First National Trust Co Reduces Stock Position in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Key Points

• First National Trust Co has reduced its stake in T. Rowe Price Group by 55.5%, selling 30,967 shares for a total holding of 24,840 shares valued at approximately $2.28 million.
• Recent changes in analyst ratings include a price target increase by Morgan Stanley from $95.00 to $104.00, while Evercore ISI lowered their price objective from $104.00 to $80.00.
• The quarterly dividend announced was $1.27 per share, with a dividend yield of 4.89% and a payout ratio of 57.60%.

First National Trust Co cut its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 55.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,840 shares of the asset manager's stock after selling 30,967 shares during the period. First National Trust Co's holdings in T. Rowe Price Group were worth $2,282,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Ameriflex Group Inc. acquired a new position in T. Rowe Price Group in the fourth quarter valued at approximately $42,000. Hexagon Capital Partners LLC boosted its holdings in shares of T. Rowe Price Group by 44.8% in the first quarter. Hexagon Capital Partners LLC now owns 365 shares of the asset manager's stock valued at $34,000 after acquiring an additional 113 shares during the period. Smallwood Wealth Investment Management LLC acquired a new stake in shares of T. Rowe Price Group in the first quarter valued at approximately $39,000. Chilton Capital Management LLC acquired a new stake in shares of T. Rowe Price Group during the first quarter worth $41,000. Finally, Wayfinding Financial LLC acquired a new stake in shares of T. Rowe Price Group during the first quarter worth $43,000. 73.39% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Barclays increased their price target on T. Rowe Price Group from $90.00 to $91.00 and gave the stock an "underweight" rating in a report on Wednesday, July 16th. Morgan Stanley increased their price target on T. Rowe Price Group from $95.00 to $104.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 2nd. TD Cowen decreased their price target on T. Rowe Price Group from $112.00 to $89.00 and set a "hold" rating for the company in a report on Wednesday, April 9th. Bank of America decreased their price target on T. Rowe Price Group from $90.00 to $85.00 and set an "underperform" rating for the company in a report on Thursday, April 3rd. Finally, Wells Fargo & Company increased their price target on T. Rowe Price Group from $98.00 to $108.00 and gave the stock an "equal weight" rating in a report on Friday, July 11th. Four research analysts have rated the stock with a sell rating and nine have issued a hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $96.64.

Insiders Place Their Bets

In other news, insider Jessica M. Hiebler sold 968 shares of the firm's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $96.98, for a total value of $93,876.64. Following the completion of the transaction, the insider owned 13,611 shares in the company, valued at $1,319,994.78. This trade represents a 6.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Dorothy C. Sawyer sold 2,000 shares of the firm's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $95.43, for a total value of $190,860.00. Following the completion of the transaction, the vice president owned 44,789 shares of the company's stock, valued at approximately $4,274,214.27. This represents a 4.27% decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.00% of the company's stock.

T. Rowe Price Group Stock Performance

NASDAQ:TROW traded up $1.61 during trading hours on Friday, hitting $103.06. The company's stock had a trading volume of 3,037,752 shares, compared to its average volume of 1,715,608. The business's 50-day moving average is $98.38 and its two-hundred day moving average is $98.42. The company has a market capitalization of $22.71 billion, a PE ratio of 11.68, a PEG ratio of 2.99 and a beta of 1.47. T. Rowe Price Group, Inc. has a 52-week low of $77.85 and a 52-week high of $125.81.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last announced its quarterly earnings results on Friday, August 1st. The asset manager reported $2.24 earnings per share for the quarter, beating analysts' consensus estimates of $2.15 by $0.09. T. Rowe Price Group had a return on equity of 20.17% and a net margin of 28.38%. The business had revenue of $1.72 billion during the quarter, compared to analysts' expectations of $1.72 billion. During the same quarter last year, the business posted $2.26 earnings per share. The business's revenue for the quarter was down .6% on a year-over-year basis. As a group, analysts predict that T. Rowe Price Group, Inc. will post 9.29 EPS for the current fiscal year.

T. Rowe Price Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 13th were given a $1.27 dividend. The ex-dividend date was Friday, June 13th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 4.9%. T. Rowe Price Group's dividend payout ratio (DPR) is currently 57.60%.

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.