Kentucky Retirement Systems Trims Position in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Kentucky Retirement Systems reduced its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 7.8% in the third quarter, Holdings Channel.com reports. The institutional investor owned 15,507 shares of the asset manager’s stock after selling 1,320 shares during the period. Kentucky Retirement Systems’ holdings in T. Rowe Price Group were worth $1,689,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Iron Horse Wealth Management LLC grew its stake in shares of T. Rowe Price Group by 90.9% in the 3rd quarter. Iron Horse Wealth Management LLC now owns 231 shares of the asset manager’s stock worth $25,000 after buying an additional 110 shares during the last quarter. Lynx Investment Advisory purchased a new stake in shares of T. Rowe Price Group during the 2nd quarter valued at about $29,000. Hexagon Capital Partners LLC boosted its holdings in T. Rowe Price Group by 54.7% in the third quarter. Hexagon Capital Partners LLC now owns 294 shares of the asset manager’s stock worth $32,000 after purchasing an additional 104 shares during the last quarter. Family Firm Inc. bought a new stake in shares of T. Rowe Price Group in the second quarter worth $36,000. Finally, Versant Capital Management Inc grew its stake in shares of T. Rowe Price Group by 660.5% during the 2nd quarter. Versant Capital Management Inc now owns 327 shares of the asset manager’s stock valued at $38,000 after purchasing an additional 284 shares during the period. Hedge funds and other institutional investors own 73.39% of the company’s stock.

Insider Activity at T. Rowe Price Group

In related news, insider Jessica M. Hiebler sold 484 shares of T. Rowe Price Group stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $104.73, for a total value of $50,689.32. Following the completion of the sale, the insider now directly owns 13,939 shares in the company, valued at $1,459,831.47. This trade represents a 3.36 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of the business’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $102.83, for a total transaction of $1,230,772.27. Following the sale, the vice president now directly owns 123,624 shares in the company, valued at $12,712,255.92. This trade represents a 8.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by corporate insiders.

T. Rowe Price Group Price Performance

Shares of TROW stock opened at $118.66 on Tuesday. The company’s 50-day simple moving average is $111.07 and its two-hundred day simple moving average is $112.25. The company has a market capitalization of $26.36 billion, a P/E ratio of 12.98, a P/E/G ratio of 1.68 and a beta of 1.41. T. Rowe Price Group, Inc. has a one year low of $96.46 and a one year high of $122.27.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings results on Friday, November 1st. The asset manager reported $2.57 EPS for the quarter, beating the consensus estimate of $2.36 by $0.21. The business had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.84 billion. T. Rowe Price Group had a net margin of 30.35% and a return on equity of 20.35%. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.17 EPS. On average, research analysts expect that T. Rowe Price Group, Inc. will post 9.33 EPS for the current fiscal year.

T. Rowe Price Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be given a dividend of $1.24 per share. This represents a $4.96 annualized dividend and a dividend yield of 4.18%. The ex-dividend date of this dividend is Friday, December 13th. T. Rowe Price Group’s payout ratio is 54.27%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on TROW shares. TD Cowen reduced their price objective on T. Rowe Price Group from $120.00 to $116.00 and set a “hold” rating for the company in a research note on Monday, November 4th. Barclays lifted their price objective on shares of T. Rowe Price Group from $101.00 to $110.00 and gave the company an “underweight” rating in a research report on Monday, November 4th. StockNews.com downgraded T. Rowe Price Group from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Evercore ISI increased their price objective on shares of T. Rowe Price Group from $112.00 to $113.00 and gave the company an “in-line” rating in a research report on Thursday, November 7th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $120.00 price objective (down from $121.00) on shares of T. Rowe Price Group in a research note on Monday, July 29th. Four investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $115.55.

T. Rowe Price Group Profile

T. Rowe Price Group, Inc is a publicly owned investment manager. The firm provides its services to individuals, institutional investors, retirement plans, financial intermediaries, and institutions. It launches and manages equity and fixed income mutual funds. The firm invests in the public equity and fixed income markets across the globe.