T. Rowe Price Group, Inc. $TROW Stock Sold by Heritage Investors Management Corp

Heritage Investors Management Corp lessened its position in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 11.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 110,404 shares of the asset manager’s stock after selling 14,287 shares during the period. Heritage Investors Management Corp’s holdings in T. Rowe Price Group were worth $11,488,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of TROW. BlackRock Inc. bought a new position in T. Rowe Price Group during the 2nd quarter valued at approximately $2,728,119,000. State Street Corp grew its position in shares of T. Rowe Price Group by 2.7% in the 2nd quarter. State Street Corp now owns 14,653,478 shares of the asset manager’s stock worth $1,665,954,000 after buying an additional 381,183 shares during the last quarter. First Trust Advisors LP grew its position in shares of T. Rowe Price Group by 12.6% in the 1st quarter. First Trust Advisors LP now owns 3,694,171 shares of the asset manager’s stock worth $332,993,000 after buying an additional 413,317 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of T. Rowe Price Group by 20.0% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,150,561 shares of the asset manager’s stock worth $358,187,000 after buying an additional 524,544 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of T. Rowe Price Group by 1.8% during the first quarter. Dimensional Fund Advisors LP now owns 2,124,696 shares of the asset manager’s stock valued at $191,512,000 after buying an additional 37,642 shares during the period. Hedge funds and other institutional investors own 73.39% of the company’s stock.

T. Rowe Price Group Stock Performance

T. Rowe Price Group stock opened at $103.90 on Monday. T. Rowe Price Group, Inc. has a fifty-two week low of $85.22 and a fifty-two week high of $122.00. The stock’s 50 day simple moving average is $105.65 and its two-hundred day simple moving average is $103.70. The stock has a market cap of $22.16 billion, a price-to-earnings ratio of 10.51, a PEG ratio of 3.02 and a beta of 1.43.

T. Rowe Price Group (NASDAQ:TROW) last announced its earnings results on Thursday, October 29th. The asset manager reported $2.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.63 by $0.23. T. Rowe Price Group had a return on equity of 20.63% and a net margin of 28.40%. The firm had revenue of $2 billion during the quarter, compared to analyst estimates of $1.98 billion. During the same quarter in the prior year, the company earned $2.81 EPS. The business’s revenue was up 5.9% compared to the same quarter last year. On average, analysts predict that T. Rowe Price Group, Inc. will post 10.16 earnings per share for the current year.

T. Rowe Price Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th were given a dividend of $1.30 per share. The ex-dividend date was Tuesday, September 15th. This represents a $5.20 annualized dividend and a dividend yield of 5.0%. T. Rowe Price Group’s payout ratio is currently 52.58%.

Wall Street Analysts Forecast Growth

TROW has been the subject of a number of recent analyst reports. Evercore set a $109.00 target price on T. Rowe Price Group in a report on Friday, October 9th. Morgan Stanley boosted their price objective on shares of T. Rowe Price Group from $110.00 to $112.00 and gave the company an “equal weight” rating in a research report on Friday, October 23rd. BMO Capital Markets reduced their price objective on shares of T. Rowe Price Group from $120.00 to $110.00 and set a “market perform” rating on the stock in a research report on Tuesday, October 13th. TD Cowen decreased their price objective on shares of T. Rowe Price Group from $109.00 to $96.00 and set a “hold” rating for the company in a report on Friday. Finally, JPMorgan Chase & Co. raised their target price on shares of T. Rowe Price Group from $106.00 to $107.00 and gave the stock an “underweight” rating in a research report on Friday. One research analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, T. Rowe Price Group currently has an average rating of “Reduce” and an average price target of $103.15.

Key Headlines Impacting T. Rowe Price Group

Here are the key news stories impacting T. Rowe Price Group this week:

• Positive Sentiment: Third-quarter adjusted earnings of $2.86 per share exceeded the $2.63 consensus estimate, while revenue reached approximately $2.0 billion versus expectations of $1.98 billion. Revenue increased 5.9% year over year, supported by higher advisory fees. T. Rowe Price Q3 Earnings and Revenues Surpass Estimates
• Positive Sentiment: Keefe, Bruyette & Woods reaffirmed its “market perform” rating but raised its price target to $113 from $112, implying approximately 8.8% potential upside based on the referenced price. Keefe, Bruyette & Woods Ratings
• Neutral Sentiment: T. Rowe Price is expanding its wealth-management operation with more than 50 new roles. The initiative could diversify growth and strengthen distribution over time, although added staffing costs may weigh on near-term efficiency. T. Rowe Price Adds Over 50 Wealth Management Roles
• Negative Sentiment: The earnings beat was offset by substantial client outflows and a decline in AUM during the quarter. Persistent redemptions are a key concern for an asset manager because they reduce fee-generating assets and could limit future revenue growth. T. Rowe Price Q3 Earnings, Revenue Beat Even as AUM Dips

Insiders Place Their Bets

In related news, VP Joshua Nelson sold 10,000 shares of the company’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $111.82, for a total value of $1,118,200.00. Following the sale, the vice president directly owned 71,328 shares of the company’s stock, valued at $7,975,896.96. This represents a 12.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.60% of the stock is currently owned by insiders.

About T. Rowe Price Group

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland. Founded in 1937 by Thomas Rowe Price Jr., the company provides investment strategies and advisory services to individual investors, retirement plans, financial intermediaries, institutions and other clients.

The company offers a range of actively managed and multi-asset investment products, including mutual funds, exchange-traded funds, separately managed accounts and other portfolio solutions.