Kenneth V. Moreland Sells 13,041 Shares of T. Rowe Price Group, Inc. (TROW) Stock
T. Rowe Price Group, Inc. (NASDAQ:TROW) CFO Kenneth V. Moreland sold 13,041 shares of the company’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $90.43, for a total transaction of $1,179,297.63. Following the completion of the sale, the chief financial officer now directly owns 135,028 shares of the company’s stock, valued at $12,210,582.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
T. Rowe Price Group, Inc. (NASDAQ TROW) traded up 0.26% on Tuesday, hitting $90.92. The stock had a trading volume of 980,850 shares. T. Rowe Price Group, Inc. has a one year low of $62.97 and a one year high of $91.19. The stock has a 50-day moving average of $84.95 and a 200-day moving average of $76.67. The company has a market cap of $21.85 billion, a PE ratio of 15.61 and a beta of 1.25.
T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings data on Tuesday, July 25th. The asset manager reported $1.28 EPS for the quarter, topping the Zacks’ consensus estimate of $1.27 by $0.01. The company had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.16 billion. T. Rowe Price Group had a return on equity of 24.38% and a net margin of 32.64%. The company’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.76 EPS. Equities analysts expect that T. Rowe Price Group, Inc. will post $5.65 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 28th. Investors of record on Thursday, September 14th were paid a dividend of $0.57 per share. The ex-dividend date of this dividend was Wednesday, September 13th. This represents a $2.28 annualized dividend and a yield of 2.51%. T. Rowe Price Group’s dividend payout ratio is currently 39.18%.
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Several research firms have commented on TROW. ValuEngine raised T. Rowe Price Group from a “hold” rating to a “buy” rating in a research note on Wednesday, August 2nd. UBS AG reissued a “sell” rating and issued a $63.00 target price (up previously from $62.00) on shares of T. Rowe Price Group in a report on Friday, July 14th. Jefferies Group LLC set a $83.00 price target on T. Rowe Price Group and gave the stock a “buy” rating in a research note on Tuesday, June 20th. BidaskClub upgraded T. Rowe Price Group from a “buy” rating to a “strong-buy” rating in a research note on Monday, August 14th. Finally, Morgan Stanley reaffirmed an “underweight” rating and set a $71.00 price target (up from $70.00) on shares of T. Rowe Price Group in a report on Tuesday, July 18th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $83.45.
A number of institutional investors have recently modified their holdings of the business. Ffcm LLC lifted its holdings in T. Rowe Price Group by 6.4% in the 2nd quarter. Ffcm LLC now owns 37,660 shares of the asset manager’s stock valued at $2,795,000 after acquiring an additional 2,261 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of T. Rowe Price Group by 1.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 11,756,348 shares of the asset manager’s stock valued at $872,439,000 after purchasing an additional 156,326 shares in the last quarter. Aviva PLC boosted its position in shares of T. Rowe Price Group by 1.9% during the 2nd quarter. Aviva PLC now owns 147,815 shares of the asset manager’s stock valued at $10,969,000 after purchasing an additional 2,760 shares in the last quarter. AXA boosted its position in shares of T. Rowe Price Group by 68.6% during the 2nd quarter. AXA now owns 624,107 shares of the asset manager’s stock valued at $46,315,000 after purchasing an additional 253,900 shares in the last quarter. Finally, Bridgewater Associates LP boosted its position in shares of T. Rowe Price Group by 14.9% during the 1st quarter. Bridgewater Associates LP now owns 131,857 shares of the asset manager’s stock valued at $8,986,000 after purchasing an additional 17,119 shares in the last quarter. Hedge funds and other institutional investors own 73.62% of the company’s stock.
About T. Rowe Price Group
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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