First Citizens Bank & Trust Co. Sells 50,721 Shares of T. Rowe Price Group, Inc. $TROW

Key Points

• First Citizens Bank & Trust Co. cut its T. Rowe Price stake by 27.1% in the third quarter, selling 50,721 shares and retaining 136,155 shares valued at approximately $14.2 million. Institutional investors collectively own 73.39% of the company.
• T. Rowe Price reported quarterly earnings of $2.57 per share, exceeding estimates of $2.52, while revenue rose 10.7% year over year to $1.91 billion.
• The stock opened at $101.39, below the analyst consensus price target of $104.15, and carries a consensus “Reduce” rating. The company’s $1.30 quarterly dividend represents a 5.1% yield.

First Citizens Bank & Trust Co. decreased its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 27.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 136,155 shares of the asset manager's stock after selling 50,721 shares during the period. First Citizens Bank & Trust Co. owned about 0.06% of T. Rowe Price Group worth $14,167,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wealthcare Capital Partners LLC lifted its position in T. Rowe Price Group by 1.0% during the second quarter. Wealthcare Capital Partners LLC now owns 9,565 shares of the asset manager's stock valued at $1,087,000 after purchasing an additional 93 shares during the last quarter. Kesler Norman & Wride LLC raised its holdings in shares of T. Rowe Price Group by 0.6% in the second quarter. Kesler Norman & Wride LLC now owns 15,914 shares of the asset manager's stock worth $1,809,000 after buying an additional 96 shares during the period. MassMutual Private Wealth & Trust FSB raised its holdings in shares of T. Rowe Price Group by 9.4% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,150 shares of the asset manager's stock worth $131,000 after buying an additional 99 shares during the period. Oregon Public Employees Retirement Fund grew its position in T. Rowe Price Group by 0.4% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 25,062 shares of the asset manager's stock valued at $2,259,000 after acquiring an additional 100 shares during the last quarter. Finally, Concorde Asset Management LLC grew its position in T. Rowe Price Group by 3.9% in the 1st quarter. Concorde Asset Management LLC now owns 2,730 shares of the asset manager's stock valued at $246,000 after acquiring an additional 102 shares during the last quarter. Hedge funds and other institutional investors own 73.39% of the company's stock.

T. Rowe Price Group Stock Down 2.5%

T. Rowe Price Group stock opened at $101.39 on Wednesday. The business's 50-day moving average price is $108.09 and its 200 day moving average price is $106.55. The firm has a market cap of $21.63 billion, a price-to-earnings ratio of 10.06, a price-to-earnings-growth ratio of 4.50 and a beta of 1.45. T. Rowe Price Group, Inc. has a 52 week low of $85.22 and a 52 week high of $122.00.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last released its quarterly earnings data on Friday, July 31st. The asset manager reported $2.57 earnings per share for the quarter, beating analysts' consensus estimates of $2.52 by $0.05. The company had revenue of $1.91 billion during the quarter, compared to analysts' expectations of $1.89 billion. T. Rowe Price Group had a net margin of 29.26% and a return on equity of 20.91%. The firm's revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.24 earnings per share. Equities analysts expect that T. Rowe Price Group, Inc. will post 10.13 EPS for the current year.

T. Rowe Price Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th were issued a $1.30 dividend. This represents a $5.20 annualized dividend and a yield of 5.1%. The ex-dividend date of this dividend was Tuesday, September 15th. T. Rowe Price Group's payout ratio is presently 52.16%.

Insiders Place Their Bets

In other T. Rowe Price Group news, VP Joshua Nelson sold 10,000 shares of the stock in a transaction on 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 transaction, the vice president directly owned 71,328 shares of the company's stock, valued at $7,975,896.96. This trade represents a 12.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.60% of the company's stock.

Analysts Set New Price Targets

A number of analysts have weighed in on TROW shares. Evercore set a $109.00 target price on T. Rowe Price Group in a research note on Friday. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $115.00 target price (down from $120.00) on shares of T. Rowe Price Group in a report on Monday, August 3rd. BMO Capital Markets cut their price objective on shares of T. Rowe Price Group from $120.00 to $110.00 and set a "market perform" rating on the stock in a report on Tuesday. Barclays dropped their target price on T. Rowe Price Group from $108.00 to $103.00 and set an "underweight" rating on the stock in a research report on Monday, August 3rd. Finally, Weiss Ratings raised T. Rowe Price Group from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, September 4th. One investment 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. According to MarketBeat, T. Rowe Price Group presently has a consensus rating of "Reduce" and a consensus price target of $104.15.

T. Rowe Price Group Company Profile

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland. The company provides investment strategies and related services to individual investors, retirement plans, financial intermediaries, institutions, and other clients.

Its offerings include actively managed mutual funds, exchange-traded funds, separately managed accounts, collective investment trusts, and other portfolio solutions. T. Rowe Price invests across equity, fixed-income, multi-asset, and alternative strategies, and also provides retirement planning, asset allocation, advisory, and investment research services.

Founded in 1937 by Thomas Rowe Price Jr., the company serves clients through operations and distribution relationships in the United States and international markets.

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