Allworth Financial LP Sells 1,332 Shares of T. Rowe Price Group, Inc. $TROW

Allworth Financial LP cut its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 20.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,336 shares of the asset manager’s stock after selling 1,332 shares during the quarter. Allworth Financial LP’s holdings in T. Rowe Price Group were worth $515,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. TFG Advisers LLC increased its stake in T. Rowe Price Group by 3.6% in the second quarter. TFG Advisers LLC now owns 2,779 shares of the asset manager’s stock valued at $268,000 after purchasing an additional 97 shares in the last quarter. Bill Few Associates Inc. grew its holdings in shares of T. Rowe Price Group by 4.3% in the 2nd quarter. Bill Few Associates Inc. now owns 2,577 shares of the asset manager’s stock valued at $249,000 after buying an additional 107 shares during the period. Cooper Financial Group grew its holdings in shares of T. Rowe Price Group by 5.2% in the 1st quarter. Cooper Financial Group now owns 2,234 shares of the asset manager’s stock valued at $205,000 after buying an additional 110 shares during the period. Associated Banc Corp raised its stake in T. Rowe Price Group by 0.5% during the 1st quarter. Associated Banc Corp now owns 24,864 shares of the asset manager’s stock worth $2,284,000 after buying an additional 114 shares during the period. Finally, Dakota Wealth Management raised its stake in T. Rowe Price Group by 4.7% during the 2nd quarter. Dakota Wealth Management now owns 2,537 shares of the asset manager’s stock worth $245,000 after buying an additional 114 shares during the period. 73.39% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Robert F. Maclellan sold 3,090 shares of the company’s stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $105.01, for a total transaction of $324,480.90. Following the sale, the director owned 47,335 shares in the company, valued at approximately $4,970,648.35. This represents a 6.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on TROW shares. Deutsche Bank Aktiengesellschaft boosted their target price on T. Rowe Price Group from $112.00 to $113.00 and gave the company a “hold” rating in a research note on Friday. Keefe, Bruyette & Woods boosted their price objective on T. Rowe Price Group from $115.00 to $117.00 and gave the company a “market perform” rating in a research report on Monday, November 3rd. BMO Capital Markets assumed coverage on shares of T. Rowe Price Group in a report on Friday, October 3rd. They set a “market perform” rating and a $108.00 target price on the stock. Evercore ISI lifted their price target on shares of T. Rowe Price Group from $115.00 to $118.00 and gave the company an “in-line” rating in a research note on Thursday, October 9th. Finally, Barclays set a $101.00 price objective on shares of T. Rowe Price Group in a research report on Monday, November 3rd. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $109.38.

T. Rowe Price Group Stock Down 1.9%

NASDAQ TROW opened at $101.72 on Friday. The firm’s 50 day moving average is $104.02 and its 200-day moving average is $101.31. The company has a market capitalization of $22.20 billion, a PE ratio of 11.37, a price-to-earnings-growth ratio of 5.61 and a beta of 1.51. T. Rowe Price Group, Inc. has a 12-month low of $77.85 and a 12-month high of $125.81.

T. Rowe Price Group (NASDAQ:TROW) last announced its earnings results on Friday, October 31st. The asset manager reported $2.81 EPS for the quarter, topping the consensus estimate of $2.55 by $0.26. T. Rowe Price Group had a net margin of 28.72% and a return on equity of 19.77%. The business had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.88 billion. During the same quarter in the prior year, the company posted $2.57 earnings per share. The firm’s revenue was up 6.0% on a year-over-year basis. As a group, sell-side analysts expect that T. Rowe Price Group, Inc. will post 9.29 EPS for the current year.

T. Rowe Price Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 30th. Investors of record on Monday, December 15th will be given a $1.27 dividend. The ex-dividend date of this dividend is Monday, December 15th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 5.0%. T. Rowe Price Group’s payout ratio is currently 55.34%.

T. Rowe Price Group Company 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.