Oppenheimer & Co. Inc. Decreases Holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Oppenheimer & Co. Inc. trimmed its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 6.9% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 63,436 shares of the asset manager’s stock after selling 4,722 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in T. Rowe Price Group were worth $6,910,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Iron Horse Wealth Management LLC lifted its stake in T. Rowe Price Group by 90.9% in the third quarter. Iron Horse Wealth Management LLC now owns 231 shares of the asset manager’s stock worth $25,000 after purchasing an additional 110 shares during the last quarter. Lynx Investment Advisory purchased a new position in shares of T. Rowe Price Group in the second quarter worth about $29,000. Hexagon Capital Partners LLC lifted its stake in shares of T. Rowe Price Group by 54.7% in the 3rd quarter. Hexagon Capital Partners LLC now owns 294 shares of the asset manager’s stock valued at $32,000 after acquiring an additional 104 shares during the last quarter. Family Firm Inc. purchased a new stake in T. Rowe Price Group during the 2nd quarter valued at about $36,000. Finally, Versant Capital Management Inc grew its position in 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 worth $38,000 after acquiring an additional 284 shares during the last quarter. Hedge funds and other institutional investors own 73.39% of the company’s stock.

T. Rowe Price Group Price Performance

Shares of TROW opened at $118.49 on Thursday. The company has a 50-day simple moving average of $109.83 and a two-hundred day simple moving average of $112.02. The firm has a market capitalization of $26.32 billion, a PE ratio of 12.96, a price-to-earnings-growth ratio of 1.72 and a beta of 1.41. T. Rowe Price Group, Inc. has a one year low of $94.47 and a one year high of $122.27.

T. Rowe Price Group (NASDAQ:TROW) last announced its earnings results on Friday, November 1st. The asset manager reported $2.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.36 by $0.21. T. Rowe Price Group had a return on equity of 20.35% and a net margin of 30.35%. The firm had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.84 billion. During the same quarter in the prior year, the company earned $2.17 EPS. The business’s revenue was up 6.9% compared to the same quarter last year. Analysts expect that T. Rowe Price Group, Inc. will post 9.33 EPS for the current fiscal year.

T. Rowe Price Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be given a dividend of $1.24 per share. This represents a $4.96 annualized dividend and a yield of 4.19%. The ex-dividend date of this dividend is Friday, December 13th. T. Rowe Price Group’s dividend payout ratio is currently 54.27%.

Analyst Ratings Changes

TROW has been the subject of a number of analyst reports. The Goldman Sachs Group dropped their price objective on T. Rowe Price Group from $106.00 to $102.00 and set a “sell” rating for the company in a research note on Thursday, October 3rd. Deutsche Bank Aktiengesellschaft increased their price target on shares of T. Rowe Price Group from $115.00 to $120.00 and gave the company a “hold” rating in a research report on Monday. 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 report on Monday, November 4th. Wells Fargo & Company increased 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 report on Wednesday, October 9th. Finally, Evercore ISI raised their target price on T. Rowe Price Group from $112.00 to $113.00 and gave the stock an “in-line” rating in a research note on Thursday, November 7th. Four investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $115.55.

Insider Activity

In related news, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of T. Rowe Price Group stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $102.83, for a total transaction of $1,230,772.27. Following the completion of the transaction, the vice president now directly owns 123,624 shares of the company’s stock, valued at $12,712,255.92. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other T. Rowe Price Group news, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of T. Rowe Price Group 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 completion of the transaction, the vice president now owns 123,624 shares in the company, valued at approximately $12,712,255.92. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jessica M. Hiebler sold 484 shares of the 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 completion of the sale, the insider now directly owns 13,939 shares in the company, valued at approximately $1,459,831.47. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.

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.