Confluence Investment Management LLC Sells 9,889 Shares of T. Rowe Price Group, Inc. $TROW

Key Points

• Confluence Investment Management LLC sold 9,889 shares of T. Rowe Price Group, reducing its holdings by 1.0%, and now owns 0.43% of the company, valued at approximately $91.5 million.
• T. Rowe Price reported earnings of $2.24 per share for the last quarter, beating estimates by $0.09, despite a 0.6% decline in revenue compared to the previous year.
• The company has announced a quarterly dividend of $1.27 per share, with a yield of 4.8%, to be paid on September 29th.

Confluence Investment Management LLC cut its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 1.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 948,453 shares of the asset manager's stock after selling 9,889 shares during the period. Confluence Investment Management LLC owned 0.43% of T. Rowe Price Group worth $91,526,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of TROW. Zions Bancorporation National Association UT bought a new position in T. Rowe Price Group in the 1st quarter worth approximately $27,000. Hexagon Capital Partners LLC boosted its holdings in T. Rowe Price Group by 44.8% in the 1st quarter. Hexagon Capital Partners LLC now owns 365 shares of the asset manager's stock worth $34,000 after buying an additional 113 shares during the period. Smallwood Wealth Investment Management LLC bought a new position in T. Rowe Price Group in the 1st quarter worth approximately $39,000. Chilton Capital Management LLC bought a new position in T. Rowe Price Group in the 1st quarter worth approximately $41,000. Finally, Ameriflex Group Inc. bought a new position in T. Rowe Price Group in the 4th quarter valued at $42,000. 73.39% of the stock is owned by institutional investors.

T. Rowe Price Group Stock Performance

NASDAQ TROW opened at $105.63 on Friday. T. Rowe Price Group, Inc. has a 52-week low of $77.85 and a 52-week high of $125.81. The company has a market capitalization of $23.21 billion, a P/E ratio of 11.80, a P/E/G ratio of 2.76 and a beta of 1.51. The company has a fifty day moving average of $105.69 and a 200-day moving average of $97.53.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last posted its quarterly earnings data on Friday, August 1st. The asset manager reported $2.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.15 by $0.09. T. Rowe Price Group had a net margin of 28.72% and a return on equity of 19.77%. The company had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.72 billion. During the same period in the previous year, the firm posted $2.26 EPS. The firm's revenue was down .6% compared to the same quarter last year. As a group, analysts forecast that T. Rowe Price Group, Inc. will post 9.29 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be issued a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date of this dividend is Monday, September 15th. T. Rowe Price Group's payout ratio is currently 56.76%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Evercore ISI restated a "positive" rating on shares of T. Rowe Price Group in a research report on Friday, September 5th. Wells Fargo & Company boosted their price target on shares of T. Rowe Price Group from $98.00 to $108.00 and gave the company an "equal weight" rating in a research report on Friday, July 11th. Morgan Stanley boosted their price target on shares of T. Rowe Price Group from $112.00 to $116.00 and gave the company an "equal weight" rating in a research report on Monday, August 4th. Keefe, Bruyette & Woods boosted their price target on shares of T. Rowe Price Group from $110.00 to $112.00 and gave the company a "market perform" rating in a research report on Monday, August 4th. Finally, Zacks Research lowered shares of T. Rowe Price Group from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 8th. One research analyst has rated the stock with a Buy rating, eight have given a Hold rating and four have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and a consensus price target of $101.55.

T. Rowe Price Group Company 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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