T. Rowe Price Group, Inc. $TROW Shares Sold by Asset Advisors Investment Management LLC

Key Points

• Asset Advisors Investment Management LLC decreased its holdings in T. Rowe Price Group, Inc. by 5.7%, owning 42,750 shares worth approximately $4.13 million after selling 2,600 shares in the second quarter.
• Analysts have mixed views on the stock, with one Buy rating, eight Holds, and four Sells, resulting in a consensus rating of "Reduce" and a target price of $102.64.
• T. Rowe Price reported earnings of $2.24 per share for the last quarter, exceeding expectations, but its revenue decreased by 0.6% compared to the same quarter last year.

Asset Advisors Investment Management LLC lowered its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 5.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 42,750 shares of the asset manager's stock after selling 2,600 shares during the period. Asset Advisors Investment Management LLC's holdings in T. Rowe Price Group were worth $4,125,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Zions Bancorporation National Association UT purchased a new stake in shares of T. Rowe Price Group during the first quarter worth about $27,000. Hexagon Capital Partners LLC grew its holdings in T. Rowe Price Group by 44.8% in the first 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 during the period. Smallwood Wealth Investment Management LLC purchased a new stake in T. Rowe Price Group in the first quarter valued at approximately $39,000. Chilton Capital Management LLC purchased a new stake in T. Rowe Price Group in the first quarter valued at approximately $41,000. Finally, Cromwell Holdings LLC grew its holdings in T. Rowe Price Group by 3,483.3% in the second quarter. Cromwell Holdings LLC now owns 430 shares of the asset manager's stock valued at $41,000 after purchasing an additional 418 shares during the period. Institutional investors and hedge funds own 73.39% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Evercore ISI reissued a "positive" rating on shares of T. Rowe Price Group in a research report on Friday, September 5th. JPMorgan Chase & Co. boosted their target price on shares of T. Rowe Price Group from $98.00 to $102.00 and gave the stock an "underweight" rating in a research report on Monday, August 4th. Bank of America boosted their target price on shares of T. Rowe Price Group from $91.00 to $97.00 and gave the stock an "underperform" rating in a research report on Thursday. Morgan Stanley boosted their target price on shares of T. Rowe Price Group from $112.00 to $116.00 and gave the stock an "equal weight" rating in a research report on Monday, August 4th. Finally, Barclays reissued an "underweight" rating and set a $95.00 target price (up from $91.00) on shares of T. Rowe Price Group in a research report on Monday, August 4th. One investment analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and four have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Reduce" and a consensus target price of $102.64.

T. Rowe Price Group Price Performance

TROW opened at $101.71 on Friday. T. Rowe Price Group, Inc. has a 12-month low of $77.85 and a 12-month high of $125.81. The firm's fifty day moving average price is $105.78 and its 200 day moving average price is $98.00. The stock has a market capitalization of $22.35 billion, a PE ratio of 11.36, a P/E/G ratio of 2.62 and a beta of 1.50.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last released its earnings results on Friday, August 1st. The asset manager reported $2.24 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.09. T. Rowe Price Group had a net margin of 28.72% and a return on equity of 19.77%. The firm had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.72 billion. During the same quarter in the previous year, the firm earned $2.26 earnings per share. The firm's revenue for the quarter was down .6% compared to the same quarter last year. On average, equities research analysts forecast that T. Rowe Price Group, Inc. will post 9.29 earnings per share 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. Stockholders of record on Monday, September 15th were given a dividend of $1.27 per share. The ex-dividend date was Monday, September 15th. This represents a $5.08 annualized dividend and a dividend yield of 5.0%. T. Rowe Price Group's dividend payout ratio is currently 56.76%.

Insider Activity at T. Rowe Price Group

In other news, Director Robert F. Maclellan sold 3,090 shares of the company's stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $105.01, for a total transaction of $324,480.90. Following the completion of the transaction, the director owned 47,335 shares in the company, valued at approximately $4,970,648.35. This represents a 6.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.00% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.