Gladstone Institutional Advisory LLC Sells 18,048 Shares of T. Rowe Price Group, Inc. $TROW
by Scott Moore · The Cerbat GemGladstone Institutional Advisory LLC trimmed its position in T. Rowe Price Group, Inc. (NASDAQ:TROW – Free Report) by 70.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,716 shares of the asset manager’s stock after selling 18,048 shares during the period. Gladstone Institutional Advisory LLC’s holdings in T. Rowe Price Group were worth $792,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of TROW. First Trust Advisors LP raised its holdings in T. Rowe Price Group by 137.7% in the second quarter. First Trust Advisors LP now owns 3,441,458 shares of the asset manager’s stock worth $332,101,000 after purchasing an additional 1,993,920 shares during the period. Norges Bank bought a new stake in shares of T. Rowe Price Group in the 2nd quarter valued at $82,756,000. ARGA Investment Management LP increased its position in shares of T. Rowe Price Group by 3,807.3% in the 2nd quarter. ARGA Investment Management LP now owns 477,161 shares of the asset manager’s stock valued at $46,046,000 after buying an additional 464,949 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in T. Rowe Price Group during the 2nd quarter worth $37,722,000. Finally, ProShare Advisors LLC lifted its holdings in T. Rowe Price Group by 21.7% during the second quarter. ProShare Advisors LLC now owns 1,887,935 shares of the asset manager’s stock worth $182,186,000 after acquiring an additional 337,112 shares in the last quarter. Institutional investors and hedge funds own 73.39% of the company’s stock.
T. Rowe Price Group Stock Performance
NASDAQ TROW opened at $108.57 on Friday. T. Rowe Price Group, Inc. has a 52 week low of $77.85 and a 52 week high of $118.32. The stock’s 50 day moving average price is $103.19 and its two-hundred day moving average price is $103.85. The stock has a market capitalization of $23.69 billion, a price-to-earnings ratio of 11.83, a PEG ratio of 2.69 and a beta of 1.52.
T. Rowe Price Group (NASDAQ:TROW – Get Free Report) last issued its quarterly earnings results on Friday, October 31st. The asset manager reported $2.81 earnings per share for the quarter, topping the consensus estimate of $2.55 by $0.26. The company had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.88 billion. T. Rowe Price Group had a net margin of 28.89% and a return on equity of 19.95%. The business’s quarterly revenue was up 6.0% on a year-over-year basis. During the same period last year, the business earned $2.57 EPS. On average, equities research analysts forecast that T. Rowe Price Group, Inc. will post 9.29 EPS for the current 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 given a dividend of $1.27 per share. The ex-dividend date of this dividend was Monday, December 15th. This represents a $5.08 annualized dividend and a yield of 4.7%. T. Rowe Price Group’s payout ratio is 55.34%.
Analyst Upgrades and Downgrades
TROW has been the subject of several recent analyst reports. Zacks Research downgraded T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 9th. TD Cowen boosted their price objective on T. Rowe Price Group from $108.00 to $112.00 and gave the company a “hold” rating in a research report on Monday, November 3rd. Weiss Ratings restated a “hold (c+)” rating on shares of T. Rowe Price Group in a report on Monday, December 29th. Keefe, Bruyette & Woods cut their price target on shares of T. Rowe Price Group from $117.00 to $115.00 and set a “market perform” rating on the stock in a research note on Tuesday, December 16th. Finally, JPMorgan Chase & Co. upped their price target on shares of T. Rowe Price Group from $109.00 to $111.00 and gave the company an “underweight” rating in a report on Monday, November 3rd. Twelve analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $108.31.
View Our Latest Stock Report on T. Rowe Price Group
Insider Activity at T. Rowe Price Group
In other news, VP Arif Husain sold 4,260 shares of the firm’s stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $101.96, for a total value of $434,349.60. Following the completion of the transaction, the vice president owned 47,102 shares in the company, valued at $4,802,519.92. This trade represents a 8.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.00% of the stock is currently owned by corporate insiders.
About T. Rowe Price Group
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.
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