GRIMES & Co WEALTH MANAGEMENT LLC Decreases Stake in T. Rowe Price Group, Inc. $TROW

GRIMES & Co WEALTH MANAGEMENT LLC lessened its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 9.2% in the third quarter, HoldingsChannel.com reports. The firm owned 124,640 shares of the asset manager’s stock after selling 12,571 shares during the quarter. GRIMES & Co WEALTH MANAGEMENT LLC’s holdings in T. Rowe Price Group were worth $12,793,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in TROW. Quent Capital LLC acquired a new position in T. Rowe Price Group during the third quarter worth about $39,000. Nordea Investment Management AB grew its holdings in shares of T. Rowe Price Group by 13.1% in the 3rd quarter. Nordea Investment Management AB now owns 23,095 shares of the asset manager’s stock worth $2,352,000 after acquiring an additional 2,668 shares during the period. Harbor Investment Advisory LLC grew its holdings in shares of T. Rowe Price Group by 1.2% in the 3rd quarter. Harbor Investment Advisory LLC now owns 14,779 shares of the asset manager’s stock worth $1,517,000 after acquiring an additional 177 shares during the period. Tokio Marine Asset Management Co. Ltd. increased its stake in T. Rowe Price Group by 13.2% in the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,582 shares of the asset manager’s stock valued at $676,000 after purchasing an additional 768 shares in the last quarter. Finally, First Horizon Corp acquired a new position in T. Rowe Price Group during the third quarter worth $62,000. Hedge funds and other institutional investors own 73.39% of the company’s stock.

T. Rowe Price Group Stock Performance

Shares of TROW opened at $106.84 on Tuesday. T. Rowe Price Group, Inc. has a fifty-two week low of $77.85 and a fifty-two week high of $118.32. The company has a market capitalization of $23.32 billion, a PE ratio of 11.64, a price-to-earnings-growth ratio of 2.72 and a beta of 1.52. The stock has a fifty day moving average of $103.39 and a two-hundred day moving average of $104.14.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings data on Friday, October 31st. The asset manager reported $2.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.55 by $0.26. The business had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.88 billion. T. Rowe Price Group had a return on equity of 19.95% and a net margin of 28.89%.The business’s revenue was up 6.0% on a year-over-year basis. During the same quarter last year, the firm earned $2.57 earnings per share. As a group, equities research 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 firm also recently declared a quarterly dividend, which was paid on Tuesday, December 30th. Shareholders of record on Monday, December 15th were issued a $1.27 dividend. The ex-dividend date was Monday, December 15th. This represents a $5.08 annualized dividend and a yield of 4.8%. T. Rowe Price Group’s payout ratio is 55.34%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on TROW shares. Citigroup boosted their target price on T. Rowe Price Group from $105.00 to $107.00 in a research report on Monday, November 3rd. Jefferies Financial Group boosted their price objective on shares of T. Rowe Price Group from $104.00 to $106.00 and gave the stock a “hold” rating in a research report on Tuesday, October 7th. Bank of America increased their price objective on shares of T. Rowe Price Group from $91.00 to $97.00 and gave the company an “underperform” rating in a research note on Thursday, October 2nd. The Goldman Sachs Group dropped their target price on shares of T. Rowe Price Group from $98.00 to $93.00 and set a “sell” rating for the company in a report on Tuesday, November 25th. Finally, Morgan Stanley upped their price target on shares of T. Rowe Price Group from $126.00 to $128.00 and gave the company an “equal weight” rating in a report on Wednesday, December 17th. Twelve equities research analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $108.31.

Insider Activity at T. Rowe Price Group

In other news, VP Arif Husain sold 4,260 shares of the stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $101.96, for a total transaction of $434,349.60. Following the transaction, the vice president directly owned 47,102 shares in the company, valued at $4,802,519.92. This represents a 8.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.60% of the stock is currently owned by corporate insiders.

T. Rowe Price Group Company Profile

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland, founded by Thomas Rowe Price Jr. in 1937. The company provides a broad range of investment products and services for individual investors, financial intermediaries, retirement plan sponsors and institutional clients. Its offerings are built around active investment management and in-house research across equity, fixed income and multi-asset strategies, reflecting a long history as a research-driven asset manager.

The firm’s product lineup includes mutual funds, separate accounts, collective investment trusts, target-date and target-risk funds, and managed account solutions, as well as services for defined contribution and defined benefit retirement plans.