First Citizens Bank & Trust Co. Has $7.02 Million Stock Position in T. Rowe Price Group, Inc. $TROW

Key Points

• First Citizens Bank & Trust Co. increased its stake in T. Rowe Price Group by 9.7%, holding 72,711 shares valued at approximately $7.02 million.
• Multiple hedge funds, including Invesco Ltd. and Vanguard Group Inc., have notably increased their investments in T. Rowe Price Group, with institutional investors holding 73.39% of the stock.
• T. Rowe Price Group's latest earnings report showed an EPS of $2.24, slightly above analyst expectations, but revenue decreased by 0.6% year-over-year.

First Citizens Bank & Trust Co. grew its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 9.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 72,711 shares of the asset manager's stock after buying an additional 6,440 shares during the period. First Citizens Bank & Trust Co.'s holdings in T. Rowe Price Group were worth $7,017,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the company. Invesco Ltd. lifted its holdings in shares of T. Rowe Price Group by 43.2% during the 1st quarter. Invesco Ltd. now owns 3,433,684 shares of the asset manager's stock valued at $315,453,000 after purchasing an additional 1,035,865 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of T. Rowe Price Group by 7.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 7,706,251 shares of the asset manager's stock valued at $707,973,000 after buying an additional 519,075 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of T. Rowe Price Group during the second quarter worth $37,722,000. Vanguard Group Inc. raised its holdings in shares of T. Rowe Price Group by 0.9% during the first quarter. Vanguard Group Inc. now owns 26,286,393 shares of the asset manager's stock worth $2,414,931,000 after acquiring an additional 222,556 shares during the period. Finally, Vest Financial LLC lifted its position in T. Rowe Price Group by 31.1% in the 2nd quarter. Vest Financial LLC now owns 616,351 shares of the asset manager's stock valued at $59,478,000 after acquiring an additional 146,382 shares in the last quarter. 73.39% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have weighed in on TROW. BMO Capital Markets initiated coverage on T. Rowe Price Group in a research report on Friday, October 3rd. They set a "market perform" rating and a $108.00 price target for the company. Barclays lifted their price target on shares of T. Rowe Price Group from $95.00 to $103.00 and gave the company an "underweight" rating in a research note on Tuesday. JPMorgan Chase & Co. increased their price objective on shares of T. Rowe Price Group from $102.00 to $109.00 and gave the stock an "underweight" rating in a research note on Wednesday, October 15th. Keefe, Bruyette & Woods lifted their target price on T. Rowe Price Group from $112.00 to $115.00 and gave the company a "hold" rating in a research report on Monday, October 13th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of T. Rowe Price Group in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, ten have given a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, T. Rowe Price Group has a consensus rating of "Reduce" and a consensus target price of $107.54.

Insider Transactions at T. Rowe Price Group

In related news, Director Robert F. Maclellan sold 3,090 shares of the business's stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $105.01, for a total value of $324,480.90. Following the transaction, the director owned 47,335 shares in the company, valued at $4,970,648.35. The trade was a 6.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.00% of the stock is currently owned by insiders.

T. Rowe Price Group Stock Down 0.8%

Shares of NASDAQ:TROW opened at $103.42 on Thursday. T. Rowe Price Group, Inc. has a 12-month low of $77.85 and a 12-month high of $125.81. The company's 50 day moving average price is $105.55 and its two-hundred day moving average price is $99.18. The firm has a market cap of $22.72 billion, a PE ratio of 11.56, a PEG ratio of 5.72 and a beta of 1.50.

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

T. Rowe Price Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Monday, September 15th were given a dividend of $1.27 per share. The ex-dividend date was Monday, September 15th. This represents a $5.08 dividend on an annualized basis and a yield of 4.9%. T. Rowe Price Group's payout ratio is currently 56.76%.

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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