First National Trust Co Trims Holdings 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 lessened its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 55.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 24,840 shares of the asset manager's stock after selling 30,967 shares during the quarter. First National Trust Co's holdings in T. Rowe Price Group were worth $2,282,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Hexagon Capital Partners LLC increased its position 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 worth $34,000 after purchasing an additional 113 shares during the last quarter. Wealthcare Capital Partners LLC grew its holdings in shares of T. Rowe Price Group by 1.2% in the first quarter. Wealthcare Capital Partners LLC now owns 9,429 shares of the asset manager's stock worth $866,000 after purchasing an additional 115 shares during the last quarter. Cullen Investment Group LTD. grew its holdings in shares of T. Rowe Price Group by 0.9% in the first quarter. Cullen Investment Group LTD. now owns 13,554 shares of the asset manager's stock worth $1,245,000 after purchasing an additional 117 shares during the last quarter. Federated Hermes Inc. grew its holdings in shares of T. Rowe Price Group by 6.7% in the first quarter. Federated Hermes Inc. now owns 2,112 shares of the asset manager's stock worth $194,000 after purchasing an additional 133 shares during the last quarter. Finally, Gen Wealth Partners Inc lifted its stake in T. Rowe Price Group by 3.1% in the fourth quarter. Gen Wealth Partners Inc now owns 4,651 shares of the asset manager's stock worth $526,000 after acquiring an additional 139 shares during the period. Institutional investors own 73.39% of the company's stock.

T. Rowe Price Group Stock Performance

T. Rowe Price Group stock traded up $2.52 during mid-day trading on Monday, hitting $105.58. The company's stock had a trading volume of 776,338 shares, compared to its average volume of 1,840,237. The company has a 50 day moving average of $98.38 and a 200-day moving average of $98.22. The stock has a market cap of $23.26 billion, a PE ratio of 11.79, a P/E/G ratio of 3.03 and a beta of 1.47. T. Rowe Price Group, Inc. has a one year low of $77.85 and a one year high of $125.81.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last posted its quarterly earnings results 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 return on equity of 19.84% and a net margin of 28.72%. The business had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.72 billion. During the same quarter in the prior year, the company earned $2.26 EPS. The business's revenue was down .6% compared to the same quarter last year. On average, equities research analysts forecast 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 dividend of $1.27 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 4.8%. T. Rowe Price Group's dividend payout ratio is presently 56.76%.

Insiders Place Their Bets

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

Analyst Ratings Changes

A number of brokerages have recently commented on TROW. JPMorgan Chase & Co. boosted their target price on shares of T. Rowe Price Group from $98.00 to $102.00 and gave the company an "underweight" rating in a report on Monday. Keefe, Bruyette & Woods lifted their price objective on T. Rowe Price Group from $110.00 to $112.00 and gave the stock a "market perform" rating in a report on Monday. Barclays lifted their price objective 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. Wells Fargo & Company boosted their price target on T. Rowe Price Group from $98.00 to $108.00 and gave the company an "equal weight" rating in a research note on Friday, July 11th. Finally, TD Cowen cut their price objective on 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, the company presently has a consensus rating of "Hold" and an average price target of $100.73.

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.