Edgestream Partners L.P. Lowers Position in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Edgestream Partners L.P. cut its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 84.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,866 shares of the asset manager’s stock after selling 9,790 shares during the quarter. Edgestream Partners L.P.’s holdings in T. Rowe Price Group were worth $215,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of TROW. Lynx Investment Advisory acquired a new position in shares of T. Rowe Price Group during the second quarter valued at about $29,000. Family Firm Inc. purchased a new position in shares of T. Rowe Price Group during the 2nd quarter valued at approximately $36,000. Versant Capital Management Inc lifted its position in shares of T. Rowe Price Group by 660.5% during the 2nd quarter. Versant Capital Management Inc now owns 327 shares of the asset manager’s stock valued at $38,000 after buying an additional 284 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of T. Rowe Price Group by 93.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 331 shares of the asset manager’s stock valued at $40,000 after buying an additional 160 shares in the last quarter. Finally, Riverview Trust Co lifted its holdings in T. Rowe Price Group by 136.4% in the 2nd quarter. Riverview Trust Co now owns 357 shares of the asset manager’s stock valued at $41,000 after purchasing an additional 206 shares in the last quarter. 73.39% of the stock is owned by hedge funds and other institutional investors.

T. Rowe Price Group Stock Down 0.2 %

TROW opened at $108.10 on Tuesday. The firm has a market cap of $24.14 billion, a price-to-earnings ratio of 12.84, a price-to-earnings-growth ratio of 1.69 and a beta of 1.41. T. Rowe Price Group, Inc. has a 52 week low of $87.43 and a 52 week high of $122.27. The business’s 50 day moving average is $108.59 and its two-hundred day moving average is $113.19.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings results on Friday, July 26th. The asset manager reported $2.26 EPS for the quarter, missing the consensus estimate of $2.27 by ($0.01). The firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.79 billion. T. Rowe Price Group had a return on equity of 19.90% and a net margin of 28.66%. The company’s quarterly revenue was up 7.6% on a year-over-year basis. During the same period last year, the firm earned $2.02 EPS. Equities analysts expect that T. Rowe Price Group, Inc. will post 9 EPS for the current fiscal year.

T. Rowe Price Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be given a dividend of $1.24 per share. This represents a $4.96 annualized dividend and a yield of 4.59%. The ex-dividend date of this dividend is Friday, September 13th. T. Rowe Price Group’s dividend payout ratio (DPR) is 58.91%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft raised their price objective on T. Rowe Price Group from $112.00 to $113.00 and gave the company a “hold” rating in a report on Thursday, August 15th. Evercore ISI cut their price objective on T. Rowe Price Group from $115.00 to $108.00 and set an “in-line” rating for the company in a research report on Thursday, September 5th. Barclays assumed coverage on T. Rowe Price Group in a report on Tuesday, August 27th. They set an “underweight” rating and a $99.00 target price for the company. StockNews.com cut T. Rowe Price Group from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Finally, TD Cowen lowered their target price on T. Rowe Price Group from $123.00 to $118.00 and set a “hold” rating for the company in a report on Monday, July 29th. Three analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. Based on data from MarketBeat.com, T. Rowe Price Group currently has an average rating of “Hold” and a consensus price target of $113.30.

Insiders Place Their Bets

In related news, insider Jessica M. Hiebler sold 484 shares of the company’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $104.73, for a total transaction of $50,689.32. Following the transaction, the insider now owns 13,939 shares of the company’s stock, valued at $1,459,831.47. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other T. Rowe Price Group news, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of the business’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $102.83, for a total transaction of $1,230,772.27. Following the sale, the vice president now directly owns 123,624 shares in the company, valued at $12,712,255.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jessica M. Hiebler sold 484 shares of the business’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 owns 13,939 shares in the company, valued at $1,459,831.47. The disclosure for this sale can be found here. Insiders have sold a total of 13,854 shares of company stock valued at $1,443,767 over the last quarter. Company insiders own 2.00% of the company’s stock.

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.