T. Rowe Price Group, Inc. (NASDAQ:TROW) Stake Cut by Coastline Trust Co

Coastline Trust Co lessened its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 2.7% in the third quarter, HoldingsChannel.com reports. The firm owned 6,590 shares of the asset manager’s stock after selling 185 shares during the period. Coastline Trust Co’s holdings in T. Rowe Price Group were worth $718,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently added to or reduced their stakes in the business. Empirical Finance LLC boosted its holdings in shares of T. Rowe Price Group by 2.1% in the 3rd quarter. Empirical Finance LLC now owns 7,780 shares of the asset manager’s stock valued at $847,000 after buying an additional 159 shares during the period. Empowered Funds LLC lifted its holdings in T. Rowe Price Group by 380.1% in the third quarter. Empowered Funds LLC now owns 122,178 shares of the asset manager’s stock worth $13,309,000 after acquiring an additional 96,727 shares during the last quarter. Cornercap Investment Counsel Inc. acquired a new position in T. Rowe Price Group in the third quarter valued at approximately $1,584,000. CIBC Asset Management Inc raised its position in shares of T. Rowe Price Group by 6.8% during the 3rd quarter. CIBC Asset Management Inc now owns 38,064 shares of the asset manager’s stock worth $4,146,000 after purchasing an additional 2,423 shares during the period. Finally, Tokio Marine Asset Management Co. Ltd. raised its position in shares of T. Rowe Price Group by 6.0% during the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 5,814 shares of the asset manager’s stock worth $633,000 after purchasing an additional 327 shares during the period. Institutional investors own 73.39% of the company’s stock.

Analysts Set New Price Targets

TROW has been the subject of a number of analyst reports. 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 report on Monday, November 4th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $120.00 price target (down previously from $121.00) on shares of T. Rowe Price Group in a report on Monday, July 29th. Evercore ISI upped their price target on shares of T. Rowe Price Group from $112.00 to $113.00 and gave the stock an “in-line” rating in a research report on Thursday, November 7th. JPMorgan Chase & Co. cut their price objective on shares of T. Rowe Price Group from $116.00 to $115.00 and set an “underweight” rating on the stock in a research report on Monday, November 4th. Finally, Wells Fargo & Company upped their target price on shares of T. Rowe Price Group from $109.00 to $112.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 9th. Four investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $115.55.

Insider Buying and Selling at T. Rowe Price Group

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

T. Rowe Price Group Price Performance

NASDAQ TROW opened at $118.77 on Friday. The firm has a market capitalization of $26.39 billion, a PE ratio of 12.99, a P/E/G ratio of 1.68 and a beta of 1.41. T. Rowe Price Group, Inc. has a 12 month low of $96.46 and a 12 month high of $122.27. The company’s 50 day simple moving average is $110.77 and its 200 day simple moving average is $112.16.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings results on Friday, November 1st. The asset manager reported $2.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.21. The company had revenue of $1.79 billion for the quarter, compared to analysts’ expectations of $1.84 billion. T. Rowe Price Group had a return on equity of 20.35% and a net margin of 30.35%. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period last year, the firm earned $2.17 EPS. Sell-side analysts anticipate that T. Rowe Price Group, Inc. will post 9.33 earnings per share for the current fiscal year.

T. Rowe Price Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be issued a $1.24 dividend. This represents a $4.96 dividend on an annualized basis and a 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%.

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.