Camden National Bank Acquires New Shares in T. Rowe Price Group Inc (NASDAQ:TROW)

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Camden National Bank acquired a new stake in T. Rowe Price Group Inc (NASDAQ:TROW) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 2,660 shares of the asset manager’s stock, valued at approximately $304,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. FineMark National Bank & Trust acquired a new stake in T. Rowe Price Group during the 2nd quarter valued at $223,000. Close Asset Management Ltd grew its holdings in T. Rowe Price Group by 29.4% during the 2nd quarter. Close Asset Management Ltd now owns 17,800 shares of the asset manager’s stock valued at $1,953,000 after buying an additional 4,045 shares during the last quarter. Coastal Investment Advisors Inc. grew its holdings in T. Rowe Price Group by 32.2% during the 2nd quarter. Coastal Investment Advisors Inc. now owns 1,030 shares of the asset manager’s stock valued at $112,000 after buying an additional 251 shares during the last quarter. Bessemer Group Inc. grew its holdings in T. Rowe Price Group by 58.3% during the 2nd quarter. Bessemer Group Inc. now owns 71,982 shares of the asset manager’s stock valued at $7,898,000 after buying an additional 26,503 shares during the last quarter. Finally, Legacy Financial Strategies LLC grew its holdings in T. Rowe Price Group by 4.3% during the 2nd quarter. Legacy Financial Strategies LLC now owns 6,272 shares of the asset manager’s stock valued at $686,000 after buying an additional 261 shares during the last quarter. 68.66% of the stock is owned by hedge funds and other institutional investors.

In related news, VP Christopher D. Alderson sold 36,898 shares of T. Rowe Price Group stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $114.41, for a total value of $4,221,500.18. Following the transaction, the vice president now owns 414,144 shares in the company, valued at $47,382,215.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Sebastien Page sold 4,418 shares of T. Rowe Price Group stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $107.05, for a total value of $472,946.90. Following the completion of the transaction, the vice president now owns 51,302 shares in the company, valued at approximately $5,491,879.10. The disclosure for this sale can be found here. Insiders sold 79,773 shares of company stock worth $9,187,023 in the last quarter. 3.10% of the stock is owned by insiders.

A number of equities research analysts have commented on the company. ValuEngine cut T. Rowe Price Group from a “hold” rating to a “sell” rating in a report on Monday, September 16th. BMO Capital Markets assumed coverage on T. Rowe Price Group in a report on Monday. They set a “market perform” rating and a $101.00 target price on the stock. BidaskClub cut T. Rowe Price Group from a “buy” rating to a “hold” rating in a report on Saturday, September 21st. Deutsche Bank decreased their price objective on T. Rowe Price Group from $115.00 to $112.00 and set a “hold” rating on the stock in a report on Friday, August 9th. Finally, Morgan Stanley raised their price objective on T. Rowe Price Group from $117.00 to $122.00 and gave the stock an “equal weight” rating in a report on Friday, July 26th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $110.15.

Shares of TROW stock traded up $2.40 during mid-day trading on Friday, hitting $110.91. 108,438 shares of the company’s stock were exchanged, compared to its average volume of 1,137,453. T. Rowe Price Group Inc has a fifty-two week low of $84.59 and a fifty-two week high of $120.99. The stock has a 50-day simple moving average of $112.42 and a two-hundred day simple moving average of $107.98. The company has a quick ratio of 3.91, a current ratio of 3.91 and a debt-to-equity ratio of 0.02. The stock has a market cap of $25.38 billion, a price-to-earnings ratio of 15.52, a PEG ratio of 1.62 and a beta of 1.05.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings data on Wednesday, July 24th. The asset manager reported $2.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.88 by $0.15. T. Rowe Price Group had a return on equity of 28.80% and a net margin of 36.17%. The business had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.39 billion. During the same quarter last year, the firm earned $1.87 earnings per share. The business’s revenue was up 3.7% on a year-over-year basis. As a group, analysts anticipate that T. Rowe Price Group Inc will post 7.78 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were issued a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 2.74%. The ex-dividend date of this dividend was Thursday, September 12th. T. Rowe Price Group’s payout ratio is currently 42.52%.

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.

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Institutional Ownership by Quarter for T. Rowe Price Group (NASDAQ:TROW)

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