T. Rowe Price Group, Inc. (NASDAQ:TROW) Shares Sold by Provident Trust Co.

Provident Trust Co. lessened its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 1.0% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,585,216 shares of the asset manager's stock after selling 26,078 shares during the period. T. Rowe Price Group accounts for approximately 4.4% of Provident Trust Co.'s investment portfolio, making the stock its 12th biggest holding. Provident Trust Co. owned approximately 1.16% of T. Rowe Price Group worth $237,504,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Curio Wealth LLC acquired a new stake in T. Rowe Price Group during the 4th quarter worth $27,000. Hexagon Capital Partners LLC increased its position in shares of T. Rowe Price Group by 44.8% during 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 in the last quarter. Smallwood Wealth Investment Management LLC acquired a new stake in shares of T. Rowe Price Group during the first quarter worth about $39,000. Chilton Capital Management LLC acquired a new stake in shares of T. Rowe Price Group during the first quarter worth about $41,000. Finally, Ameriflex Group Inc. acquired a new stake in shares of T. Rowe Price Group during the fourth quarter worth about $42,000. Institutional investors and hedge funds own 73.39% of the company's stock.

T. Rowe Price Group Stock Up 0.8%

Shares of T. Rowe Price Group stock opened at $102.26 on Tuesday. T. Rowe Price Group, Inc. has a 52-week low of $77.85 and a 52-week high of $125.81. The company's 50-day simple moving average is $95.65 and its 200-day simple moving average is $98.98. The firm has a market cap of $22.53 billion, a price-to-earnings ratio of 11.59, a price-to-earnings-growth ratio of 3.10 and a beta of 1.49.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last released its earnings results on Friday, May 2nd. The asset manager reported $2.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.13 by $0.10. T. Rowe Price Group had a return on equity of 20.17% and a net margin of 28.38%. The company had revenue of $1.76 billion for the quarter, compared to analysts' expectations of $1.80 billion. During the same quarter in the previous year, the firm posted $2.38 EPS. The firm's quarterly revenue was up .8% on a year-over-year basis. Equities research analysts anticipate that T. Rowe Price Group, Inc. will post 9.29 EPS for the current year.

T. Rowe Price Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 13th were issued a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a yield of 4.97%. The ex-dividend date was Friday, June 13th. T. Rowe Price Group's dividend payout ratio is presently 57.60%.

Insiders Place Their Bets

In related news, 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 transaction of $190,860.00. Following the transaction, the vice president owned 44,789 shares of the company's stock, valued at $4,274,214.27. This represents a 4.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 transaction, the insider directly owned 13,611 shares in the company, valued at approximately $1,319,994.78. This trade represents a 6.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.60% of the company's stock.

Analyst Ratings Changes

TROW has been the topic of several research analyst reports. Evercore ISI cut their price target on T. Rowe Price Group from $104.00 to $80.00 and set an "in-line" rating on the stock in a research report on Friday, April 11th. Barclays lifted their target price on shares of T. Rowe Price Group from $85.00 to $90.00 and gave the company an "underweight" rating in a report on Monday, May 5th. Citigroup cut their target price on shares of T. Rowe Price Group from $100.00 to $95.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. Cowen restated a "hold" rating on shares of T. Rowe Price Group in a research note on Monday, May 5th. Finally, Wells Fargo & Company lifted their price objective on shares of T. Rowe Price Group from $98.00 to $108.00 and gave the company an "equal weight" rating in a research note on Friday. Four research analysts have rated the stock with a sell rating and nine have given a hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $95.82.

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.

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