Provident Trust Co. Sells 687,094 Shares of T. Rowe Price Group, Inc. $TROW

Provident Trust Co. trimmed its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 33.3% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,374,259 shares of the asset manager’s stock after selling 687,094 shares during the period. T. Rowe Price Group accounts for about 4.4% of Provident Trust Co.’s investment portfolio, making the stock its 12th largest position. Provident Trust Co. owned approximately 0.64% of T. Rowe Price Group worth $142,992,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of T. Rowe Price Group during the third quarter valued at about $28,962,000. Profund Advisors LLC grew its position in T. Rowe Price Group by 10.6% during the third quarter. Profund Advisors LLC now owns 1,987 shares of the asset manager’s stock worth $207,000 after buying an additional 190 shares in the last quarter. Cidel Asset Management Inc. increased its stake in T. Rowe Price Group by 4.5% during the third quarter. Cidel Asset Management Inc. now owns 4,066 shares of the asset manager’s stock valued at $423,000 after acquiring an additional 174 shares during the period. Unison Advisors LLC increased its stake in T. Rowe Price Group by 1.1% during the third quarter. Unison Advisors LLC now owns 18,639 shares of the asset manager’s stock valued at $1,939,000 after acquiring an additional 201 shares during the period. Finally, International Assets Investment Management LLC increased its stake in T. Rowe Price Group by 250.8% during the third quarter. International Assets Investment Management LLC now owns 25,000 shares of the asset manager’s stock valued at $2,601,000 after acquiring an additional 17,873 shares during the period. 73.39% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TROW has been the subject of a number of analyst reports. Evercore set a $109.00 price target on shares of T. Rowe Price Group in a research note on Friday, October 9th. UBS Group initiated coverage on T. Rowe Price Group in a report on Wednesday, October 7th. They set a “neutral” rating and a $107.00 price objective for the company. TD Cowen reduced their target price on shares of T. Rowe Price Group from $109.00 to $96.00 and set a “hold” rating on the stock in a research note on Friday. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $113.00 target price (up from $112.00) on shares of T. Rowe Price Group in a report on Friday. Finally, Weiss Ratings upgraded shares of T. Rowe Price Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, September 4th. One investment analyst has rated the stock with a Buy rating, ten have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, T. Rowe Price Group presently has an average rating of “Reduce” and an average target price of $103.15.

T. Rowe Price Group Stock Performance

Shares of TROW stock opened at $103.90 on Monday. The company has a market capitalization of $22.16 billion, a P/E ratio of 10.51, a price-to-earnings-growth ratio of 3.02 and a beta of 1.43. The company’s 50 day moving average price is $105.65 and its two-hundred day moving average price is $103.70. 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 released its quarterly earnings data on Thursday, October 29th. The asset manager reported $2.86 EPS for the quarter, beating the consensus estimate of $2.63 by $0.23. The company had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.98 billion. T. Rowe Price Group had a return on equity of 20.63% and a net margin of 28.40%. The firm’s revenue for the quarter was up 5.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.81 EPS. Analysts forecast that T. Rowe Price Group, Inc. will post 10.16 earnings per share for the current year.

T. Rowe Price Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th were given a dividend of $1.30 per share. The ex-dividend date was Tuesday, September 15th. This represents a $5.20 annualized dividend and a yield of 5.0%. T. Rowe Price Group’s dividend payout ratio (DPR) is presently 52.58%.

Insiders Place Their Bets

In other news, VP Joshua Nelson sold 10,000 shares of the firm’s 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 transaction, the vice president directly 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.60% of the stock is owned by insiders.

T. Rowe Price Group Profile

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland. Founded in 1937 by Thomas Rowe Price Jr., the company provides investment strategies and advisory services to individual investors, retirement plans, financial intermediaries, institutions and other clients.

The company offers a range of actively managed and multi-asset investment products, including mutual funds, exchange-traded funds, separately managed accounts and other portfolio solutions.