Northeast Investment Management Has $2.85 Million Stake in T. Rowe Price Group, Inc. $TROW

Key Points

• Northeast Investment Management reduced its stake in T. Rowe Price Group, Inc. by 52.5%, owning 29,558 shares valued at $2.85 million as per their latest SEC filing.
• Several institutional investors increased their positions in T. Rowe Price Group, with a total of 73.39% of the stock currently owned by institutions and hedge funds.
• The company's quarterly earnings report showed an EPS of $2.24, beating estimates, with a revenue decline of 0.6% compared to the previous year.

Northeast Investment Management trimmed its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 52.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,558 shares of the asset manager's stock after selling 32,634 shares during the period. Northeast Investment Management's holdings in T. Rowe Price Group were worth $2,852,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of TROW. GAMMA Investing LLC grew its position in T. Rowe Price Group by 5.1% in the 1st quarter. GAMMA Investing LLC now owns 3,627 shares of the asset manager's stock worth $333,000 after purchasing an additional 176 shares during the last quarter. Exchange Traded Concepts LLC grew its position in T. Rowe Price Group by 27.9% in the 1st quarter. Exchange Traded Concepts LLC now owns 971 shares of the asset manager's stock worth $89,000 after purchasing an additional 212 shares during the last quarter. QRG Capital Management Inc. grew its position in T. Rowe Price Group by 21.3% in the 1st quarter. QRG Capital Management Inc. now owns 14,186 shares of the asset manager's stock worth $1,303,000 after purchasing an additional 2,491 shares during the last quarter. State of Alaska Department of Revenue grew its position in T. Rowe Price Group by 3.0% in the 1st quarter. State of Alaska Department of Revenue now owns 26,084 shares of the asset manager's stock worth $2,396,000 after purchasing an additional 755 shares during the last quarter. Finally, Canton Hathaway LLC acquired a new stake in T. Rowe Price Group in the 1st quarter worth $96,000. 73.39% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other T. Rowe Price Group news, Director Robert F. Maclellan sold 3,090 shares of the business's stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $105.01, for a total value of $324,480.90. Following the transaction, the director directly owned 47,335 shares in the company, valued at $4,970,648.35. The trade was a 6.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on TROW shares. Bank of America lifted their target price on shares of T. Rowe Price Group from $91.00 to $97.00 and gave the company an "underperform" rating in a research report on Thursday, October 2nd. Wells Fargo & Company lifted their target price on shares of T. Rowe Price Group from $98.00 to $108.00 and gave the company an "equal weight" rating in a research report on Friday, July 11th. Morgan Stanley lifted their target price on shares of T. Rowe Price Group from $116.00 to $125.00 and gave the company a "positive" rating in a research report on Monday, October 6th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of T. Rowe Price Group from $109.00 to $114.00 and gave the company a "hold" rating in a research report on Thursday, October 9th. Finally, Evercore ISI lifted their target price on shares of T. Rowe Price Group from $115.00 to $118.00 and gave the company an "in-line" rating in a research report on Thursday, October 9th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, ten have given a Hold rating and four have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Reduce" and an average price target of $106.92.

T. Rowe Price Group Stock Up 0.5%

NASDAQ:TROW opened at $103.70 on Friday. The firm has a market cap of $22.78 billion, a PE ratio of 11.59, a price-to-earnings-growth ratio of 5.69 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. The company's 50-day moving average price is $105.78 and its two-hundred day moving average price is $98.88.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last released its quarterly earnings results on Friday, August 1st. The asset manager reported $2.24 EPS for the quarter, beating analysts' consensus estimates of $2.15 by $0.09. The firm had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.72 billion. T. Rowe Price Group had a net margin of 28.72% and a return on equity of 19.77%. The company's revenue for the quarter was down .6% compared to the same quarter last year. During the same period in the previous year, the business earned $2.26 earnings per share. On average, research analysts expect that T. Rowe Price Group, Inc. will post 9.29 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Monday, September 15th were given a $1.27 dividend. The ex-dividend date was Monday, September 15th. This represents a $5.08 dividend on an annualized basis and a yield of 4.9%. T. Rowe Price Group's 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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