T. Rowe Price Group, Inc. (NASDAQ:TROW) is Provident Trust Co.'s 9th Largest Position

Provident Trust Co. decreased its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 0.9% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,339,544 shares of the asset manager's stock after selling 22,106 shares during the quarter. T. Rowe Price Group accounts for about 5.2% of Provident Trust Co.'s investment portfolio, making the stock its 9th biggest position. Provident Trust Co. owned 1.05% of T. Rowe Price Group worth $251,945,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. OFI Invest Asset Management bought a new position in T. Rowe Price Group in the third quarter worth approximately $25,000. Creative Financial Designs Inc. ADV grew its stake in T. Rowe Price Group by 83.5% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 233 shares of the asset manager's stock worth $25,000 after purchasing an additional 106 shares in the last quarter. Park Place Capital Corp grew its stake in T. Rowe Price Group by 1,775.0% in the fourth quarter. Park Place Capital Corp now owns 300 shares of the asset manager's stock worth $32,000 after purchasing an additional 284 shares in the last quarter. Fortitude Family Office LLC bought a new position in T. Rowe Price Group in the fourth quarter worth approximately $33,000. Finally, NBC Securities Inc. bought a new position in T. Rowe Price Group in the third quarter worth approximately $39,000. Institutional investors own 73.39% of the company's stock.

Insider Transactions at T. Rowe Price Group

In other news, insider Jessica M. Hiebler sold 1,138 shares of the firm's stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $107.13, for a total transaction of $121,913.94. Following the sale, the insider now owns 14,113 shares of the company's stock, valued at approximately $1,511,925.69. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Jessica M. Hiebler sold 1,138 shares of the firm's stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $107.13, for a total transaction of $121,913.94. Following the sale, the insider now directly owns 14,113 shares in the company, valued at approximately $1,511,925.69. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Freeman A. Hrabowski III sold 8,740 shares of the firm's stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $118.32, for a total value of $1,034,116.80. Following the sale, the director now owns 21,073 shares in the company, valued at $2,493,357.36. The disclosure for this sale can be found here. Company insiders own 2.00% of the company's stock.

T. Rowe Price Group Stock Performance

TROW stock traded up $5.19 during midday trading on Friday, reaching $114.02. The stock had a trading volume of 2,943,278 shares, compared to its average volume of 1,335,708. The stock has a market cap of $25.50 billion, a PE ratio of 14.69, a P/E/G ratio of 2.04 and a beta of 1.40. The firm has a fifty day simple moving average of $115.10 and a two-hundred day simple moving average of $107.08. T. Rowe Price Group, Inc. has a 52-week low of $87.43 and a 52-week high of $132.76.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued its earnings results on Friday, April 26th. The asset manager reported $2.38 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.04 by $0.34. The company had revenue of $1.75 billion during the quarter, compared to analyst estimates of $1.71 billion. T. Rowe Price Group had a return on equity of 18.41% and a net margin of 27.69%. The firm's quarterly revenue was up 13.8% on a year-over-year basis. During the same quarter last year, the business posted $1.69 EPS. On average, sell-side analysts predict that T. Rowe Price Group, Inc. will post 8.36 EPS for the current fiscal year.

T. Rowe Price Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were issued a $1.24 dividend. This represents a $4.96 annualized dividend and a dividend yield of 4.35%. The ex-dividend date was Thursday, March 14th. This is a boost from T. Rowe Price Group's previous quarterly dividend of $1.22. T. Rowe Price Group's payout ratio is 63.92%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Keefe, Bruyette & Woods raised T. Rowe Price Group from an "underperform" rating to a "market perform" rating and increased their price objective for the stock from $106.00 to $120.00 in a research note on Thursday, April 11th. Citigroup increased their target price on T. Rowe Price Group from $110.00 to $125.00 and gave the company a "neutral" rating in a research report on Friday, April 5th. JPMorgan Chase & Co. increased their target price on T. Rowe Price Group from $94.00 to $103.00 and gave the company an "underweight" rating in a research report on Tuesday, April 16th. UBS Group increased their target price on T. Rowe Price Group from $100.00 to $109.00 and gave the company a "sell" rating in a research report on Friday, April 12th. Finally, Wells Fargo & Company increased their target price on T. Rowe Price Group from $105.00 to $108.00 and gave the company an "underweight" rating in a research report on Friday, February 9th. Four investment analysts have rated the stock with a sell rating and six have issued a hold rating to the company. Based on data from MarketBeat.com, T. Rowe Price Group has an average rating of "Hold" and an average price target of $112.67.

T. Rowe Price Group 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.