244,900 T. Rowe Price Group, Inc. $TROW Shares Purchased by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al raised its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 59.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 654,000 shares of the asset manager’s stock after purchasing an additional 244,900 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in T. Rowe Price Group were worth $68,049,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Twin Tree Management LP purchased a new position in shares of T. Rowe Price Group in the second quarter worth $2,989,000. Envestnet Portfolio Solutions Inc. lifted its stake in shares of T. Rowe Price Group by 6.1% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 174,047 shares of the asset manager’s stock worth $19,787,000 after buying an additional 10,077 shares during the period. BlackRock Inc. acquired a new stake in shares of T. Rowe Price Group during the second quarter worth $2,728,119,000. Louisiana State Employees Retirement System purchased a new stake in shares of T. Rowe Price Group during the first quarter valued at $1,001,000. Finally, Sequoia Financial Advisors LLC grew its holdings in shares of T. Rowe Price Group by 90.9% during the second quarter. Sequoia Financial Advisors LLC now owns 17,284 shares of the asset manager’s stock valued at $1,965,000 after buying an additional 8,230 shares during the last quarter. Hedge funds and other institutional investors own 73.39% of the company’s stock.

T. Rowe Price Group Stock Down 2.6%

Shares of NASDAQ TROW opened at $103.90 on Friday. The company’s 50-day simple moving average is $105.65 and its 200-day simple moving average is $103.70. T. Rowe Price Group, Inc. has a 52-week low of $85.22 and a 52-week high of $122.00. The firm has a market cap of $22.16 billion, a price-to-earnings ratio of 10.51, a price-to-earnings-growth ratio of 3.12 and a beta of 1.45.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings data on Thursday, October 29th. The asset manager reported $2.86 EPS for the quarter, beating the consensus estimate of $2.63 by $0.23. The firm had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.98 billion. T. Rowe Price Group had a return on equity of 20.71% and a net margin of 28.40%. The firm’s revenue was up 5.9% compared to the same quarter last year. During the same period in the prior year, the company earned $2.81 EPS. Equities research analysts anticipate that T. Rowe Price Group, Inc. will post 10.08 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th were issued a $1.30 dividend. This represents a $5.20 annualized dividend and a yield of 5.0%. The ex-dividend date was Tuesday, September 15th. T. Rowe Price Group’s payout ratio is presently 52.58%.

Analyst Ratings Changes

TROW has been the subject of a number of research analyst reports. TD Cowen reduced their target price on T. Rowe Price Group from $109.00 to $96.00 and set a “hold” rating for the company in a research note on Friday. Zacks Research downgraded T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 13th. Evercore set a $109.00 price target on T. Rowe Price Group in a research note on Friday, October 9th. Weiss Ratings raised T. Rowe Price Group from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, September 4th. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $113.00 price objective (up from $112.00) on shares of T. Rowe Price Group in a report on Friday. One investment analyst has rated the stock with a Buy rating, ten have issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, T. Rowe Price Group has an average rating of “Reduce” and an average target price of $103.15.

Insider Buying and Selling at T. Rowe Price Group

In related news, VP Joshua Nelson sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $111.82, for a total value of $1,118,200.00. Following the transaction, the vice president directly owned 71,328 shares in the company, valued at approximately $7,975,896.96. This represents a 12.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.60% of the stock is currently owned by company insiders.

Key T. Rowe Price Group News

Here are the key news stories impacting T. Rowe Price Group this week:

• Positive Sentiment: Third-quarter adjusted earnings of $2.86 per share exceeded the $2.63 consensus estimate, while revenue reached approximately $2.0 billion versus expectations of $1.98 billion. Revenue increased 5.9% year over year, supported by higher advisory fees. T. Rowe Price Q3 Earnings and Revenues Surpass Estimates
• Positive Sentiment: Keefe, Bruyette & Woods reaffirmed its “market perform” rating but raised its price target to $113 from $112, implying approximately 8.8% potential upside based on the referenced price. Keefe, Bruyette & Woods Ratings
• Neutral Sentiment: T. Rowe Price is expanding its wealth-management operation with more than 50 new roles. The initiative could diversify growth and strengthen distribution over time, although added staffing costs may weigh on near-term efficiency. T. Rowe Price Adds Over 50 Wealth Management Roles
• Negative Sentiment: The earnings beat was offset by substantial client outflows and a decline in AUM during the quarter. Persistent redemptions are a key concern for an asset manager because they reduce fee-generating assets and could limit future revenue growth. T. Rowe Price Q3 Earnings, Revenue Beat Even as AUM Dips

T. Rowe Price Group Company Profile

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland. Founded in 1937 by Thomas Rowe Price Jr., the company provides investment strategies and advisory services to individual investors, retirement plans, financial intermediaries, institutions and other clients.

The company offers a range of actively managed and multi-asset investment products, including mutual funds, exchange-traded funds, separately managed accounts and other portfolio solutions.