T. Rowe Price Group, Inc. $TROW Shares Sold by Heritage Investors Management Corp

Key Points

• Heritage Investors Management Corp cut its T. Rowe Price Group stake by 9.3% in the fourth quarter, selling 14,784 shares and leaving it with 144,012 shares valued at about $14.7 million.
• T. Rowe Price reported stronger-than-expected quarterly results, with EPS of $2.52 versus the $2.37 consensus and revenue of $1.86 billion, up 5.3% year over year.
• The company also announced a quarterly dividend of $1.30 per share, implying an annualized yield of 5.1%, while analysts currently have a consensus rating of “Reduce” and a target price of $99.54.

Heritage Investors Management Corp reduced its position in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 9.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 144,012 shares of the asset manager's stock after selling 14,784 shares during the quarter. Heritage Investors Management Corp owned approximately 0.07% of T. Rowe Price Group worth $14,744,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Essex Bank grew its position in shares of T. Rowe Price Group by 3.6% during the third quarter. Essex Bank now owns 2,914 shares of the asset manager's stock worth $299,000 after buying an additional 100 shares in the last quarter. PFG Investments LLC grew its position in shares of T. Rowe Price Group by 4.8% during the third quarter. PFG Investments LLC now owns 2,249 shares of the asset manager's stock worth $231,000 after buying an additional 102 shares in the last quarter. GenTrust LLC grew its position in shares of T. Rowe Price Group by 5.5% during the fourth quarter. GenTrust LLC now owns 2,114 shares of the asset manager's stock worth $216,000 after buying an additional 110 shares in the last quarter. Fiduciary Trust Co grew its position in shares of T. Rowe Price Group by 4.5% during the third quarter. Fiduciary Trust Co now owns 2,579 shares of the asset manager's stock worth $265,000 after buying an additional 111 shares in the last quarter. Finally, 1834 Investment Advisors Co. grew its position in shares of T. Rowe Price Group by 0.3% during the fourth quarter. 1834 Investment Advisors Co. now owns 37,490 shares of the asset manager's stock worth $3,838,000 after buying an additional 115 shares in the last quarter. 73.39% of the stock is owned by institutional investors and hedge funds.

T. Rowe Price Group Stock Up 0.1%

Shares of TROW opened at $101.95 on Friday. The stock has a 50 day moving average price of $95.47 and a 200 day moving average price of $99.15. The company has a market capitalization of $21.84 billion, a price-to-earnings ratio of 10.93, a price-to-earnings-growth ratio of 4.45 and a beta of 1.51. T. Rowe Price Group, Inc. has a 52-week low of $85.22 and a 52-week high of $118.22.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The asset manager reported $2.52 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.37 by $0.15. The firm had revenue of $1.86 billion during 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 firm's quarterly revenue was up 5.3% compared to the same quarter last year. During the same period in the prior year, the company posted $2.23 earnings per share. On average, equities analysts anticipate that T. Rowe Price Group, Inc. will post 9.61 EPS for the current fiscal year.

T. Rowe Price Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 29th. Shareholders of record on Monday, June 15th will be paid a $1.30 dividend. The ex-dividend date is Monday, June 15th. This represents a $5.20 dividend on an annualized basis and a yield of 5.1%. T. Rowe Price Group's payout ratio is currently 55.73%.

Insiders Place Their Bets

In other T. Rowe Price Group news, VP Stephon A. Jackson sold 3,000 shares of the business's stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $102.56, for a total value of $307,680.00. Following the completion of the sale, the vice president owned 83,883 shares in the company, valued at approximately $8,603,040.48. The trade was a 3.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.60% of the company's stock.

Analysts Set New Price Targets

TROW has been the subject of a number of analyst reports. Jefferies Financial Group lowered their price objective 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. TD Cowen boosted their price objective on T. Rowe Price Group from $93.00 to $94.00 and gave the stock a "hold" rating in a research report on Friday, May 1st. Zacks Research raised T. Rowe Price Group from a "strong sell" rating to a "hold" rating in a research report on Wednesday, May 13th. Barclays boosted their price objective on T. Rowe Price Group from $87.00 to $89.00 and gave the stock an "underweight" rating in a research report on Friday, May 1st. Finally, BMO Capital Markets upped their price target on T. Rowe Price Group from $98.00 to $110.00 and gave the company a "market perform" rating in a report on Monday, May 4th. Eleven investment analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, T. Rowe Price Group currently has a consensus rating of "Reduce" and a consensus target price of $99.54.

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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