Retirement Systems of Alabama Sells 494 Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW)

Retirement Systems of Alabama lessened its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 1.0% in the third quarter, HoldingsChannel reports. The fund owned 48,764 shares of the asset manager’s stock after selling 494 shares during the period. Retirement Systems of Alabama’s holdings in T. Rowe Price Group were worth $5,312,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the business. Forsta AP Fonden boosted its holdings in T. Rowe Price Group by 32.3% in the 2nd quarter. Forsta AP Fonden now owns 70,100 shares of the asset manager’s stock valued at $8,083,000 after purchasing an additional 17,100 shares during the period. Janus Henderson Group PLC raised its position in shares of T. Rowe Price Group by 3.8% in the third quarter. Janus Henderson Group PLC now owns 29,989 shares of the asset manager’s stock valued at $3,267,000 after buying an additional 1,100 shares in the last quarter. Savant Capital LLC boosted its stake in shares of T. Rowe Price Group by 36.6% in the second quarter. Savant Capital LLC now owns 32,887 shares of the asset manager’s stock valued at $3,792,000 after buying an additional 8,816 shares during the period. Susquehanna Fundamental Investments LLC acquired a new stake in T. Rowe Price Group during the second quarter worth approximately $15,907,000. Finally, Aigen Investment Management LP bought a new position in T. Rowe Price Group during the 3rd quarter worth $516,000. 73.39% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

TROW has been the subject of a number of recent analyst reports. The Goldman Sachs Group cut their target price on T. Rowe Price Group from $106.00 to $102.00 and set a “sell” rating for the company in a research report on Thursday, October 3rd. Evercore ISI upped their price objective 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. Morgan Stanley raised their target price on shares of T. Rowe Price Group from $127.00 to $129.00 and gave the company an “equal weight” rating in a report on Monday, November 4th. Wells Fargo & Company upped their price target on shares of T. Rowe Price Group from $112.00 to $124.00 and gave the stock an “equal weight” rating in a report on Thursday, December 12th. Finally, TD Cowen decreased their price objective on shares of 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. Four equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. According to data from MarketBeat, T. Rowe Price Group currently has a consensus rating of “Hold” and a consensus price target of $117.09.

Insiders Place Their Bets

In other news, VP Andrew Justin Mackenzi Thomson sold 4,047 shares of T. Rowe Price Group stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $123.35, for a total transaction of $499,197.45. Following the transaction, the vice president now owns 119,577 shares in the company, valued at approximately $14,749,822.95. The trade was a 3.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.00% of the company’s stock.

T. Rowe Price Group Stock Performance

Shares of TROW opened at $112.83 on Thursday. T. Rowe Price Group, Inc. has a 52 week low of $100.49 and a 52 week high of $125.81. The stock has a market capitalization of $25.07 billion, a price-to-earnings ratio of 12.34, a PEG ratio of 1.73 and a beta of 1.42. The stock has a fifty day moving average of $117.26 and a 200-day moving average of $113.25.

T. Rowe Price Group (NASDAQ:TROW) last posted its 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 firm had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.84 billion. T. Rowe Price Group had a return on equity of 20.35% and a net margin of 30.35%. The business’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period last year, the company earned $2.17 earnings per share. As a group, equities analysts forecast that T. Rowe Price Group, Inc. will post 9.39 EPS for the current year.

T. Rowe Price Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be issued a dividend of $1.24 per share. This represents a $4.96 dividend on an annualized basis and a yield of 4.40%. 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.