River Wealth Advisors LLC reduced its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 0.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,871 shares of the asset manager’s stock after selling 16 shares during the period. River Wealth Advisors LLC’s holdings in T. Rowe Price Group were worth $955,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of TROW. BlackRock Inc. increased its position in T. Rowe Price Group by 1,722.6% in the first quarter. BlackRock Inc. now owns 16,378,787 shares of the asset manager’s stock valued at $1,116,214,000 after buying an additional 15,480,155 shares during the period. JPMorgan Chase & Co. increased its position in T. Rowe Price Group by 6.7% in the first quarter. JPMorgan Chase & Co. now owns 11,600,022 shares of the asset manager’s stock valued at $790,542,000 after buying an additional 728,477 shares during the period. Geode Capital Management LLC increased its position in T. Rowe Price Group by 8.8% in the first quarter. Geode Capital Management LLC now owns 2,818,756 shares of the asset manager’s stock valued at $191,869,000 after buying an additional 228,194 shares during the period. Thomaspartners Inc. increased its position in T. Rowe Price Group by 12.6% in the first quarter. Thomaspartners Inc. now owns 2,208,621 shares of the asset manager’s stock valued at $150,518,000 after buying an additional 246,695 shares during the period. Finally, PNC Financial Services Group Inc. increased its position in T. Rowe Price Group by 15.6% in the first quarter. PNC Financial Services Group Inc. now owns 2,001,852 shares of the asset manager’s stock valued at $136,428,000 after buying an additional 270,081 shares during the period. 71.49% of the stock is currently owned by hedge funds and other institutional investors.
Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) opened at 82.79 on Friday. The stock has a market cap of $19.90 billion, a PE ratio of 14.22 and a beta of 1.24. The company’s 50 day moving average price is $77.24 and its 200 day moving average price is $72.27. T. Rowe Price Group, Inc. has a 52-week low of $62.97 and a 52-week high of $85.42.
T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings results on Tuesday, July 25th. The asset manager reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.27 by $0.01. The company had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.16 billion. T. Rowe Price Group had a return on equity of 24.38% and a net margin of 32.64%. T. Rowe Price Group’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.76 EPS. On average, analysts anticipate that T. Rowe Price Group, Inc. will post $5.69 earnings per share for the current year.
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TROW has been the topic of several recent research reports. ValuEngine raised T. Rowe Price Group from a “hold” rating to a “buy” rating in a research note on Wednesday. Wells Fargo & Company reaffirmed a “market perform” rating on shares of T. Rowe Price Group in a research note on Thursday, July 27th. Argus downgraded T. Rowe Price Group from a “buy” rating to a “hold” rating in a research note on Wednesday, April 26th. BidaskClub raised T. Rowe Price Group from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, June 14th. Finally, Morgan Stanley reaffirmed an “underweight” rating and issued a $71.00 price objective (up previously from $70.00) on shares of T. Rowe Price Group in a research note on Tuesday, July 18th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company. T. Rowe Price Group has an average rating of “Hold” and a consensus price target of $77.90.
In related news, insider David Oestreicher sold 10,394 shares of the company’s stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $83.07, for a total value of $863,429.58. Following the completion of the transaction, the insider now owns 82,299 shares of the company’s stock, valued at approximately $6,836,577.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Anne M. Whittemore sold 8,326 shares of the company’s stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $82.03, for a total value of $682,981.78. Following the completion of the transaction, the director now directly owns 28,982 shares of the company’s stock, valued at approximately $2,377,393.46. The disclosure for this sale can be found here. Corporate insiders own 3.60% of the company’s stock.
T. Rowe Price Group Company Profile
T. Rowe Price Group, Inc is a financial services holding company. The Company provides global investment management services through its subsidiaries to investors across the world. The Company provides an array of Company sponsored the United States mutual funds, other sponsored pooled investment vehicles, sub advisory services, separate account management, recordkeeping, and related services to individuals, advisors, institutions, financial intermediaries and retirement plan sponsors.
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