SouthState Corp Lowers Stock Holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW)

SouthState Corp reduced its position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 16.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,144 shares of the asset manager’s stock after selling 1,659 shares during the period. SouthState Corp’s holdings in T. Rowe Price Group were worth $748,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of TROW. Zions Bancorporation National Association UT purchased a new stake in T. Rowe Price Group during the 1st quarter worth about $27,000. Hexagon Capital Partners LLC lifted its holdings in T. Rowe Price Group by 44.8% during the 1st quarter. Hexagon Capital Partners LLC now owns 365 shares of the asset manager’s stock worth $34,000 after buying an additional 113 shares during the last quarter. Smallwood Wealth Investment Management LLC purchased a new stake in T. Rowe Price Group during the 1st quarter worth about $39,000. Chilton Capital Management LLC purchased a new stake in T. Rowe Price Group during the 1st quarter worth about $41,000. Finally, Ameriflex Group Inc. purchased a new stake in T. Rowe Price Group during the 4th quarter worth about $42,000. 73.39% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on TROW shares. Keefe, Bruyette & Woods lifted their price target on T. Rowe Price Group from $110.00 to $112.00 and gave the stock a “market perform” rating in a report on Monday, August 4th. Wells Fargo & Company lifted their target price on T. Rowe Price Group from $98.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Friday, July 11th. Barclays reiterated an “underweight” rating and set a $95.00 target price (up previously from $91.00) on shares of T. Rowe Price Group in a research report on Monday, August 4th. JPMorgan Chase & Co. lifted their target price on T. Rowe Price Group from $98.00 to $102.00 and gave the stock an “underweight” rating in a research report on Monday, August 4th. Finally, Citigroup cut their target price on 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 investment analysts have rated the stock with a sell rating and nine have issued a hold rating to the company’s stock. According to data from MarketBeat.com, T. Rowe Price Group currently has an average rating of “Hold” and a consensus target price of $101.09.

T. Rowe Price Group Trading Up 0.2%

NASDAQ TROW opened at $105.27 on Tuesday. The business’s 50 day moving average is $99.76 and its two-hundred day moving average is $97.87. T. Rowe Price Group, Inc. has a 12-month low of $77.85 and a 12-month high of $125.81. The stock has a market capitalization of $23.13 billion, a price-to-earnings ratio of 11.76, a PEG ratio of 2.86 and a beta of 1.47.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings results on Friday, August 1st. The asset manager reported $2.24 EPS for the quarter, topping the consensus estimate of $2.15 by $0.09. The business had revenue of $1.72 billion for the quarter, compared to analyst estimates 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 quarterly revenue was down .6% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.26 EPS. Equities analysts forecast that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current fiscal year.

T. Rowe Price Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be paid a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a yield of 4.8%. T. Rowe Price Group’s payout ratio is currently 56.76%.

Insider Transactions at T. Rowe Price Group

In other T. Rowe Price Group news, VP Dorothy C. Sawyer sold 2,000 shares of the business’s stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $95.43, for a total value of $190,860.00. Following the completion of the transaction, the vice president directly owned 44,789 shares in the company, valued at approximately $4,274,214.27. The trade was a 4.27% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible 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.