Truist Financial Corp Cuts Stock Holdings in T. Rowe Price Group, Inc. $TROW

Truist Financial Corp reduced its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 61.0% during the second quarter, according to its most recent filing with the SEC. The fund owned 29,538 shares of the asset manager's stock after selling 46,151 shares during the quarter. Truist Financial Corp's holdings in T. Rowe Price Group were worth $2,850,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of TROW. Park Avenue Securities LLC grew its position in T. Rowe Price Group by 16.5% during the first quarter. Park Avenue Securities LLC now owns 4,879 shares of the asset manager's stock valued at $448,000 after acquiring an additional 691 shares during the last quarter. Farther Finance Advisors LLC raised its position in shares of T. Rowe Price Group by 75.8% in the 1st quarter. Farther Finance Advisors LLC now owns 7,949 shares of the asset manager's stock worth $733,000 after purchasing an additional 3,427 shares during the last quarter. GAMMA Investing LLC increased its holdings in T. Rowe Price Group by 5.1% in the 1st quarter. GAMMA Investing LLC now owns 3,627 shares of the asset manager's stock worth $333,000 after buying an additional 176 shares in the last quarter. Handelsbanken Fonder AB grew its stake in shares of T. Rowe Price Group by 4.8% during the 1st quarter. Handelsbanken Fonder AB now owns 49,745 shares of the asset manager's stock valued at $4,570,000 after purchasing an additional 2,297 shares during the period. Finally, Integrated Advisors Network LLC bought a new stake in shares of T. Rowe Price Group during the 1st quarter valued at about $271,000. 73.39% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on TROW. The Goldman Sachs Group upped their price objective on T. Rowe Price Group from $91.00 to $92.00 and gave the stock a "sell" rating in a report on Friday, October 3rd. Weiss Ratings reiterated a "hold (c)" rating on shares of T. Rowe Price Group in a research note on Wednesday. Barclays reiterated 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. Jefferies Financial Group boosted their price target on T. Rowe Price Group from $104.00 to $106.00 and gave the company a "hold" rating in a report on Tuesday. Finally, BMO Capital Markets began coverage on T. Rowe Price Group in a report on Friday, October 3rd. They issued a "market perform" rating and a $108.00 target price for the company. One investment analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and four have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Reduce" and a consensus target price of $104.69.

T. Rowe Price Group Trading Up 0.2%

NASDAQ:TROW opened at $106.01 on Friday. T. Rowe Price Group, Inc. has a 52 week low of $77.85 and a 52 week high of $125.81. The firm has a market capitalization of $23.29 billion, a PE ratio of 11.84, a price-to-earnings-growth ratio of 6.83 and a beta of 1.50. The stock has a 50 day moving average of $105.85 and a 200-day moving average of $98.39.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued its quarterly earnings data on Friday, August 1st. The asset manager reported $2.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.15 by $0.09. T. Rowe Price Group had a return on equity of 19.77% and a net margin of 28.72%.The business had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.72 billion. During the same period in the prior year, the company posted $2.26 EPS. The business's revenue for the quarter was down .6% compared to the same quarter last year. As a group, analysts predict that T. Rowe Price Group, Inc. will post 9.29 EPS for the current fiscal year.

T. Rowe Price Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Monday, September 15th were paid a $1.27 dividend. The ex-dividend date of this dividend was Monday, September 15th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 4.8%. T. Rowe Price Group's dividend payout ratio is 56.76%.

Insider Buying and Selling

In other T. Rowe Price Group news, Director Robert F. Maclellan sold 3,090 shares of the stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $105.01, for a total transaction of $324,480.90. Following the transaction, the director directly owned 47,335 shares of the company's stock, valued at $4,970,648.35. This represents a 6.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 2.00% of the stock is owned by insiders.

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.

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