TAP Consulting LLC Cuts Stake in T. Rowe Price Group, Inc. (NASDAQ:TROW)

by · The Markets Daily

TAP Consulting LLC lowered its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW – Free Report) by 73.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,107 shares of the asset manager’s stock after selling 16,539 shares during the quarter. TAP Consulting LLC’s holdings in T. Rowe Price Group were worth $665,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently added to or reduced their stakes in the company. Studio Investment Management LLC raised its stake in shares of T. Rowe Price Group by 19.9% in the fourth quarter. Studio Investment Management LLC now owns 16,772 shares of the asset manager’s stock worth $1,806,000 after purchasing an additional 2,778 shares during the last quarter. V Square Quantitative Management LLC boosted its position in shares of T. Rowe Price Group by 31.5% in the 4th quarter. V Square Quantitative Management LLC now owns 4,142 shares of the asset manager’s stock valued at $446,000 after purchasing an additional 992 shares during the period. Scarborough Advisors LLC purchased a new position in shares of T. Rowe Price Group in the 4th quarter valued at approximately $47,000. Virtu Financial LLC acquired a new position in shares of T. Rowe Price Group during the fourth quarter worth about $558,000. Finally, Tortoise Investment Management LLC boosted its holdings in T. Rowe Price Group by 4.4% in the 4th quarter. Tortoise Investment Management LLC now owns 2,944 shares of the asset manager’s stock valued at $317,000 after purchasing an additional 125 shares in the last quarter. Institutional investors own 73.39% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on TROW shares. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $120.00 price target (down previously from $121.00) on shares of T. Rowe Price Group in a research note on Monday, July 29th. The Goldman Sachs Group decreased their price target on T. Rowe Price Group from $106.00 to $102.00 and set a “sell” rating on the stock in a research note on Thursday, October 3rd. Evercore ISI boosted their price target on T. Rowe Price Group from $108.00 to $109.00 and gave the stock an “in-line” rating in a research note on Friday, October 4th. Wells Fargo & Company lifted their price objective on T. Rowe Price Group from $109.00 to $112.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Finally, Barclays began coverage on T. Rowe Price Group in a research report on Tuesday, August 27th. They set an “underweight” rating and a $99.00 price objective for the company. Four analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $112.64.

Read Our Latest Stock Report on TROW

T. Rowe Price Group Stock Up 1.1 %

Shares of NASDAQ TROW traded up $1.22 during trading on Friday, hitting $109.22. 558,485 shares of the company traded hands, compared to its average volume of 1,250,251. T. Rowe Price Group, Inc. has a 1 year low of $87.43 and a 1 year high of $122.27. The company has a 50-day moving average price of $106.70 and a 200-day moving average price of $112.42. The firm has a market capitalization of $24.31 billion, a P/E ratio of 12.75, a P/E/G ratio of 1.78 and a beta of 1.41.

T. Rowe Price Group (NASDAQ:TROW – Get Free Report) last announced its quarterly earnings results on Friday, July 26th. The asset manager reported $2.26 earnings per share for the quarter, missing analysts’ consensus estimates of $2.27 by ($0.01). T. Rowe Price Group had a return on equity of 19.90% and a net margin of 28.66%. The business had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.79 billion. During the same period last year, the company posted $2.02 earnings per share. The firm’s revenue for the quarter was up 7.6% on a year-over-year basis. Research analysts predict that T. Rowe Price Group, Inc. will post 9.02 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were given a dividend of $1.24 per share. The ex-dividend date was Friday, September 13th. This represents a $4.96 dividend on an annualized basis and a yield of 4.54%. T. Rowe Price Group’s dividend payout ratio (DPR) is 58.56%.

Insider Buying and Selling

In other T. Rowe Price Group news, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of the company’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $102.83, for a total value of $1,230,772.27. Following the completion of the transaction, the vice president now directly owns 123,624 shares of the company’s stock, valued at $12,712,255.92. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other T. Rowe Price Group news, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of the company’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $102.83, for a total value of $1,230,772.27. Following the completion of the transaction, the vice president now directly owns 123,624 shares of the company’s stock, valued at $12,712,255.92. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jessica M. Hiebler sold 484 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were 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 directly owns 13,939 shares of the company’s stock, valued at approximately $1,459,831.47. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is owned by corporate insiders.

T. Rowe Price Group Company Profile

(Free Report)

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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