T. Rowe Price Group, Inc. (NASDAQ:TROW) Position Cut by Eastern Bank

Eastern Bank lowered its position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 23.8% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 381 shares of the asset manager’s stock after selling 119 shares during the period. Eastern Bank’s holdings in T. Rowe Price Group were worth $43,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of TROW. Principal Financial Group Inc. grew its stake in shares of T. Rowe Price Group by 2.8% in the third quarter. Principal Financial Group Inc. now owns 275,978 shares of the asset manager’s stock worth $30,062,000 after purchasing an additional 7,503 shares in the last quarter. Janus Henderson Group PLC grew its position in T. Rowe Price Group by 3.8% in the 3rd quarter. Janus Henderson Group PLC now owns 29,989 shares of the asset manager’s stock valued at $3,267,000 after buying an additional 1,100 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in T. Rowe Price Group during the 2nd quarter valued at about $15,907,000. Aigen Investment Management LP bought a new stake in shares of T. Rowe Price Group during the 3rd quarter worth about $516,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of T. Rowe Price Group by 3.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,840,807 shares of the asset manager’s stock worth $745,169,000 after acquiring an additional 231,286 shares during the period. 73.39% of the stock is currently owned by institutional investors.

T. Rowe Price Group Price Performance

T. Rowe Price Group stock opened at $113.32 on Thursday. The company has a market cap of $25.18 billion, a P/E ratio of 12.40, a price-to-earnings-growth ratio of 1.73 and a beta of 1.43. T. Rowe Price Group, Inc. has a fifty-two week low of $100.49 and a fifty-two week high of $125.81. The firm’s 50 day simple moving average is $118.12 and its 200-day simple moving average is $112.86.

T. Rowe Price Group (NASDAQ:TROW) last announced its earnings results on Friday, November 1st. The asset manager reported $2.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.21. The company had revenue of $1.79 billion for the quarter, compared to the consensus estimate of $1.84 billion. T. Rowe Price Group had a net margin of 30.35% and a return on equity of 20.35%. The company’s revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the business earned $2.17 EPS. On average, analysts expect that T. Rowe Price Group, Inc. will post 9.39 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 13th were given a dividend of $1.24 per share. The ex-dividend date was Friday, December 13th. This represents a $4.96 dividend on an annualized basis and a yield of 4.38%. T. Rowe Price Group’s payout ratio is presently 54.27%.

Insider Buying and Selling at T. Rowe Price Group

In other T. Rowe Price Group news, VP Andrew Justin Mackenzi Thomson sold 4,047 shares of the stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $123.35, for a total value of $499,197.45. Following the completion of the sale, the vice president now owns 119,577 shares in the company, valued at $14,749,822.95. This represents a 3.27 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on TROW. JPMorgan Chase & Co. lowered their price objective on shares of T. Rowe Price Group from $116.00 to $115.00 and set an “underweight” rating on the stock in a research note on Monday, November 4th. Evercore ISI boosted their price objective on T. Rowe Price Group from $112.00 to $113.00 and gave the stock an “in-line” rating in a research note on Thursday, November 7th. Keefe, Bruyette & Woods decreased their target price on T. Rowe Price Group from $116.00 to $111.00 and set a “market perform” rating for the company in a research note on Monday. Wells Fargo & Company dropped their price target on shares of T. Rowe Price Group from $124.00 to $118.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Finally, TD Cowen cut their price target on shares of T. Rowe Price Group from $120.00 to $116.00 and set a “hold” rating for the company in a report on Monday, November 4th. Four analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $116.00.

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.