L. Roy Papp & Associates LLP Sells 22,592 Shares of T. Rowe Price Group, Inc. $TROW

Key Points

• L. Roy Papp & Associates LLP cut its stake in T. Rowe Price by 24.9%, selling 22,592 shares in Q4 and now holds 68,230 shares worth about $6.985 million.
• Equity analysts have a consensus rating of "Reduce" for TROW with an average price target of $96.85 after several firms trimmed targets and issued sell/underweight views.
• T. Rowe Price raised its quarterly dividend to $1.30 (annualized $5.20), implying a yield of about 5.2%.

L. Roy Papp & Associates LLP lowered its position in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 24.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 68,230 shares of the asset manager's stock after selling 22,592 shares during the quarter. L. Roy Papp & Associates LLP's holdings in T. Rowe Price Group were worth $6,985,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Thurston Springer Miller Herd & Titak Inc. grew its holdings in T. Rowe Price Group by 540.9% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 282 shares of the asset manager's stock worth $29,000 after acquiring an additional 238 shares in the last quarter. Root Financial Partners LLC bought a new position in T. Rowe Price Group during the 3rd quarter worth about $30,000. Canton Hathaway LLC bought a new position in T. Rowe Price Group during the 4th quarter worth about $31,000. Sound Income Strategies LLC grew its holdings in T. Rowe Price Group by 170.3% during the 4th quarter. Sound Income Strategies LLC now owns 300 shares of the asset manager's stock worth $32,000 after acquiring an additional 189 shares in the last quarter. Finally, Salomon & Ludwin LLC grew its holdings in T. Rowe Price Group by 84.3% during the 3rd quarter. Salomon & Ludwin LLC now owns 317 shares of the asset manager's stock worth $33,000 after acquiring an additional 145 shares in the last quarter. Institutional investors own 73.39% of the company's stock.

Analysts Set New Price Targets

TROW has been the topic of several recent research reports. The Goldman Sachs Group increased their target price on shares of T. Rowe Price Group from $80.00 to $85.00 and gave the stock a "sell" rating in a report on Tuesday, April 14th. Barclays dropped their target price on T. Rowe Price Group from $94.00 to $87.00 and set an "underweight" rating on the stock in a research report on Friday. Evercore dropped their target price on T. Rowe Price Group from $99.00 to $96.00 in a research report on Friday, April 10th. Morgan Stanley dropped their target price on T. Rowe Price Group from $115.00 to $107.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 1st. Finally, Bank of America increased their target price on T. Rowe Price Group from $85.00 to $86.00 in a research report on Wednesday, January 14th. Ten equities research analysts have rated the stock with a Hold rating and five have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Reduce" and an average price target of $96.85.

T. Rowe Price Group Price Performance

T. Rowe Price Group stock opened at $99.14 on Wednesday. The stock has a market capitalization of $21.57 billion, a price-to-earnings ratio of 10.72, a PEG ratio of 4.25 and a beta of 1.50. T. Rowe Price Group, Inc. has a 1-year low of $84.40 and a 1-year high of $118.22. The business has a fifty day moving average price of $91.93 and a 200-day moving average price of $99.42.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last posted its quarterly earnings data on Wednesday, February 4th. The asset manager reported $2.44 earnings per share for the quarter, missing analysts' consensus estimates of $2.47 by ($0.03). The business had revenue of $1.93 billion during the quarter, compared to analyst estimates of $1.92 billion. T. Rowe Price Group had a return on equity of 20.29% and a net margin of 28.53%.The firm's revenue for the quarter was up 6.0% compared to the same quarter last year. During the same period in the previous year, the business earned $2.12 EPS. On average, equities research analysts anticipate that T. Rowe Price Group, Inc. will post 9.69 earnings per share for the current fiscal year.

T. Rowe Price Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 30th. Investors of record on Monday, March 16th were paid a $1.30 dividend. This is a boost from T. Rowe Price Group's previous quarterly dividend of $1.27. The ex-dividend date was Monday, March 16th. This represents a $5.20 dividend on an annualized basis and a yield of 5.2%. T. Rowe Price Group's dividend payout ratio (DPR) is 56.22%.

T. Rowe Price Group Profile

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland, founded by Thomas Rowe Price Jr. in 1937. The company provides a broad range of investment products and services for individual investors, financial intermediaries, retirement plan sponsors and institutional clients. Its offerings are built around active investment management and in-house research across equity, fixed income and multi-asset strategies, reflecting a long history as a research-driven asset manager.

The firm's product lineup includes mutual funds, separate accounts, collective investment trusts, target-date and target-risk funds, and managed account solutions, as well as services for defined contribution and defined benefit retirement plans.

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