Verdence Capital Advisors LLC Sells 10,652 Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW)

Verdence Capital Advisors LLC lessened its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 41.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,999 shares of the asset manager's stock after selling 10,652 shares during the quarter. Verdence Capital Advisors LLC's holdings in T. Rowe Price Group were worth $1,378,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Hexagon Capital Partners LLC lifted its position in T. Rowe Price Group by 44.8% during the first 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 period. Smallwood Wealth Investment Management LLC purchased a new stake in shares of T. Rowe Price Group in the first quarter worth approximately $39,000. Chilton Capital Management LLC purchased a new position in shares of T. Rowe Price Group in the 1st quarter worth about $41,000. Ameriflex Group Inc. purchased a new position in shares of T. Rowe Price Group in the fourth quarter worth about $42,000. Finally, Wayfinding Financial LLC bought a new position in shares of T. Rowe Price Group in the first quarter worth $43,000. 73.39% of the stock is owned by institutional investors.

Insider Activity

In other T. Rowe Price Group news, insider Jessica M. Hiebler sold 968 shares of the company's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $96.98, for a total value of $93,876.64. Following the completion of the transaction, the insider owned 13,611 shares in the company, valued at $1,319,994.78. This represents a 6.64% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Dorothy C. Sawyer sold 2,000 shares of the company's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $95.43, for a total transaction of $190,860.00. Following the completion of the transaction, the vice president directly owned 44,789 shares of the company's stock, valued at approximately $4,274,214.27. The trade was a 4.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Evercore ISI reduced their price target on shares of T. Rowe Price Group from $104.00 to $80.00 and set an "in-line" rating for the company in a research note on Friday, April 11th. JPMorgan Chase & Co. lifted their price objective on shares of T. Rowe Price Group from $90.00 to $98.00 and gave the company an "underweight" rating in a research report on Wednesday. Citigroup dropped their price target on T. Rowe Price Group from $100.00 to $95.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Wells Fargo & Company boosted their target price on T. Rowe Price Group from $98.00 to $108.00 and gave the company an "equal weight" rating in a research report on Friday, July 11th. Finally, TD Cowen dropped their price objective on T. Rowe Price Group from $112.00 to $89.00 and set a "hold" rating on the stock in a research note on Wednesday, April 9th. Four investment analysts have rated the stock with a sell rating and nine have issued a hold rating to the company. According to MarketBeat.com, T. Rowe Price Group has an average rating of "Hold" and a consensus price target of $96.64.

T. Rowe Price Group Trading Up 3.3%

Shares of NASDAQ TROW opened at $106.41 on Friday. T. Rowe Price Group, Inc. has a twelve month low of $77.85 and a twelve month high of $125.81. The stock has a market cap of $23.44 billion, a P/E ratio of 12.06, a P/E/G ratio of 3.09 and a beta of 1.49. The stock has a 50 day moving average of $96.37 and a two-hundred day moving average of $98.97.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued its earnings results on Friday, May 2nd. The asset manager reported $2.23 earnings per share for the quarter, beating the consensus estimate of $2.13 by $0.10. T. Rowe Price Group had a net margin of 28.38% and a return on equity of 20.17%. The business had revenue of $1.76 billion for the quarter, compared to the consensus estimate of $1.80 billion. During the same quarter in the previous year, the firm earned $2.38 earnings per share. The business's quarterly revenue was up .8% compared to the same quarter last year. As a group, research analysts predict that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current year.

T. Rowe Price Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 13th were issued a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a dividend yield of 4.77%. The ex-dividend date was Friday, June 13th. T. Rowe Price Group's dividend payout ratio (DPR) is 57.60%.

T. Rowe Price Group Company Profile

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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