First Citizens Bank & Trust Co. Buys 2,672 Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW)

First Citizens Bank & Trust Co. boosted its position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 4.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 66,271 shares of the asset manager's stock after purchasing an additional 2,672 shares during the period. First Citizens Bank & Trust Co.'s holdings in T. Rowe Price Group were worth $6,088,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Addison Advisors LLC boosted its position in shares of T. Rowe Price Group by 67.4% in the 4th quarter. Addison Advisors LLC now owns 231 shares of the asset manager's stock valued at $26,000 after purchasing an additional 93 shares during the period. Curio Wealth LLC bought a new stake in shares of T. Rowe Price Group during the fourth quarter worth $27,000. Stonebridge Financial Group LLC acquired a new position in T. Rowe Price Group in the fourth quarter valued at about $32,000. Advantage Trust Co increased 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 worth $34,000 after purchasing an additional 100 shares in the last quarter. Finally, Ameriflex Group Inc. bought a new stake in shares of T. Rowe Price Group in the fourth quarter worth $42,000. 73.39% of the stock is currently owned by institutional investors.

T. Rowe Price Group Trading Up 1.0%

TROW traded up $0.95 during trading hours on Tuesday, hitting $95.93. The company's stock had a trading volume of 1,201,294 shares, compared to its average volume of 1,505,788. The stock has a market cap of $21.13 billion, a price-to-earnings ratio of 10.47, a P/E/G ratio of 2.86 and a beta of 1.49. The business's 50-day moving average price is $90.73 and its 200-day moving average price is $103.11. T. Rowe Price Group, Inc. has a 12 month low of $77.85 and a 12 month high of $125.81.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last announced its quarterly earnings data on Friday, May 2nd. The asset manager reported $2.23 earnings per share for the quarter, beating analysts' consensus estimates of $2.13 by $0.10. The company had revenue of $1.76 billion during the quarter, compared to analyst estimates of $1.80 billion. T. Rowe Price Group had a net margin of 29.61% and a return on equity of 20.83%. The firm's revenue for the quarter was up .8% on a year-over-year basis. During the same quarter last year, the business posted $2.38 EPS. On average, analysts forecast that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current year.

T. Rowe Price Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 13th will be paid a $1.27 dividend. This represents a $5.08 annualized dividend and a dividend yield of 5.30%. The ex-dividend date is Friday, June 13th. T. Rowe Price Group's dividend payout ratio is currently 57.60%.

Wall Street Analyst Weigh In

TROW has been the topic of several recent research reports. Wells Fargo & Company lowered their target price on shares of T. Rowe Price Group from $116.00 to $98.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 8th. Cowen restated a "hold" rating on shares of T. Rowe Price Group in a report on Monday, May 5th. Bank of America dropped their price objective on T. Rowe Price Group from $90.00 to $85.00 and set an "underperform" rating for the company in a research note on Thursday, April 3rd. JPMorgan Chase & Co. lowered their target price on T. Rowe Price Group from $110.00 to $90.00 and set an "underweight" rating for the company in a research note on Wednesday, April 16th. Finally, TD Cowen decreased their price target on shares of T. Rowe Price Group from $112.00 to $89.00 and set a "hold" rating for the company in a research note on Wednesday, April 9th. Four equities research analysts have rated the stock with a sell rating and nine have issued a hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $94.09.

Insiders Place Their Bets

In other news, insider Jessica M. Hiebler sold 968 shares of the business's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $96.98, for a total value of $93,876.64. Following the completion of the sale, the insider now owns 13,611 shares of the company's stock, valued at approximately $1,319,994.78. The trade was a 6.64% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert F. Maclellan sold 3,955 shares of the stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $91.56, for a total value of $362,119.80. Following the sale, the director now owns 42,979 shares in the company, valued at $3,935,157.24. The trade was a 8.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is owned by company insiders.

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.