Truist Financial Corp Trims Holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Truist Financial Corp reduced its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 14.6% in the 4th quarter, Holdings Channel reports. The institutional investor owned 27,228 shares of the asset manager’s stock after selling 4,650 shares during the period. Truist Financial Corp’s holdings in T. Rowe Price Group were worth $2,932,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Clear Harbor Asset Management LLC increased its stake in T. Rowe Price Group by 3.2% during the fourth quarter. Clear Harbor Asset Management LLC now owns 3,240 shares of the asset manager’s stock worth $349,000 after acquiring an additional 100 shares during the last quarter. Caprock Group LLC increased its position in shares of T. Rowe Price Group by 4.7% during the 4th quarter. Caprock Group LLC now owns 2,251 shares of the asset manager’s stock worth $242,000 after purchasing an additional 101 shares during the last quarter. Roundview Capital LLC raised its holdings in T. Rowe Price Group by 0.5% in the 3rd quarter. Roundview Capital LLC now owns 22,279 shares of the asset manager’s stock valued at $2,336,000 after buying an additional 105 shares during the period. Creative Financial Designs Inc. ADV lifted its position 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 valued at $25,000 after buying an additional 106 shares during the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich boosted its stake in T. Rowe Price Group by 2.6% during the third quarter. Bank Julius Baer & Co. Ltd Zurich now owns 4,451 shares of the asset manager’s stock worth $467,000 after buying an additional 114 shares during the period. 73.39% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at T. Rowe Price Group

In other news, insider Jessica M. Hiebler sold 1,138 shares of the business’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 completion of the sale, the insider now owns 14,113 shares in the company, valued at approximately $1,511,925.69. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Robert F. Maclellan sold 3,043 shares of T. Rowe Price Group stock in a transaction on Monday, April 29th. The shares were sold at an average price of $113.08, for a total value of $344,102.44. Following the transaction, the director now directly owns 34,635 shares of the company’s stock, valued at approximately $3,916,525.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jessica M. Hiebler sold 1,138 shares of the company’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $107.13, for a total transaction of $121,913.94. Following the completion of the sale, the insider now directly owns 14,113 shares of the company’s stock, valued at $1,511,925.69. The disclosure for this sale can be found here. Insiders have sold 12,921 shares of company stock worth $1,500,133 over the last three months. Insiders own 2.00% of the company’s stock.

T. Rowe Price Group Trading Down 0.7 %

Shares of TROW opened at $111.25 on Wednesday. The firm has a market capitalization of $24.84 billion, a price-to-earnings ratio of 13.21, a PEG ratio of 1.93 and a beta of 1.40. The firm’s fifty day simple moving average is $115.24 and its 200-day simple moving average is $107.68. T. Rowe Price Group, Inc. has a twelve month low of $87.43 and a twelve month high of $132.76.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings results on Friday, April 26th. The asset manager reported $2.38 earnings per share for the quarter, beating analysts’ consensus estimates of $2.04 by $0.34. The company had revenue of $1.75 billion for the quarter, compared to analysts’ expectations of $1.71 billion. T. Rowe Price Group had a return on equity of 19.70% and a net margin of 29.09%. T. Rowe Price Group’s quarterly revenue was up 13.8% on a year-over-year basis. During the same period last year, the firm earned $1.69 earnings per share. On average, analysts predict that T. Rowe Price Group, Inc. will post 8.75 earnings per share for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Friday, June 14th will be issued a $1.24 dividend. This represents a $4.96 dividend on an annualized basis and a yield of 4.46%. T. Rowe Price Group’s dividend payout ratio (DPR) is 58.91%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on TROW. Morgan Stanley increased their price objective on shares of T. Rowe Price Group from $114.00 to $125.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 17th. Evercore ISI dropped their price objective on T. Rowe Price Group from $110.00 to $107.00 and set an “in-line” rating for the company in a research note on Tuesday, April 30th. Keefe, Bruyette & Woods raised T. Rowe Price Group from an “underperform” rating to a “market perform” rating and increased their target price for the stock from $106.00 to $120.00 in a research note on Thursday, April 11th. Wells Fargo & Company lifted 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. Finally, StockNews.com cut shares of T. Rowe Price Group from a “buy” rating to a “hold” rating in a research report on Friday, February 9th. Four equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $112.10.

About T. Rowe Price Group

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.