Modera Wealth Management LLC Reduces Position in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Modera Wealth Management LLC cut its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 11.7% during the 1st quarter, Holdings Channel.com reports. The firm owned 3,175 shares of the asset manager’s stock after selling 422 shares during the quarter. Modera Wealth Management LLC’s holdings in T. Rowe Price Group were worth $292,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in TROW. O Shaughnessy Asset Management LLC lifted its holdings in shares of T. Rowe Price Group by 13.5% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 17,103 shares of the asset manager’s stock worth $1,934,000 after buying an additional 2,037 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of T. Rowe Price Group by 30.9% in the fourth quarter. Wellington Management Group LLP now owns 72,092 shares of the asset manager’s stock worth $8,153,000 after buying an additional 16,999 shares in the last quarter. Alliancebernstein L.P. lifted its holdings in shares of T. Rowe Price Group by 2.9% in the fourth quarter. Alliancebernstein L.P. now owns 310,160 shares of the asset manager’s stock worth $35,076,000 after buying an additional 8,668 shares in the last quarter. Franklin Resources Inc. lifted its holdings in shares of T. Rowe Price Group by 0.4% in the fourth quarter. Franklin Resources Inc. now owns 492,240 shares of the asset manager’s stock worth $55,667,000 after buying an additional 2,085 shares in the last quarter. Finally, National Bank of Canada FI lifted its holdings in shares of T. Rowe Price Group by 8.3% in the fourth quarter. National Bank of Canada FI now owns 200,812 shares of the asset manager’s stock worth $22,720,000 after buying an additional 15,359 shares in the last quarter. 73.39% of the stock is owned by hedge funds and other institutional investors.

T. Rowe Price Group Trading Up 1.6%

TROW stock opened at $103.06 on Friday. The company’s 50 day moving average is $98.38 and its 200 day moving average is $98.42. The stock has a market cap of $22.71 billion, a price-to-earnings ratio of 11.68, a price-to-earnings-growth ratio of 2.99 and a beta of 1.47. T. Rowe Price Group, Inc. has a 1-year low of $77.85 and a 1-year high of $125.81.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings results on Friday, August 1st. The asset manager reported $2.24 EPS for the quarter, beating analysts’ consensus estimates of $2.15 by $0.09. T. Rowe Price Group had a net margin of 28.38% and a return on equity of 20.17%. The business had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.72 billion. During the same period last year, the business earned $2.26 earnings per share. The business’s quarterly revenue was down .6% on a year-over-year basis. As a group, sell-side analysts forecast that T. Rowe Price Group, Inc. will post 9.29 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 13th were given a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date was Friday, June 13th. T. Rowe Price Group’s dividend payout ratio (DPR) is presently 57.60%.

Insider Buying and Selling

In other T. Rowe Price Group news, VP Dorothy C. Sawyer sold 2,000 shares of the stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $95.43, for a total transaction of $190,860.00. Following the transaction, the vice president directly owned 44,789 shares in the company, valued at $4,274,214.27. This trade represents a 4.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jessica M. Hiebler sold 968 shares of the stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $96.98, for a total transaction of $93,876.64. Following the transaction, the insider owned 13,611 shares in the company, valued at $1,319,994.78. The trade was a 6.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

TROW has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. increased their price target on shares of T. Rowe Price Group from $90.00 to $98.00 and gave the stock an “underweight” rating in a report on Wednesday, July 16th. TD Cowen lowered their price target on shares of T. Rowe Price Group from $112.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, April 9th. The Goldman Sachs Group lowered their price target on shares of T. Rowe Price Group from $89.00 to $80.00 and set a “sell” rating on the stock in a report on Monday, April 14th. Cowen restated a “hold” rating on shares of T. Rowe Price Group in a research report on Monday, May 5th. Finally, Citigroup decreased their price objective on shares of T. Rowe Price Group from $100.00 to $95.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Four analysts have rated the stock with a sell rating and nine have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $96.64.

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.