Provident Trust Co. Buys 213,566 Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW)

Provident Trust Co. increased its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 8.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,611,294 shares of the asset manager’s stock after buying an additional 213,566 shares during the quarter. T. Rowe Price Group comprises approximately 5.1% of Provident Trust Co.’s holdings, making the stock its 11th largest holding. Provident Trust Co. owned approximately 1.18% of T. Rowe Price Group worth $295,311,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Iron Horse Wealth Management LLC raised its holdings in shares of T. Rowe Price Group by 90.9% in the third 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 period. Y.D. More Investments Ltd grew its position in T. Rowe Price Group by 124.0% in the 4th quarter. Y.D. More Investments Ltd now owns 280 shares of the asset manager’s stock valued at $32,000 after acquiring an additional 155 shares during the last quarter. Stonebridge Financial Group LLC purchased a new stake in T. Rowe Price Group in the fourth quarter worth $32,000. True Wealth Design LLC bought a new stake in shares of T. Rowe Price Group during the third quarter worth $37,000. Finally, Larson Financial Group LLC grew its holdings in shares of T. Rowe Price Group by 866.7% in the third quarter. Larson Financial Group LLC now owns 348 shares of the asset manager’s stock worth $38,000 after purchasing an additional 312 shares during the last quarter. 73.39% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at T. Rowe Price Group

In related news, VP Andrew Justin Mackenzi Thomson sold 4,047 shares of the business’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $123.35, for a total value of $499,197.45. Following the completion of the sale, the vice president now owns 119,577 shares of the company’s stock, valued at approximately $14,749,822.95. The trade was a 3.27 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Arif Husain sold 4,112 shares of the stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $109.27, for a total transaction of $449,318.24. Following the transaction, the vice president now directly owns 36,800 shares in the company, valued at approximately $4,021,136. The trade was a 10.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

TROW has been the subject of several research reports. StockNews.com cut shares of T. Rowe Price Group from a “buy” rating to a “hold” rating in a research report on Sunday, February 2nd. TD Cowen dropped their price objective on T. Rowe Price Group from $120.00 to $116.00 and set a “hold” rating on the stock in a research note on Monday, November 4th. Deutsche Bank Aktiengesellschaft raised their price objective on T. Rowe Price Group from $115.00 to $120.00 and gave the stock a “hold” rating in a report on Monday, November 11th. Wells Fargo & Company lowered their target price on T. Rowe Price Group from $118.00 to $116.00 and set an “equal weight” rating for the company in a report on Thursday, February 6th. Finally, JPMorgan Chase & Co. cut their price target on T. Rowe Price Group from $116.00 to $115.00 and set an “underweight” rating on the stock in a research note on Monday, November 4th. Four investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, T. Rowe Price Group currently has an average rating of “Hold” and an average target price of $115.09.

T. Rowe Price Group Stock Down 0.1 %

NASDAQ TROW opened at $107.17 on Tuesday. The firm has a market cap of $23.81 billion, a PE ratio of 11.70, a price-to-earnings-growth ratio of 1.70 and a beta of 1.44. T. Rowe Price Group, Inc. has a 52 week low of $100.49 and a 52 week high of $125.81. The company has a 50 day moving average price of $114.21 and a 200 day moving average price of $112.35.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings results on Wednesday, February 5th. The asset manager reported $2.12 earnings per share for the quarter, missing the consensus estimate of $2.20 by ($0.08). T. Rowe Price Group had a return on equity of 20.91% and a net margin of 29.61%. During the same period last year, the company posted $1.72 earnings per share. On average, equities research analysts anticipate that T. Rowe Price Group, Inc. will post 9.36 earnings per share for the current fiscal year.

T. Rowe Price Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be given a dividend of $1.27 per share. This is a boost from T. Rowe Price Group’s previous quarterly dividend of $1.24. This represents a $5.08 annualized dividend and a yield of 4.74%. The ex-dividend date is Friday, March 14th. T. Rowe Price Group’s dividend payout ratio (DPR) is currently 54.15%.

About T. Rowe Price Group

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.