Rockland Trust Co. Reduces Holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Rockland Trust Co. lessened its position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 20.1% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 15,425 shares of the asset manager’s stock after selling 3,869 shares during the quarter. Rockland Trust Co.’s holdings in T. Rowe Price Group were worth $1,680,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Ashton Thomas Private Wealth LLC purchased a new stake in T. Rowe Price Group in the first quarter valued at $1,008,000. Nebula Research & Development LLC acquired a new position in T. Rowe Price Group in the fourth quarter valued at about $807,000. Fisher Asset Management LLC boosted its stake in T. Rowe Price Group by 6.6% during the fourth quarter. Fisher Asset Management LLC now owns 1,751,405 shares of the asset manager’s stock worth $188,609,000 after buying an additional 109,053 shares during the period. Envestnet Portfolio Solutions Inc. raised its stake in shares of T. Rowe Price Group by 52.4% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 65,534 shares of the asset manager’s stock valued at $7,990,000 after acquiring an additional 22,533 shares during the period. Finally, Norden Group LLC purchased a new stake in shares of T. Rowe Price Group in the 1st quarter valued at approximately $8,437,000. 73.39% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Jessica M. Hiebler sold 484 shares of T. Rowe Price Group stock in a transaction on Friday, September 13th. The stock was sold at an average price of $104.73, for a total transaction of $50,689.32. Following the completion of the transaction, the insider now owns 13,939 shares of the company’s stock, valued at approximately $1,459,831.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of the company’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $102.83, for a total value of $1,230,772.27. Following the sale, the vice president now directly owns 123,624 shares in the company, valued at $12,712,255.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jessica M. Hiebler sold 484 shares of T. Rowe Price Group stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $104.73, for a total value of $50,689.32. Following the sale, the insider now owns 13,939 shares of the company’s stock, valued at approximately $1,459,831.47. The disclosure for this sale can be found here. 2.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

TROW has been the subject of several research reports. The Goldman Sachs Group dropped their target price on shares of T. Rowe Price Group from $106.00 to $102.00 and set a “sell” rating for the company in a report on Thursday. StockNews.com downgraded T. Rowe Price Group from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Wells Fargo & Company initiated coverage on shares of T. Rowe Price Group in a research note on Thursday, September 12th. They set an “equal weight” rating and a $109.00 target price on the stock. JPMorgan Chase & Co. raised their price target on shares of T. Rowe Price Group from $102.00 to $107.00 and gave the company an “underweight” rating in a research report on Tuesday, July 23rd. Finally, Evercore ISI cut their price objective on T. Rowe Price Group from $115.00 to $108.00 and set an “in-line” rating on the stock in a research report on Thursday, September 5th. Four research analysts have rated the stock with a sell rating and eight have given a hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $112.27.

T. Rowe Price Group Stock Down 0.8 %

Shares of T. Rowe Price Group stock opened at $106.48 on Friday. The firm has a market cap of $23.78 billion, a price-to-earnings ratio of 12.65, a price-to-earnings-growth ratio of 1.75 and a beta of 1.41. T. Rowe Price Group, Inc. has a 52-week low of $87.43 and a 52-week high of $122.27. The company’s 50-day simple moving average is $107.24 and its 200-day simple moving average is $112.77.

T. Rowe Price Group (NASDAQ:TROW) last issued its earnings results on Friday, July 26th. The asset manager reported $2.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.27 by ($0.01). The business had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.79 billion. T. Rowe Price Group had a return on equity of 19.90% and a net margin of 28.66%. The business’s quarterly revenue was up 7.6% on a year-over-year basis. During the same period last year, the company posted $2.02 earnings per share. Equities research analysts anticipate that T. Rowe Price Group, Inc. will post 8.96 EPS for the current year.

T. Rowe Price Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were issued a dividend of $1.24 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $4.96 annualized dividend and a yield of 4.66%. T. Rowe Price Group’s dividend payout ratio is presently 58.91%.

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.