L.K. Benson & Company P.C. Cuts Position in T. Rowe Price Group, Inc. $TROW

L.K. Benson & Company P.C. lowered its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 14.0% in the second quarter, Holdings Channel reports. The firm owned 1,203,485 shares of the asset manager’s stock after selling 195,266 shares during the quarter. T. Rowe Price Group comprises about 41.3% of L.K. Benson & Company P.C.’s holdings, making the stock its biggest position. L.K. Benson & Company P.C.’s holdings in T. Rowe Price Group were worth $136,824,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in TROW. TD Private Client Wealth LLC boosted its stake in shares of T. Rowe Price Group by 91.8% during the 4th quarter. TD Private Client Wealth LLC now owns 257 shares of the asset manager’s stock worth $26,000 after buying an additional 123 shares during the last quarter. DV Equities LLC acquired a new position in T. Rowe Price Group during the fourth quarter valued at approximately $32,000. Motiv8 Investments LLC bought a new position in T. Rowe Price Group in the fourth quarter valued at approximately $35,000. Bank & Trust Co grew its stake in T. Rowe Price Group by 52.4% in the second quarter. Bank & Trust Co now owns 314 shares of the asset manager’s stock valued at $36,000 after purchasing an additional 108 shares in the last quarter. Finally, TD Waterhouse Canada Inc. increased its position in shares of T. Rowe Price Group by 92.0% during the 4th quarter. TD Waterhouse Canada Inc. now owns 386 shares of the asset manager’s stock worth $40,000 after purchasing an additional 185 shares during the last quarter. 73.39% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on TROW shares. TD Cowen upped 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. The Goldman Sachs Group upped their target price on shares of T. Rowe Price Group from $90.00 to $92.00 and gave the company a “sell” rating in a report on Tuesday, June 30th. JPMorgan Chase & Co. reduced their price target on T. Rowe Price Group from $106.00 to $103.00 and set an “underweight” rating for the company in a report on Friday, April 24th. Evercore set a $118.00 price objective on T. Rowe Price Group in a research note on Monday. Finally, Zacks Research raised T. Rowe Price Group from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $105.67.

T. Rowe Price Group Stock Down 0.1%

Shares of NASDAQ:TROW opened at $111.30 on Friday. The company’s 50 day moving average price is $113.43 and its two-hundred day moving average price is $102.60. T. Rowe Price Group, Inc. has a 12-month low of $85.22 and a 12-month high of $122.00. The firm has a market cap of $23.74 billion, a PE ratio of 11.16, a PEG ratio of 4.34 and a beta of 1.47.

T. Rowe Price Group (NASDAQ:TROW) last released its earnings results on Friday, July 31st. The asset manager reported $2.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.52 by $0.05. The company had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.89 billion. T. Rowe Price Group had a return on equity of 20.91% and a net margin of 29.26%.T. Rowe Price Group’s quarterly revenue was up 10.7% on a year-over-year basis. During the same period in the prior year, the firm posted $2.24 EPS. On average, research analysts expect that T. Rowe Price Group, Inc. will post 10.13 EPS for the current year.

T. Rowe Price Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be issued a dividend of $1.30 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $5.20 annualized dividend and a dividend yield of 4.7%. T. Rowe Price Group’s dividend payout ratio (DPR) is 52.16%.

T. Rowe Price Group 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.