Burney Co. Sells 11,231 Shares of T. Rowe Price Group, Inc. $TROW

Burney Co. lessened its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 50.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,985 shares of the asset manager’s stock after selling 11,231 shares during the quarter. Burney Co.’s holdings in T. Rowe Price Group were worth $1,060,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Wealthfront Advisers LLC increased its holdings in T. Rowe Price Group by 109.2% in the 1st quarter. Wealthfront Advisers LLC now owns 69,326 shares of the asset manager’s stock valued at $6,369,000 after buying an additional 36,190 shares during the period. Alps Advisors Inc. boosted its stake in shares of T. Rowe Price Group by 22.9% in the 1st quarter. Alps Advisors Inc. now owns 308,837 shares of the asset manager’s stock valued at $28,373,000 after purchasing an additional 57,503 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of T. Rowe Price Group by 1.6% in the 1st quarter. Bank of New York Mellon Corp now owns 1,716,724 shares of the asset manager’s stock valued at $157,715,000 after purchasing an additional 26,395 shares in the last quarter. Commerzbank Aktiengesellschaft FI boosted its position in T. Rowe Price Group by 74.1% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 19,905 shares of the asset manager’s stock valued at $1,829,000 after buying an additional 8,473 shares in the last quarter. Finally, Cerity Partners LLC boosted its position in T. Rowe Price Group by 74.6% in the first quarter. Cerity Partners LLC now owns 127,758 shares of the asset manager’s stock valued at $11,737,000 after buying an additional 54,584 shares in the last quarter. Institutional investors own 73.39% of the company’s stock.

Insiders Place Their Bets

In related news, Director Robert F. Maclellan sold 3,090 shares of the stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $105.01, for a total value of $324,480.90. Following the transaction, the director directly owned 47,335 shares in the company, valued at $4,970,648.35. This represents a 6.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 2.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

TROW has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft reduced their price target on shares of T. Rowe Price Group from $114.00 to $112.00 and set a “hold” rating on the stock in a research report on Monday. TD Cowen boosted their price target on shares of T. Rowe Price Group from $108.00 to $112.00 and gave the company a “hold” rating in a research report on Monday. Weiss Ratings restated a “hold (c)” rating on shares of T. Rowe Price Group in a research report on Wednesday, October 8th. Jefferies Financial Group boosted their price target on shares of T. Rowe Price Group from $104.00 to $106.00 and gave the company a “hold” rating in a research report on Tuesday, October 7th. Finally, The Goldman Sachs Group upped their price target on shares of T. Rowe Price Group from $93.00 to $98.00 in a research report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $109.31.

T. Rowe Price Group Stock Down 0.4%

Shares of NASDAQ TROW opened at $101.27 on Wednesday. The firm’s 50-day simple moving average is $104.81 and its 200 day simple moving average is $100.53. The company has a market cap of $22.25 billion, a price-to-earnings ratio of 11.32, a price-to-earnings-growth ratio of 5.61 and a beta of 1.50. 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 issued its quarterly earnings results on Friday, October 31st. The asset manager reported $2.81 earnings per share (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 for the quarter, compared to the consensus estimate of $1.88 billion. During the same quarter in the prior year, the company earned $2.57 EPS. The firm’s quarterly revenue was up 6.0% on a year-over-year basis. On average, equities analysts expect that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current year.

T. Rowe Price Group Announces Dividend

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

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.