,688 shares during the quarter. Carnegie Lake Advisors LLC's holdings in T. Rowe Price Group were worth $32,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. bought a new stake in T. Rowe Price Group in the 2nd quarter valued at $2,728,119,000. State Street Corp lifted its holdings 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 acquiring an additional 381,183 shares during the period. First Trust Advisors LP lifted its holdings in shares of T. Rowe Price Group by 12.6% during the 1st quarter. First Trust Advisors LP now owns 3,694,171 shares of the asset manager's stock worth $332,993,000 after acquiring an additional 413,317 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of T. Rowe Price Group by 20.0% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,150,561 shares of the asset manager's stock valued at $358,187,000 after acquiring an additional 524,544 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of T. Rowe Price Group by 1.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,124,696 shares of the asset manager's stock valued at $191,512,000 after acquiring an additional 37,642 shares in the last quarter. Institutional investors and hedge funds own 73.39% of the company's stock.

Insider Buying and Selling

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 sale, the vice president directly owned 71,328 shares of the company's stock, valued at approximately $7,975,896.96. This represents a 12.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.60% of the stock is currently owned by company insiders.

T. Rowe Price Group Stock Performance

Shares of NASDAQ:TROW opened at $108.41 on Monday. T. Rowe Price Group, Inc. has a 52 week low of $85.22 and a 52 week high of $122.00. The company's fifty day moving average is $105.26 and its 200-day moving average is $103.78. The company has a market capitalization of $23.13 billion, a PE ratio of 10.96, a P/E/G ratio of 4.15 and a beta of 1.43.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last posted its earnings results on Thursday, October 29th. The asset manager reported $2.86 earnings per share for the quarter, topping the consensus estimate of $2.63 by $0.23. The business had revenue of $2 billion for the quarter, compared to analyst estimates of $1.98 billion. T. Rowe Price Group had a net margin of 28.40% and a return on equity of 20.63%. The firm's quarterly revenue was up 5.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.81 EPS. On average, analysts forecast that T. Rowe Price Group, Inc. will post 10.29 EPS for the current year.

T. Rowe Price Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 29th. Shareholders of record on Wednesday, December 16th will be given a $1.30 dividend. The ex-dividend date is Wednesday, December 16th. This represents a $5.20 dividend on an annualized basis and a yield of 4.8%. T. Rowe Price Group's payout ratio is 52.58%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on TROW shares. Keefe, Bruyette & Woods reissued 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, October 30th. TD Cowen cut their price target on shares of T. Rowe Price Group from $109.00 to $96.00 and set a "hold" rating for the company in a research note on Friday, October 30th. Evercore set a $109.00 price objective on T. Rowe Price Group in a report on Friday, October 9th. Deutsche Bank Aktiengesellschaft reiterated 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. Finally, Zacks Research cut T. Rowe Price Group from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 13th. One equities research analyst has rated the stock with a Buy rating, ten have issued a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Reduce" and an average price target of $102.83.

T. Rowe Price Group Company Profile

T. Rowe Price Group is a global investment management firm that provides investment products and related services to individuals, retirement plans, institutions and financial intermediaries. Founded in 1937 by Thomas Rowe Price Jr., the company is headquartered in Baltimore, Maryland.

The firm manages a range of investment strategies, including equity, fixed-income and multi-asset portfolios. Its offerings include mutual funds, exchange-traded funds and separately managed accounts, as well as retirement-focused products and advisory services.

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