Bank of America Corp DE Lowers Position in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Bank of America Corp DE lessened its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROWGet Rating) by 20.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,174,989 shares of the asset manager’s stock after selling 560,426 shares during the quarter. Bank of America Corp DE’s holdings in T. Rowe Price Group were worth $328,836,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently bought and sold shares of the company. Covestor Ltd bought a new position in T. Rowe Price Group in the 4th quarter valued at $27,000. Bivin & Associates Inc. bought a new stake in T. Rowe Price Group in the 4th quarter valued at about $29,000. Rise Advisors LLC lifted its holdings in T. Rowe Price Group by 645.8% during the first quarter. Rise Advisors LLC now owns 179 shares of the asset manager’s stock valued at $27,000 after purchasing an additional 155 shares during the last quarter. Quent Capital LLC bought a new position in T. Rowe Price Group during the fourth quarter worth about $37,000. Finally, Independence Bank of Kentucky purchased a new position in shares of T. Rowe Price Group in the first quarter worth about $29,000. Institutional investors own 74.94% of the company’s stock.

Insider Transactions at T. Rowe Price Group

In other news, insider Jessica M. Hiebler sold 959 shares of the stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $124.57, for a total value of $119,462.63. Following the transaction, the insider now owns 12,183 shares of the company’s stock, valued at approximately $1,517,636.31. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, VP Andrew Justin Mackenzi Thomson sold 11,891 shares of the company’s stock in a transaction on Thursday, August 4th. The shares were sold at an average price of $126.91, for a total value of $1,509,086.81. Following the completion of the sale, the vice president now owns 136,410 shares of the company’s stock, valued at approximately $17,311,793.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jessica M. Hiebler sold 959 shares of the company’s stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $124.57, for a total transaction of $119,462.63. Following the completion of the sale, the insider now directly owns 12,183 shares of the company’s stock, valued at approximately $1,517,636.31. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

TROW has been the topic of several research reports. TheStreet lowered shares of T. Rowe Price Group from a “b-” rating to a “c” rating in a research report on Wednesday, July 13th. BMO Capital Markets lowered their price target on shares of T. Rowe Price Group from $135.00 to $115.00 in a research report on Monday, August 1st. The Goldman Sachs Group lowered their price target on shares of T. Rowe Price Group from $118.00 to $100.00 and set a “sell” rating on the stock in a research report on Wednesday, June 29th. JPMorgan Chase & Co. lowered their price target on shares of T. Rowe Price Group from $117.00 to $94.00 and set an “underweight” rating on the stock in a research report on Monday, July 18th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of T. Rowe Price Group from $120.00 to $138.00 and gave the company a “hold” rating in a research report on Friday, August 12th. Five analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat, T. Rowe Price Group presently has a consensus rating of “Hold” and a consensus price target of $132.30.

T. Rowe Price Group Trading Up 3.4 %

T. Rowe Price Group stock opened at $113.92 on Tuesday. The firm’s 50 day simple moving average is $121.64 and its 200 day simple moving average is $127.25. The firm has a market capitalization of $25.71 billion, a PE ratio of 11.00, a price-to-earnings-growth ratio of 2.26 and a beta of 1.29. T. Rowe Price Group, Inc. has a 1-year low of $104.72 and a 1-year high of $223.36.

T. Rowe Price Group (NASDAQ:TROWGet Rating) last issued its quarterly earnings results on Thursday, July 28th. The asset manager reported $1.79 EPS for the quarter, missing analysts’ consensus estimates of $2.64 by ($0.85). The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.68 billion. T. Rowe Price Group had a return on equity of 28.18% and a net margin of 33.26%. T. Rowe Price Group’s quarterly revenue was down 20.4% on a year-over-year basis. During the same period in the previous year, the company earned $3.31 EPS. Research analysts forecast that T. Rowe Price Group, Inc. will post 8.24 earnings per share for the current year.

T. Rowe Price Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 29th. Stockholders of record on Thursday, September 15th will be issued a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 4.21%. The ex-dividend date of this dividend is Wednesday, September 14th. T. Rowe Price Group’s payout ratio is 46.33%.

T. Rowe Price Group Profile

(Get Rating)

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.

Further Reading

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Institutional Ownership by Quarter for T. Rowe Price Group (NASDAQ:TROW)

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