Bragg Financial Advisors Inc Has $2.80 Million Stake in T. Rowe Price Group, Inc. $TROW

Key Points

• Bragg Financial Advisors Inc reduced its stake in T. Rowe Price Group by 11.9%, selling 4,119 shares to hold 30,451 shares valued at approximately $2.8 million.
• Major investors like Vanguard Group and Invesco increased their stakes in T. Rowe Price during Q1, indicating strong institutional interest in the firm.
• T. Rowe Price Group announced a quarterly dividend of $1.27 per share, translating to an annualized dividend yield of 4.9%, with a payout ratio of 56.76%.

Bragg Financial Advisors Inc trimmed its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 11.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 30,451 shares of the asset manager's stock after selling 4,119 shares during the period. Bragg Financial Advisors Inc's holdings in T. Rowe Price Group were worth $2,798,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of TROW. Zions Bancorporation National Association UT acquired a new position in shares of T. Rowe Price Group during the 1st quarter worth approximately $27,000. Hexagon Capital Partners LLC raised its position in shares of T. Rowe Price Group by 44.8% during the 1st quarter. Hexagon Capital Partners LLC now owns 365 shares of the asset manager's stock worth $34,000 after purchasing an additional 113 shares during the last quarter. Smallwood Wealth Investment Management LLC acquired a new position in shares of T. Rowe Price Group during the 1st quarter worth approximately $39,000. Chilton Capital Management LLC acquired a new position in shares of T. Rowe Price Group during the 1st quarter worth approximately $41,000. Finally, Ameriflex Group Inc. acquired a new position in shares of T. Rowe Price Group during the 4th quarter worth approximately $42,000. 73.39% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at T. Rowe Price Group

In related news, VP Dorothy C. Sawyer sold 2,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $95.43, for a total value of $190,860.00. Following the completion of the transaction, the vice president owned 44,789 shares of the company's stock, valued at approximately $4,274,214.27. This trade represents a 4.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.60% of the company's stock.

T. Rowe Price Group Trading Up 0.8%

NASDAQ:TROW traded up $0.89 on Wednesday, reaching $109.45. The stock had a trading volume of 284,236 shares, compared to its average volume of 1,772,844. The company has a 50-day moving average of $102.75 and a 200 day moving average of $97.48. The stock has a market cap of $24.05 billion, a P/E ratio of 12.22, a price-to-earnings-growth ratio of 2.82 and a beta of 1.47. T. Rowe Price Group, Inc. has a 12-month low of $77.85 and a 12-month high of $125.81.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued its earnings results on Friday, August 1st. The asset manager reported $2.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.15 by $0.09. The business 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% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.26 EPS. On average, equities analysts predict that T. Rowe Price Group, Inc. will post 9.29 EPS for the current year.

T. Rowe Price Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be paid a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date is Monday, September 15th. T. Rowe Price Group's dividend payout ratio (DPR) is currently 56.76%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Wells Fargo & Company lifted their target price on shares of T. Rowe Price Group from $98.00 to $108.00 and gave the stock an "equal weight" rating in a research note on Friday, July 11th. Barclays reaffirmed an "underweight" rating and issued a $95.00 target price (up from $91.00) on shares of T. Rowe Price Group in a research note on Monday, August 4th. Evercore ISI lifted their target price on shares of T. Rowe Price Group from $106.00 to $110.00 and gave the stock an "in-line" rating in a research note on Monday, August 4th. Keefe, Bruyette & Woods lifted their target price on shares of T. Rowe Price Group from $110.00 to $112.00 and gave the stock a "market perform" rating in a research note on Monday, August 4th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of T. Rowe Price Group from $98.00 to $102.00 and gave the company an "underweight" rating in a research note on Monday, August 4th. Eight investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, T. Rowe Price Group presently has a consensus rating of "Reduce" and a consensus target price of $101.09.

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.