T. Rowe Price Group, Inc. $TROW Shares Sold by First Merchants Corp

First Merchants Corp lowered its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 9.7% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,810 shares of the asset manager’s stock after selling 1,049 shares during the quarter. First Merchants Corp’s holdings in T. Rowe Price Group were worth $947,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Zions Bancorporation National Association UT acquired a new position in T. Rowe Price Group during the 1st quarter valued at approximately $27,000. Hexagon Capital Partners LLC raised its stake in T. Rowe Price Group by 44.8% during the 1st quarter. Hexagon Capital Partners LLC now owns 365 shares of the asset manager’s stock valued at $34,000 after acquiring an additional 113 shares in the last quarter. Smallwood Wealth Investment Management LLC bought a new stake in T. Rowe Price Group during the 1st quarter valued at $39,000. Chilton Capital Management LLC bought a new stake in T. Rowe Price Group during the 1st quarter valued at $41,000. Finally, Cromwell Holdings LLC raised its stake in T. Rowe Price Group by 3,483.3% during the 2nd quarter. Cromwell Holdings LLC now owns 430 shares of the asset manager’s stock valued at $41,000 after acquiring an additional 418 shares in the last quarter. Institutional investors and hedge funds own 73.39% of the company’s stock.

T. Rowe Price Group Stock Performance

TROW opened at $106.01 on Friday. T. Rowe Price Group, Inc. has a one year low of $77.85 and a one year high of $125.81. The stock’s fifty day moving average is $105.85 and its 200-day moving average is $98.39. The company has a market capitalization of $23.29 billion, a PE ratio of 11.84, a P/E/G ratio of 6.83 and a beta of 1.50.

T. Rowe Price Group (NASDAQ:TROW) last issued its earnings results on Friday, August 1st. The asset manager reported $2.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.15 by $0.09. The business had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.72 billion. T. Rowe Price Group had a return on equity of 19.77% and a net margin of 28.72%.The company’s quarterly revenue was down .6% on a year-over-year basis. During the same period in the previous year, the firm posted $2.26 EPS. On average, equities research analysts forecast that T. Rowe Price Group, Inc. will post 9.29 EPS for the current fiscal year.

T. Rowe Price Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Monday, September 15th were issued a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date was Monday, September 15th. T. Rowe Price Group’s payout ratio is presently 56.76%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on TROW shares. Bank of America lifted their target price on T. Rowe Price Group from $91.00 to $97.00 and gave the company an “underperform” rating in a research note on Thursday, October 2nd. Keefe, Bruyette & Woods lifted their target price on T. Rowe Price Group from $110.00 to $112.00 and gave the company a “market perform” rating in a research note on Monday, August 4th. Jefferies Financial Group lifted their target price on T. Rowe Price Group from $104.00 to $106.00 and gave the company a “hold” rating in a research note on Tuesday. Evercore ISI lifted their target price on T. Rowe Price Group from $115.00 to $118.00 and gave the company an “in-line” rating in a research note on Thursday. Finally, Wells Fargo & Company lifted their target price on T. Rowe Price Group from $98.00 to $108.00 and gave the company an “equal weight” rating in a research note on Friday, July 11th. One analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Reduce” and an average price target of $104.69.

Insider Activity

In related news, Director Robert F. Maclellan sold 3,090 shares of T. Rowe Price Group stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $105.01, for a total value of $324,480.90. Following the transaction, the director directly owned 47,335 shares in the company, valued at $4,970,648.35. The trade was a 6.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.00% of the stock is owned by insiders.

T. Rowe Price Group Company 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.