Provident Investment Management Inc. Buys 305 Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW)

Provident Investment Management Inc. increased its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 4.4% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 7,167 shares of the asset manager’s stock after buying an additional 305 shares during the quarter. Provident Investment Management Inc.’s holdings in T. Rowe Price Group were worth $658,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TROW. Vanguard Group Inc. lifted its stake in shares of T. Rowe Price Group by 0.9% in the first quarter. Vanguard Group Inc. now owns 26,286,393 shares of the asset manager’s stock worth $2,414,931,000 after buying an additional 222,556 shares in the last quarter. Fayez Sarofim & Co raised its holdings in T. Rowe Price Group by 7.6% in the 4th quarter. Fayez Sarofim & Co now owns 6,052,469 shares of the asset manager’s stock worth $684,474,000 after acquiring an additional 425,142 shares during the last quarter. Invesco Ltd. lifted its position in T. Rowe Price Group by 1.7% in the 4th quarter. Invesco Ltd. now owns 2,397,819 shares of the asset manager’s stock valued at $271,169,000 after acquiring an additional 40,514 shares in the last quarter. Northern Trust Corp lifted its position in T. Rowe Price Group by 10.0% in the 4th quarter. Northern Trust Corp now owns 2,290,739 shares of the asset manager’s stock valued at $259,060,000 after acquiring an additional 208,304 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in T. Rowe Price Group by 28.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,762,910 shares of the asset manager’s stock valued at $199,367,000 after purchasing an additional 387,604 shares during the last quarter. Institutional investors own 73.39% of the company’s stock.

T. Rowe Price Group Trading Down 0.3%

Shares of NASDAQ TROW opened at $105.65 on Wednesday. T. Rowe Price Group, Inc. has a 12-month low of $77.85 and a 12-month high of $125.81. The firm has a market capitalization of $23.21 billion, a price-to-earnings ratio of 11.80, a price-to-earnings-growth ratio of 3.10 and a beta of 1.47. The firm has a 50 day moving average of $98.84 and a 200 day moving average of $98.22.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings data on Friday, August 1st. The asset manager reported $2.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 net margin of 28.72% and a return on equity of 19.77%. The company’s revenue for the quarter was down .6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.26 EPS. Sell-side analysts predict that T. Rowe Price Group, Inc. will post 9.29 EPS for the current year.

T. Rowe Price Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 13th were given a $1.27 dividend. The ex-dividend date was Friday, June 13th. This represents a $5.08 dividend on an annualized basis and a yield of 4.8%. T. Rowe Price Group’s dividend payout ratio is presently 56.76%.

Analyst Ratings Changes

Several research firms have recently weighed in on TROW. TD Cowen decreased their price target on T. Rowe Price Group from $112.00 to $89.00 and set a “hold” rating for the company in a research note on Wednesday, April 9th. Barclays increased their price objective on T. Rowe Price Group from $91.00 to $95.00 and gave the company an “underweight” rating in a research report on Monday. Keefe, Bruyette & Woods boosted their target price on T. Rowe Price Group from $110.00 to $112.00 and gave the stock a “market perform” rating in a research report on Monday. Cowen reaffirmed a “hold” rating on shares of T. Rowe Price Group in a report on Monday, May 5th. Finally, The Goldman Sachs Group reduced their price target on shares of T. Rowe Price Group from $89.00 to $80.00 and set a “sell” rating for the company in a research note on Monday, April 14th. Four investment analysts have rated the stock with a sell rating and nine have given a hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $101.09.

Insider Transactions at T. Rowe Price Group

In other news, insider Jessica M. Hiebler sold 968 shares of T. Rowe Price Group stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $96.98, for a total transaction of $93,876.64. Following the transaction, the insider directly owned 13,611 shares of the company’s stock, valued at $1,319,994.78. The trade was a 6.64% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Dorothy C. Sawyer sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $95.43, for a total value of $190,860.00. Following the transaction, the vice president owned 44,789 shares of the company’s stock, valued at approximately $4,274,214.27. This trade represents a 4.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.60% of the company’s stock.

T. Rowe Price Group 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.