First Merchants Corp cut its position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 3.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 46,976 shares of the asset manager’s stock after selling 1,728 shares during the period. First Merchants Corp’s holdings in T. Rowe Price Group were worth $4,258,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the company. Alpha Cubed Investments LLC bought a new stake in T. Rowe Price Group in the 3rd quarter valued at about $256,000. JPMorgan Chase & Co. boosted its holdings in T. Rowe Price Group by 1.3% in 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 during the period. Ffcm LLC boosted 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 purchasing an additional 2,261 shares during the period. Aviva PLC boosted its holdings in T. Rowe Price Group by 1.9% in 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 during the period. Finally, AXA boosted its holdings in T. Rowe Price Group by 68.6% in 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 during the period. Institutional investors own 73.47% of the company’s stock.
In related news, insider Jessica M. Hiebler sold 1,000 shares of the business’s stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $84.29, for a total value of $84,290.00. Following the completion of the sale, the insider now directly owns 8,461 shares of the company’s stock, valued at $713,177.69. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Kenneth V. Moreland sold 13,041 shares of the business’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $90.43, for a total value 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 disclosure for this sale can be found here. Over the last three months, insiders sold 18,204 shares of company stock valued at $1,640,922. 3.60% of the stock is owned by corporate insiders.
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A number of analysts have issued reports on the stock. ValuEngine raised shares of T. Rowe Price Group from a “hold” rating to a “buy” rating in a report on Wednesday, August 2nd. UBS AG reissued a “sell” rating and issued a $63.00 price objective (up previously from $62.00) on shares of T. Rowe Price Group in a report on Friday, July 14th. Citigroup Inc. boosted their price objective on shares of T. Rowe Price Group from $94.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, October 27th. BidaskClub raised shares of T. Rowe Price Group from a “buy” rating to a “strong-buy” rating in a report on Monday, August 14th. Finally, Morgan Stanley reaffirmed an “underweight” rating and set a $71.00 price target (up previously from $70.00) on shares of T. Rowe Price Group in a report on Tuesday, July 18th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $89.50.
Shares of T. Rowe Price Group, Inc. (NASDAQ TROW) traded down $0.06 during midday trading on Friday, reaching $94.57. 847,503 shares of the company traded hands, compared to its average volume of 1,377,878. T. Rowe Price Group, Inc. has a fifty-two week low of $63.32 and a fifty-two week high of $97.35. The company has a market capitalization of $22,915.26, a price-to-earnings ratio of 18.47, a PEG ratio of 1.74 and a beta of 1.29.
T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings results on Thursday, October 26th. The asset manager reported $1.56 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.36 by $0.20. The business had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.22 billion. T. Rowe Price Group had a return on equity of 24.76% and a net margin of 33.10%. The company’s revenue was up 11.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.17 earnings per share. analysts predict that T. Rowe Price Group, Inc. will post 5.29 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 28th. Investors of record on Thursday, December 14th will be issued a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 2.41%. The ex-dividend date is Wednesday, December 13th. T. Rowe Price Group’s dividend payout ratio is currently 37.38%.
T. Rowe Price Group Company Profile
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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