State of Alaska Department of Revenue Reduces Stock Holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW)

State of Alaska Department of Revenue decreased its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 7.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 32,922 shares of the asset manager’s stock after selling 2,650 shares during the quarter. State of Alaska Department of Revenue’s holdings in T. Rowe Price Group were worth $4,013,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Hedeker Wealth LLC lifted its stake in T. Rowe Price Group by 0.9% in the first quarter. Hedeker Wealth LLC now owns 11,679 shares of the asset manager’s stock worth $1,424,000 after acquiring an additional 108 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in T. Rowe Price Group by 6.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 13,658 shares of the asset manager’s stock worth $1,665,000 after acquiring an additional 827 shares during the period. Stewart & Patten Co. LLC purchased a new stake in T. Rowe Price Group in the first quarter worth $207,000. Congress Wealth Management LLC DE lifted its stake in T. Rowe Price Group by 14.6% in the first quarter. Congress Wealth Management LLC DE now owns 86,775 shares of the asset manager’s stock worth $10,580,000 after acquiring an additional 11,027 shares during the period. Finally, Claro Advisors LLC lifted its stake in T. Rowe Price Group by 39.5% in the first quarter. Claro Advisors LLC now owns 7,165 shares of the asset manager’s stock worth $874,000 after acquiring an additional 2,029 shares during the period. Hedge funds and other institutional investors own 73.39% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. UBS Group raised their price objective on T. Rowe Price Group from $100.00 to $109.00 and gave the company a “sell” rating in a research report on Friday, April 12th. Evercore ISI lowered their price objective on T. Rowe Price Group from $110.00 to $107.00 and set an “in-line” rating for the company in a research report on Tuesday, April 30th. Morgan Stanley raised their price objective on T. Rowe Price Group from $114.00 to $125.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 17th. TD Cowen raised T. Rowe Price Group from a “sell” rating to a “hold” rating and raised their price objective for the company from $92.00 to $114.00 in a research report on Monday, April 8th. Finally, JPMorgan Chase & Co. raised their price objective on T. Rowe Price Group from $94.00 to $103.00 and gave the company an “underweight” rating in a research report on Tuesday, April 16th. Four research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. According to data from MarketBeat, T. Rowe Price Group has a consensus rating of “Hold” and a consensus price target of $112.10.

Insider Buying and Selling

In related news, Director Robert F. Maclellan sold 3,043 shares of T. Rowe Price Group stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $113.08, for a total value of $344,102.44. Following the completion of the sale, the director now directly owns 34,635 shares in the company, valued at approximately $3,916,525.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other T. Rowe Price Group news, insider Jessica M. Hiebler sold 1,401 shares of the business’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $115.85, for a total transaction of $162,305.85. Following the completion of the sale, the insider now directly owns 14,198 shares in the company, valued at approximately $1,644,838.30. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Robert F. Maclellan sold 3,043 shares of the business’s stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $113.08, for a total value of $344,102.44. Following the sale, the director now owns 34,635 shares of the company’s stock, valued at $3,916,525.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,444 shares of company stock worth $740,408. 2.00% of the stock is owned by corporate insiders.

T. Rowe Price Group Price Performance

TROW opened at $115.77 on Friday. The stock has a 50-day moving average price of $115.18 and a 200-day moving average price of $113.04. The firm has a market cap of $25.85 billion, a PE ratio of 13.75, a P/E/G ratio of 1.98 and a beta of 1.42. T. Rowe Price Group, Inc. has a 1 year low of $87.43 and a 1 year high of $132.76.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings data on Friday, April 26th. The asset manager reported $2.38 EPS for the quarter, topping the consensus estimate of $2.04 by $0.34. T. Rowe Price Group had a return on equity of 19.70% and a net margin of 29.09%. The company had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.71 billion. During the same period last year, the company earned $1.69 EPS. T. Rowe Price Group’s revenue for the quarter was up 13.8% on a year-over-year basis. As a group, sell-side analysts anticipate that T. Rowe Price Group, Inc. will post 8.84 EPS for the current year.

T. Rowe Price Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 27th. Investors of record on Friday, June 14th were issued a $1.24 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $4.96 annualized dividend and a yield of 4.28%. T. Rowe Price Group’s payout ratio is 58.91%.

T. Rowe Price Group 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.