OLD Point Trust & Financial Services N A Reduces Stock Holdings in T. Rowe Price Group, Inc. $TROW

OLD Point Trust & Financial Services N A reduced its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 13.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,125 shares of the asset manager’s stock after selling 1,225 shares during the period. OLD Point Trust & Financial Services N A’s holdings in T. Rowe Price Group were worth $784,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Zions Bancorporation National Association UT acquired a new stake in shares of T. Rowe Price Group in the first quarter valued at approximately $27,000. Hexagon Capital Partners LLC boosted its holdings in shares of T. Rowe Price Group by 44.8% in the first quarter. Hexagon Capital Partners LLC now owns 365 shares of the asset manager’s stock valued at $34,000 after acquiring an additional 113 shares during the period. Smallwood Wealth Investment Management LLC acquired a new stake in shares of T. Rowe Price Group in the first quarter valued at approximately $39,000. Chilton Capital Management LLC acquired a new stake in shares of T. Rowe Price Group in the first quarter valued at approximately $41,000. Finally, Wayfinding Financial LLC acquired a new stake in shares of T. Rowe Price Group in the first quarter valued at approximately $43,000. 73.39% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on TROW. Morgan Stanley increased their price objective on T. Rowe Price Group from $112.00 to $116.00 and gave the company an “equal weight” rating in a report on Monday, August 4th. Zacks Research downgraded T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a report on Monday, September 8th. Keefe, Bruyette & Woods increased their price objective on T. Rowe Price Group from $110.00 to $112.00 and gave the company a “market perform” rating in a report on Monday, August 4th. Wells Fargo & Company increased their price objective on T. Rowe Price Group from $98.00 to $108.00 and gave the company an “equal weight” rating in a report on Friday, July 11th. Finally, JPMorgan Chase & Co. increased their price target on T. Rowe Price Group from $98.00 to $102.00 and gave the stock an “underweight” rating in a report on Monday, August 4th. One analyst has rated the stock with a Buy rating, eight have given a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $101.55.

T. Rowe Price Group Price Performance

Shares of NASDAQ TROW opened at $102.64 on Wednesday. The stock has a fifty day moving average price of $106.03 and a 200 day moving average price of $97.93. T. Rowe Price Group, Inc. has a 1-year low of $77.85 and a 1-year high of $125.81. The company has a market cap of $22.55 billion, a PE ratio of 11.47, a P/E/G ratio of 2.68 and a beta of 1.51.

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

T. Rowe Price Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Monday, September 15th were given a $1.27 dividend. The ex-dividend date was Monday, September 15th. This represents a $5.08 annualized dividend and a yield of 4.9%. T. Rowe Price Group’s dividend payout ratio is presently 56.76%.

Insider Transactions at T. Rowe Price Group

In other T. Rowe Price Group news, Director Robert F. Maclellan sold 3,090 shares of the 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 completion of the transaction, the director owned 47,335 shares in the company, valued at approximately $4,970,648.35. This represents a 6.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.60% of the company’s stock.

T. Rowe Price Group Company Profile

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.