Grimes & Company Inc. Lowers Stock Holdings in T. Rowe Price Group, Inc. $TROW

Key Points

• Grimes & Company Inc. reduced its stake in T. Rowe Price Group by 34.6%, resulting in ownership of approximately 137,211 shares worth $13.2 million as of the latest SEC filing.
• T. Rowe Price Group's most recent quarterly earnings showed an EPS of $2.24, surpassing the consensus estimate of $2.15, despite a 0.6% decline in year-over-year revenue.
• The firm recently declared a quarterly dividend of $1.27 per share, translating to an annualized dividend of $5.08 and a yield of 4.9%.

Grimes & Company Inc. trimmed its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 34.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 137,211 shares of the asset manager's stock after selling 72,608 shares during the period. Grimes & Company Inc. owned about 0.06% of T. Rowe Price Group worth $13,241,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in the stock. TFG Advisers LLC boosted its position in T. Rowe Price Group by 3.6% in the 2nd quarter. TFG Advisers LLC now owns 2,779 shares of the asset manager's stock valued at $268,000 after buying an additional 97 shares during the period. Cooper Financial Group raised its holdings in shares of T. Rowe Price Group by 5.2% in the 1st quarter. Cooper Financial Group now owns 2,234 shares of the asset manager's stock valued at $205,000 after purchasing an additional 110 shares in the last quarter. Hexagon Capital Partners LLC raised its holdings in shares of T. Rowe Price Group by 44.8% in the 1st quarter. Hexagon Capital Partners LLC now owns 365 shares of the asset manager's stock valued at $34,000 after purchasing an additional 113 shares in the last quarter. Associated Banc Corp raised its holdings in shares of T. Rowe Price Group by 0.5% in the 1st quarter. Associated Banc Corp now owns 24,864 shares of the asset manager's stock valued at $2,284,000 after purchasing an additional 114 shares in the last quarter. Finally, Dakota Wealth Management raised its holdings in shares of T. Rowe Price Group by 4.7% in the 2nd quarter. Dakota Wealth Management now owns 2,537 shares of the asset manager's stock valued at $245,000 after purchasing an additional 114 shares in the last quarter. 73.39% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at T. Rowe Price Group

In related news, Director Robert F. Maclellan sold 3,090 shares of the stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $105.01, for a total transaction of $324,480.90. Following the sale, the director directly owned 47,335 shares of the company's stock, valued at approximately $4,970,648.35. This represents a 6.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 1.60% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. JPMorgan Chase & Co. boosted their price target 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, August 4th. Wells Fargo & Company boosted their price target on shares of T. Rowe Price Group from $98.00 to $108.00 and gave the company an "equal weight" rating in a report on Friday, July 11th. Weiss Ratings restated a "hold (c)" rating on shares of T. Rowe Price Group in a report on Saturday, September 27th. Keefe, Bruyette & Woods boosted their price target on shares of T. Rowe Price Group from $110.00 to $112.00 and gave the company a "market perform" rating in a report on Monday, August 4th. Finally, Bank of America boosted their price target on shares of T. Rowe Price Group from $91.00 to $97.00 and gave the company an "underperform" rating in a report on Thursday. One equities research analyst has rated the stock with a Buy rating, ten have given a Hold rating and four have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Reduce" and a consensus target price of $104.08.

T. Rowe Price Group Price Performance

TROW stock opened at $103.28 on Monday. The firm's fifty day simple moving average is $105.71 and its 200-day simple moving average is $98.13. The company has a market capitalization of $22.69 billion, a P/E ratio of 11.54, a price-to-earnings-growth ratio of 6.68 and a beta of 1.50. 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 released its quarterly earnings data on Friday, August 1st. The asset manager reported $2.24 EPS for the quarter, beating the consensus estimate of $2.15 by $0.09. The business had revenue of $1.72 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the prior year, the firm earned $2.26 EPS. As a group, sell-side analysts forecast that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current year.

T. Rowe Price Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Monday, September 15th were issued a $1.27 dividend. This represents a $5.08 annualized dividend and a dividend yield of 4.9%. The ex-dividend date of this dividend was Monday, September 15th. T. Rowe Price Group's dividend payout ratio is 56.76%.

About T. Rowe Price Group

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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