T. Rowe Price Group, Inc. $TROW is Provident Trust Co.’s 10th Largest Position

Provident Trust Co. grew its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 0.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,061,353 shares of the asset manager’s stock after acquiring an additional 8,524 shares during the period. T. Rowe Price Group comprises about 4.9% of Provident Trust Co.’s investment portfolio, making the stock its 10th biggest holding. Provident Trust Co. owned approximately 0.97% of T. Rowe Price Group worth $234,355,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Woodline Partners LP increased its holdings in T. Rowe Price Group by 41.0% during the 1st quarter. Woodline Partners LP now owns 18,809 shares of the asset manager’s stock worth $1,728,000 after purchasing an additional 5,467 shares during the last quarter. Focus Partners Wealth grew its holdings in T. Rowe Price Group by 10.6% during the 1st quarter. Focus Partners Wealth now owns 13,054 shares of the asset manager’s stock worth $1,199,000 after acquiring an additional 1,250 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in T. Rowe Price Group by 44.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,546 shares of the asset manager’s stock worth $149,000 after acquiring an additional 478 shares in the last quarter. Jump Financial LLC bought a new stake in shares of T. Rowe Price Group in the 2nd quarter worth about $931,000. Finally, Daiwa Securities Group Inc. increased its position in shares of T. Rowe Price Group by 5.4% in the 2nd quarter. Daiwa Securities Group Inc. now owns 33,245 shares of the asset manager’s stock worth $3,208,000 after purchasing an additional 1,703 shares during the last quarter. 73.39% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, VP Joshua B. Nelson sold 10,000 shares of the firm’s stock in a transaction that occurred 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 owned 71,328 shares of the company’s stock, valued at approximately $7,975,896.96. This trade represents a 12.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.60% of the company’s stock.

T. Rowe Price Group Stock Performance

NASDAQ TROW opened at $111.24 on Friday. T. Rowe Price Group, Inc. has a one year low of $85.22 and a one year high of $122.00. The company has a 50-day simple moving average of $114.35 and a 200-day simple moving average of $103.34. The firm has a market capitalization of $23.73 billion, a PE ratio of 11.16, a price-to-earnings-growth ratio of 3.68 and a beta of 1.47.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings data on Friday, July 31st. The asset manager reported $2.57 earnings per share for the quarter, topping the consensus estimate of $2.52 by $0.05. T. Rowe Price Group had a net margin of 29.26% and a return on equity of 20.91%. The firm had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.89 billion. During the same quarter in the prior year, the business earned $2.24 earnings per share. T. Rowe Price Group’s quarterly revenue was up 10.7% on a year-over-year basis. Equities analysts forecast that T. Rowe Price Group, Inc. will post 10.15 earnings per share for the current year.

T. Rowe Price Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date is Tuesday, September 15th. T. Rowe Price Group’s dividend payout ratio is presently 52.16%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on TROW shares. TD Cowen increased their price target on shares of T. Rowe Price Group from $107.00 to $108.00 and gave the stock a “hold” rating in a research report on Monday, August 3rd. Evercore set a $118.00 price objective on T. Rowe Price Group in a research note on Monday, August 10th. BMO Capital Markets increased their target price on T. Rowe Price Group from $110.00 to $120.00 and gave the stock a “market perform” rating in a report on Monday, August 3rd. Morgan Stanley set a $116.00 target price on T. Rowe Price Group in a report on Wednesday, July 29th. Finally, Weiss Ratings upgraded T. Rowe Price Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, July 2nd. Ten analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, T. Rowe Price Group presently has a consensus rating of “Reduce” and an average price target of $105.67.

T. Rowe Price Group Company Profile

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland, founded by Thomas Rowe Price Jr. in 1937. The company provides a broad range of investment products and services for individual investors, financial intermediaries, retirement plan sponsors and institutional clients. Its offerings are built around active investment management and in-house research across equity, fixed income and multi-asset strategies, reflecting a long history as a research-driven asset manager.

The firm’s product lineup includes mutual funds, separate accounts, collective investment trusts, target-date and target-risk funds, and managed account solutions, as well as services for defined contribution and defined benefit retirement plans.