Covenant Asset Management LLC Holds Stake in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Covenant Asset Management LLC maintained its position in T. Rowe Price Group, Inc. (NASDAQ:TROW) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,895 shares of the asset manager’s stock at the end of the second quarter. Covenant Asset Management LLC’s holdings in T. Rowe Price Group were worth $363,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. boosted its stake in shares of T. Rowe Price Group by 1,722.6% in the first quarter. BlackRock Inc. now owns 16,378,787 shares of the asset manager’s stock worth $1,116,214,000 after buying an additional 15,480,155 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in T. Rowe Price Group by 6.7% in the first quarter. JPMorgan Chase & Co. now owns 11,600,022 shares of the asset manager’s stock valued at $790,542,000 after buying an additional 728,477 shares in the last quarter. Geode Capital Management LLC boosted its stake in T. Rowe Price Group by 8.8% in the first quarter. Geode Capital Management LLC now owns 2,818,756 shares of the asset manager’s stock valued at $191,869,000 after buying an additional 228,194 shares in the last quarter. Thomaspartners Inc. boosted its stake in T. Rowe Price Group by 12.6% in the first quarter. Thomaspartners Inc. now owns 2,208,621 shares of the asset manager’s stock valued at $150,518,000 after buying an additional 246,695 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in T. Rowe Price Group by 15.6% in the first quarter. PNC Financial Services Group Inc. now owns 2,001,852 shares of the asset manager’s stock valued at $136,428,000 after buying an additional 270,081 shares in the last quarter. Hedge funds and other institutional investors own 71.86% of the company’s stock.

Shares of T. Rowe Price Group, Inc. (TROW) traded down 0.07% during mid-day trading on Friday, hitting $82.79. The stock had a trading volume of 1,118,004 shares. T. Rowe Price Group, Inc. has a 1-year low of $62.97 and a 1-year high of $85.42. The stock’s 50-day moving average price is $79.16 and its 200 day moving average price is $72.78. The company has a market capitalization of $19.90 billion, a P/E ratio of 14.22 and a beta of 1.24.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings data on Tuesday, July 25th. The asset manager reported $1.28 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.27 by $0.01. The company had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.16 billion. T. Rowe Price Group had a return on equity of 24.38% and a net margin of 32.64%. The firm’s quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter last year, the company earned $0.76 earnings per share. On average, analysts predict that T. Rowe Price Group, Inc. will post $5.65 EPS for the current fiscal year.

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Several equities research analysts have recently weighed in on TROW shares. TheStreet raised T. Rowe Price Group from a “c+” rating to a “b-” rating in a research report on Friday, April 28th. Jefferies Group LLC reissued a “buy” rating and issued a $83.00 price objective (down from $84.00) on shares of T. Rowe Price Group in a research report on Monday, April 17th. Zacks Investment Research raised T. Rowe Price Group from a “hold” rating to a “buy” rating and set a $83.00 target price for the company in a research report on Wednesday, June 28th. BidaskClub cut T. Rowe Price Group from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, August 1st. Finally, ValuEngine raised T. Rowe Price Group from a “hold” rating to a “buy” rating in a research report on Wednesday, August 2nd. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $77.90.

In other T. Rowe Price Group news, insider David Oestreicher sold 10,394 shares of T. Rowe Price Group stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $83.07, for a total transaction of $863,429.58. Following the completion of the sale, the insider now owns 82,299 shares of the company’s stock, valued at $6,836,577.93. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Anne M. Whittemore sold 8,326 shares of T. Rowe Price Group stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $82.03, for a total value of $682,981.78. Following the sale, the director now directly owns 28,982 shares of the company’s stock, valued at approximately $2,377,393.46. The disclosure for this sale can be found here. 3.60% of the stock is currently owned by company insiders.

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.

Institutional Ownership by Quarter for T. Rowe Price Group (NASDAQ:TROW)

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