Confluence Investment Management LLC Cuts Stake in T. Rowe Price Group, Inc. $TROW

Confluence Investment Management LLC reduced its position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 2.8% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 936,409 shares of the asset manager's stock after selling 26,758 shares during the quarter. T. Rowe Price Group accounts for about 1.7% of Confluence Investment Management LLC's investment portfolio, making the stock its 21st biggest holding. Confluence Investment Management LLC owned 0.44% of T. Rowe Price Group worth $106,460,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Redwood Investment Management LLC purchased a new position in T. Rowe Price Group in the 1st quarter worth approximately $744,000. Parallel Advisors LLC boosted its stake in T. Rowe Price Group by 63.2% during the 1st quarter. Parallel Advisors LLC now owns 8,415 shares of the asset manager's stock valued at $759,000 after purchasing an additional 3,260 shares during the last quarter. Concorde Asset Management LLC boosted its stake in 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. Axiom Investment Management LLC bought a new stake in shares of T. Rowe Price Group in the 1st quarter worth $76,000. Finally, Segall Bryant & Hamill LLC bought a new stake in shares of T. Rowe Price Group in the 1st quarter worth $632,000. 73.39% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other T. Rowe Price Group news, VP Stephon A. Jackson sold 3,000 shares of the stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $102.56, for a total value of $307,680.00. Following the transaction, the vice president directly owned 83,883 shares in the company, valued at approximately $8,603,040.48. This trade represents a 3.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.60% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Evercore set a $121.00 price target on T. Rowe Price Group in a research note on Friday, July 10th. Barclays reduced their price objective on T. Rowe Price Group from $108.00 to $103.00 and set an "underweight" rating for the company in a report on Monday. Morgan Stanley set a $116.00 target price on T. Rowe Price Group in a research report on Wednesday, July 29th. BMO Capital Markets upped their target price on shares of T. Rowe Price Group from $110.00 to $120.00 and gave the company a "market perform" rating in a research note on Monday. Finally, The Goldman Sachs Group raised 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 report on Tuesday, June 30th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Reduce" and an average price target of $105.92.

T. Rowe Price Group Stock Performance

TROW stock opened at $113.51 on Tuesday. The company has a market cap of $24.32 billion, a price-to-earnings ratio of 11.39, a P/E/G ratio of 4.01 and a beta of 1.47. The business's 50-day moving average is $111.97 and its two-hundred day moving average is $102.18. T. Rowe Price Group, Inc. has a fifty-two week low of $85.22 and a fifty-two week high of $122.00.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last released its quarterly earnings results on Friday, July 31st. The asset manager reported $2.57 EPS for the quarter, beating the consensus estimate of $2.52 by $0.05. The firm had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.89 billion. T. Rowe Price Group had a net margin of 29.26% and a return on equity of 20.45%. The business's revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.24 EPS. Equities analysts predict that T. Rowe Price Group, Inc. will post 10.11 earnings per share for the current year.

T. Rowe Price Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 29th. Shareholders of record on Monday, June 15th were issued a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date of this dividend was Monday, June 15th. T. Rowe Price Group's dividend payout ratio is currently 52.16%.

T. Rowe Price Group Company Profile

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland, founded by Thomas Rowe Price Jr. in 1937. The company provides a broad range of investment products and services for individual investors, financial intermediaries, retirement plan sponsors and institutional clients. Its offerings are built around active investment management and in-house research across equity, fixed income and multi-asset strategies, reflecting a long history as a research-driven asset manager.

The firm's product lineup includes mutual funds, separate accounts, collective investment trusts, target-date and target-risk funds, and managed account solutions, as well as services for defined contribution and defined benefit retirement plans.

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