T. Rowe Price Group, Inc. $TROW Shares Purchased by Farther Finance Advisors LLC

Key Points

• Farther Finance Advisors LLC increased its T. Rowe Price position by 83.2% in the third quarter, bringing its holdings to 24,518 shares valued at approximately $2.55 million. Institutional investors collectively own 73.39% of the company.
• T. Rowe Price reported quarterly EPS of $2.57, exceeding estimates of $2.52, while revenue rose 10.7% year over year to $1.91 billion. The company also paid a quarterly dividend of $1.30 per share, representing a 5.0% annualized yield.
• Analyst sentiment remains cautious, with an average “Reduce” rating and a consensus price target of $104.69, close to the stock’s reported price of $103.99.

Farther Finance Advisors LLC lifted its position in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 83.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 24,518 shares of the asset manager's stock after acquiring an additional 11,133 shares during the period. Farther Finance Advisors LLC's holdings in T. Rowe Price Group were worth $2,551,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Twin Tree Management LP purchased a new position in shares of T. Rowe Price Group during the 2nd quarter valued at about $2,989,000. Envestnet Portfolio Solutions Inc. lifted its holdings in shares of T. Rowe Price Group by 6.1% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 174,047 shares of the asset manager's stock valued at $19,787,000 after buying an additional 10,077 shares during the period. BlackRock Inc. purchased a new stake in shares of T. Rowe Price Group in the second quarter worth about $2,728,119,000. Louisiana State Employees Retirement System purchased a new stake in shares of T. Rowe Price Group in the first quarter worth about $1,001,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in T. Rowe Price Group by 15.2% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 245,033 shares of the asset manager's stock worth $27,858,000 after acquiring an additional 32,372 shares during the period. Hedge funds and other institutional investors own 73.39% of the company's stock.

T. Rowe Price Group Price Performance

Shares of TROW stock opened at $103.99 on Tuesday. T. Rowe Price Group, Inc. has a 1-year low of $85.22 and a 1-year high of $122.00. The company has a market cap of $22.18 billion, a price-to-earnings ratio of 10.43, a PEG ratio of 4.56 and a beta of 1.45. The stock has a 50 day simple moving average of $108.37 and a 200-day simple moving average of $106.47.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last released its quarterly earnings results on Friday, July 31st. The asset manager reported $2.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.52 by $0.05. The firm had revenue of $1.91 billion for the quarter, compared to analysts' expectations of $1.89 billion. T. Rowe Price Group had a net margin of 29.26% and a return on equity of 20.91%. The firm's revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter last year, the company earned $2.24 EPS. Analysts anticipate that T. Rowe Price Group, Inc. will post 10.13 earnings per share for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th were issued a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 5.0%. The ex-dividend date of this dividend was Tuesday, September 15th. T. Rowe Price Group's dividend payout ratio (DPR) is presently 52.16%.

Insider Activity

In other news, VP Joshua Nelson sold 10,000 shares of T. Rowe Price Group stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $111.82, for a total value of $1,118,200.00. Following the sale, the vice president owned 71,328 shares in the company, valued at $7,975,896.96. This trade represents a 12.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.60% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several brokerages recently weighed in on TROW. Zacks Research cut T. Rowe Price Group from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 13th. Barclays lowered their price objective on T. Rowe Price Group from $108.00 to $103.00 and set an "underweight" rating on the stock in a research report on Monday, August 3rd. BMO Capital Markets raised their price objective on shares of T. Rowe Price Group from $110.00 to $120.00 and gave the stock a "market perform" rating in a research note on Monday, August 3rd. Weiss Ratings raised shares of T. Rowe Price Group from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, September 4th. Finally, UBS Group started coverage on shares of T. Rowe Price Group in a report on Wednesday, October 7th. They set a "neutral" rating and a $107.00 target price for the company. One analyst has rated the stock with a Buy rating, ten have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Reduce" and a consensus price target of $104.69.

About T. Rowe Price Group

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland. The company provides investment strategies and related services to individual investors, retirement plans, financial intermediaries, institutions, and other clients.

Its offerings include actively managed mutual funds, exchange-traded funds, separately managed accounts, collective investment trusts, and other portfolio solutions. T. Rowe Price invests across equity, fixed-income, multi-asset, and alternative strategies, and also provides retirement planning, asset allocation, advisory, and investment research services.

Founded in 1937 by Thomas Rowe Price Jr., the company serves clients through operations and distribution relationships in the United States and international markets.

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