Spire Wealth Management Sells 329 Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW)

Spire Wealth Management decreased its position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 27.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 864 shares of the asset manager’s stock after selling 329 shares during the period. Spire Wealth Management’s holdings in T. Rowe Price Group were worth $79,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of TROW. Vanguard Group Inc. raised its holdings in shares of T. Rowe Price Group by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 26,063,837 shares of the asset manager’s stock worth $2,947,559,000 after buying an additional 135,203 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of T. Rowe Price Group by 5.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,187,176 shares of the asset manager’s stock worth $812,798,000 after acquiring an additional 346,369 shares during the period. Fayez Sarofim & Co grew its holdings in T. Rowe Price Group by 7.6% during the fourth quarter. Fayez Sarofim & Co now owns 6,052,469 shares of the asset manager’s stock worth $684,474,000 after acquiring an additional 425,142 shares during the period. Geode Capital Management LLC grew its position in T. Rowe Price Group by 2.1% during the fourth quarter. Geode Capital Management LLC now owns 5,631,429 shares of the asset manager’s stock valued at $635,260,000 after buying an additional 116,231 shares during the period. Finally, Invesco Ltd. grew its holdings in T. Rowe Price Group by 1.7% in the fourth quarter. Invesco Ltd. now owns 2,397,819 shares of the asset manager’s stock valued at $271,169,000 after purchasing an additional 40,514 shares during the period. Institutional investors own 73.39% of the company’s stock.

T. Rowe Price Group Price Performance

Shares of TROW stock opened at $98.67 on Wednesday. T. Rowe Price Group, Inc. has a 1-year low of $77.85 and a 1-year high of $125.81. The firm has a market capitalization of $21.74 billion, a PE ratio of 11.19, a P/E/G ratio of 3.13 and a beta of 1.49. The business’s fifty day moving average price is $93.54 and its 200 day moving average price is $100.07.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings results on Friday, May 2nd. The asset manager reported $2.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.13 by $0.10. T. Rowe Price Group had a net margin of 28.38% and a return on equity of 20.17%. The company had revenue of $1.76 billion for the quarter, compared to the consensus estimate of $1.80 billion. During the same quarter in the prior year, the firm earned $2.38 earnings per share. The company’s revenue for the quarter was up .8% compared to the same quarter last year. Equities research analysts expect that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 13th were given a $1.27 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $5.08 annualized dividend and a dividend yield of 5.15%. T. Rowe Price Group’s dividend payout ratio is presently 57.60%.

Insider Activity

In related news, insider Jessica M. Hiebler sold 968 shares of T. Rowe Price Group stock in a transaction on Monday, May 12th. The shares were sold at an average price of $96.98, for a total transaction of $93,876.64. Following the transaction, the insider owned 13,611 shares in the company, valued at approximately $1,319,994.78. The trade was a 6.64% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Dorothy C. Sawyer sold 2,000 shares of the company’s stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $95.43, for a total transaction of $190,860.00. Following the completion of the transaction, the vice president owned 44,789 shares of the company’s stock, valued at $4,274,214.27. This trade represents a 4.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.60% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on TROW shares. JPMorgan Chase & Co. decreased their target price on T. Rowe Price Group from $110.00 to $90.00 and set an “underweight” rating on the stock in a research report on Wednesday, April 16th. Cowen reiterated a “hold” rating on shares of T. Rowe Price Group in a report on Monday, May 5th. Barclays boosted their target price on T. Rowe Price Group from $85.00 to $90.00 and gave the stock an “underweight” rating in a research note on Monday, May 5th. TD Cowen lowered their price objective on T. Rowe Price Group from $112.00 to $89.00 and set a “hold” rating for the company in a research report on Wednesday, April 9th. Finally, Evercore ISI reduced their target price on T. Rowe Price Group from $104.00 to $80.00 and set an “in-line” rating for the company in a report on Friday, April 11th. Four research analysts have rated the stock with a sell rating and nine have given a hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $94.09.

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.