T. Rowe Price Group, Inc. $TROW Shares Sold by DAVENPORT & Co LLC

DAVENPORT & Co LLC lowered its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 2.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,953 shares of the asset manager’s stock after selling 232 shares during the quarter. DAVENPORT & Co LLC’s holdings in T. Rowe Price Group were worth $864,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of TROW. Zions Bancorporation National Association UT purchased a new position in shares of T. Rowe Price Group during the 1st quarter valued at approximately $27,000. Hexagon Capital Partners LLC increased its holdings in T. Rowe Price Group by 44.8% in the 1st quarter. Hexagon Capital Partners LLC now owns 365 shares of the asset manager’s stock worth $34,000 after acquiring an additional 113 shares in the last quarter. Smallwood Wealth Investment Management LLC acquired a new stake in shares of T. Rowe Price Group in the first quarter valued at about $39,000. Cromwell Holdings LLC grew its position in shares of T. Rowe Price Group by 3,483.3% in the second quarter. Cromwell Holdings LLC now owns 430 shares of the asset manager’s stock valued at $41,000 after purchasing an additional 418 shares during the period. Finally, Chilton Capital Management LLC acquired a new stake in shares of T. Rowe Price Group in the first quarter valued at about $41,000. Hedge funds and other institutional investors own 73.39% of the company’s stock.

T. Rowe Price Group Stock Down 4.3%

NASDAQ TROW opened at $101.43 on Friday. T. Rowe Price Group, Inc. has a 52 week low of $77.85 and a 52 week high of $125.81. The firm has a market cap of $22.29 billion, a PE ratio of 11.33, a P/E/G ratio of 6.84 and a beta of 1.50. The business’s fifty day simple moving average is $105.82 and its 200-day simple moving average is $98.43.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings data on Friday, August 1st. The asset manager reported $2.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.09. T. Rowe Price Group had a net margin of 28.72% and a return on equity of 19.77%. The firm had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.72 billion. During the same period last year, the business earned $2.26 earnings per share. T. Rowe Price Group’s revenue was down .6% compared to the same quarter last year. Research analysts expect that T. Rowe Price Group, Inc. will post 9.29 EPS for the current year.

T. Rowe Price Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Monday, September 15th were issued a $1.27 dividend. The ex-dividend date was Monday, September 15th. This represents a $5.08 dividend on an annualized basis and a yield of 5.0%. T. Rowe Price Group’s dividend payout ratio is currently 56.76%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. The Goldman Sachs Group raised their price target on shares of T. Rowe Price Group from $91.00 to $92.00 and gave the company a “sell” rating in a research note on Friday, October 3rd. Deutsche Bank Aktiengesellschaft increased their target price on T. Rowe Price Group from $109.00 to $114.00 and gave the company a “hold” rating in a report on Thursday. Bank of America increased their target price on T. Rowe Price Group from $91.00 to $97.00 and gave the company an “underperform” rating in a report on Thursday, October 2nd. Jefferies Financial Group boosted their price target on T. Rowe Price Group from $104.00 to $106.00 and gave the stock a “hold” rating in a research report on Tuesday. Finally, Wells Fargo & Company boosted their price target on T. Rowe Price Group from $98.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Friday, July 11th. One equities research analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target of $104.69.

Insider Buying and Selling

In other T. Rowe Price Group news, Director Robert F. Maclellan sold 3,090 shares of T. Rowe Price Group stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $105.01, for a total value of $324,480.90. Following the sale, the director owned 47,335 shares in the company, valued at $4,970,648.35. The trade was a 6.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.00% of the stock is owned by corporate insiders.

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.