T. Rowe Price Group, Inc. $TROW Shares Sold by Beacon Financial Group

Key Points

• Beacon Financial Group reduced its stake in T. Rowe Price Group by 83.9% in the first quarter, selling 17,616 shares and leaving it with 3,373 shares worth about $304,000.
• T. Rowe Price reported better-than-expected earnings for the quarter, with EPS of $2.52 versus the $2.37 estimate and revenue of $1.86 billion, up 5.3% year over year.
• The company paid a quarterly dividend of $1.30 per share, equal to an annualized yield of 4.4%, while analysts currently have an average rating of "Reduce" and an average price target of $101.83.

Beacon Financial Group cut its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 83.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,373 shares of the asset manager's stock after selling 17,616 shares during the quarter. Beacon Financial Group's holdings in T. Rowe Price Group were worth $304,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TROW. TD Private Client Wealth LLC lifted its holdings in shares of T. Rowe Price Group by 91.8% during the 4th quarter. TD Private Client Wealth LLC now owns 257 shares of the asset manager's stock worth $26,000 after acquiring an additional 123 shares during the period. Thurston Springer Miller Herd & Titak Inc. grew its holdings in T. Rowe Price Group by 540.9% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 282 shares of the asset manager's stock valued at $29,000 after purchasing an additional 238 shares during the period. Canton Hathaway LLC acquired a new position in T. Rowe Price Group during the fourth quarter worth approximately $31,000. Sound Income Strategies LLC increased its position in T. Rowe Price Group by 170.3% during the fourth quarter. Sound Income Strategies LLC now owns 300 shares of the asset manager's stock worth $32,000 after purchasing an additional 189 shares during the last quarter. Finally, DV Equities LLC purchased a new position in T. Rowe Price Group during the fourth quarter worth approximately $32,000. Hedge funds and other institutional investors own 73.39% of the company's stock.

T. Rowe Price Group Price Performance

Shares of TROW opened at $118.55 on Friday. T. Rowe Price Group, Inc. has a 12 month low of $85.22 and a 12 month high of $121.17. The stock has a market cap of $25.40 billion, a PE ratio of 12.71, a P/E/G ratio of 5.91 and a beta of 1.47. The stock's 50-day moving average is $107.60 and its two-hundred day moving average is $100.88.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last announced its earnings results on Thursday, April 30th. The asset manager reported $2.52 EPS for the quarter, beating the consensus estimate of $2.37 by $0.15. The business had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.85 billion. T. Rowe Price Group had a return on equity of 20.60% and a net margin of 28.28%.The company's revenue was up 5.3% on a year-over-year basis. During the same period last year, the business posted $2.23 EPS. On average, research analysts anticipate that T. Rowe Price Group, Inc. will post 9.76 earnings per share for the current year.

T. Rowe Price Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 29th. Stockholders of record on Monday, June 15th were paid a dividend of $1.30 per share. The ex-dividend date was Monday, June 15th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.4%. T. Rowe Price Group's dividend payout ratio (DPR) is currently 55.73%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on TROW. Morgan Stanley boosted their price objective on shares of T. Rowe Price Group from $105.00 to $109.00 and gave the company an "equal weight" rating in a research note on Friday, June 26th. Keefe, Bruyette & Woods lifted their target price on T. Rowe Price Group from $107.00 to $120.00 and gave the company a "market perform" rating in a report on Friday. Jefferies Financial Group lowered their price target on T. Rowe Price Group from $107.00 to $91.00 and set a "hold" rating for the company in a research report on Wednesday, April 8th. JPMorgan Chase & Co. dropped their price target on T. Rowe Price Group from $106.00 to $103.00 and set an "underweight" rating for the company in a research note on Friday, April 24th. Finally, Evercore set a $121.00 price objective on T. Rowe Price Group in a research note on Friday. Ten equities research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, T. Rowe Price Group currently has an average rating of "Reduce" and an average price target of $101.83.

Insider Activity at T. Rowe Price Group

In other news, VP Stephon A. Jackson sold 3,000 shares of the company's stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $102.56, for a total value of $307,680.00. Following the completion of the transaction, the vice president directly owned 83,883 shares in the company, valued at approximately $8,603,040.48. This represents a 3.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.60% of the company's stock.

T. Rowe Price Group Company 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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