Provident Trust Co. Raises Stock Position in T. Rowe Price Group, Inc. $TROW

Provident Trust Co. raised its position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 0.4% in the second quarter, HoldingsChannel reports. The firm 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 makes up 4.9% of Provident Trust Co.’s investment portfolio, making the stock its 10th largest position. Provident Trust Co.’s holdings in T. Rowe Price Group were worth $234,355,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of TROW. TD Private Client Wealth LLC boosted its position in shares of T. Rowe Price Group by 91.8% during the fourth 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 period. DV Equities LLC bought a new position in T. Rowe Price Group in the 4th quarter worth approximately $32,000. Motiv8 Investments LLC acquired a new stake in T. Rowe Price Group in the 4th quarter valued at approximately $35,000. Bank & Trust Co increased its position in T. Rowe Price Group by 52.4% in the 2nd quarter. Bank & Trust Co now owns 314 shares of the asset manager’s stock valued at $36,000 after acquiring an additional 108 shares during the period. Finally, Keating Financial Advisory Services Inc. acquired a new stake in T. Rowe Price Group in the 2nd quarter valued at approximately $39,000. Institutional investors own 73.39% of the company’s stock.

Insider Activity at T. Rowe Price Group

In related news, VP Joshua B. Nelson sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $111.82, for a total transaction of $1,118,200.00. Following the completion of 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.60% of the stock is owned by insiders.

T. Rowe Price Group Stock Down 1.0%

NASDAQ:TROW opened at $111.24 on Friday. The business’s 50-day moving average price is $114.35 and its 200 day moving average price is $103.34. The firm has a market cap of $23.73 billion, a P/E ratio of 11.16, a PEG ratio of 3.68 and a beta of 1.47. T. Rowe Price Group, Inc. has a 52-week low of $85.22 and a 52-week high of $122.00.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings results on Friday, July 31st. The asset manager reported $2.57 EPS 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 analysts’ expectations of $1.89 billion. During the same period in the previous year, the business earned $2.24 earnings per share. T. Rowe Price Group’s revenue for the quarter was up 10.7% compared to the same quarter last year. Sell-side analysts expect that T. Rowe Price Group, Inc. will post 10.15 EPS for the current year.

T. Rowe Price Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be issued a $1.30 dividend. 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 payout ratio is presently 52.16%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $109.00 price target on shares of T. Rowe Price Group in a research report on Monday, August 3rd. Zacks Research lowered T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 13th. TD Cowen lifted their price objective on shares of T. Rowe Price Group from $107.00 to $108.00 and gave the company a “hold” rating in a research note on Monday, August 3rd. The Goldman Sachs Group upped their price objective on shares of T. Rowe Price Group from $90.00 to $92.00 and gave the stock a “sell” rating in a report on Tuesday, June 30th. Finally, Barclays decreased their target price on shares of T. Rowe Price Group from $108.00 to $103.00 and set an “underweight” rating for the company in a research report on Monday, August 3rd. Ten analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Reduce” and a consensus price target of $105.67.

About T. Rowe Price Group

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.