First Merchants Corp Has $2.13 Million Stock Position in T. Rowe Price Group, Inc. (NASDAQ:TROW)

First Merchants Corp reduced its position in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 14.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 18,426 shares of the asset manager’s stock after selling 3,127 shares during the period. First Merchants Corp’s holdings in T. Rowe Price Group were worth $2,125,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Confluence Investment Management LLC bought a new position in T. Rowe Price Group during the first quarter valued at about $130,386,000. UBS Group AG lifted its holdings in T. Rowe Price Group by 473.3% in the 4th quarter. UBS Group AG now owns 975,226 shares of the asset manager’s stock worth $105,022,000 after purchasing an additional 805,106 shares during the last quarter. Norges Bank bought a new stake in T. Rowe Price Group during the fourth quarter worth approximately $80,831,000. Hsbc Holdings PLC boosted its position in T. Rowe Price Group by 66.8% during the fourth quarter. Hsbc Holdings PLC now owns 765,080 shares of the asset manager’s stock worth $82,434,000 after purchasing an additional 306,524 shares during the period. Finally, Los Angeles Capital Management LLC grew its holdings in T. Rowe Price Group by 492.3% during the first quarter. Los Angeles Capital Management LLC now owns 319,887 shares of the asset manager’s stock valued at $39,001,000 after purchasing an additional 265,881 shares during the last quarter. 73.39% of the stock is owned by hedge funds and other institutional investors.

T. Rowe Price Group Price Performance

Shares of NASDAQ:TROW traded up $0.39 during trading on Friday, reaching $109.62. The stock had a trading volume of 732,690 shares, compared to its average volume of 1,275,534. The stock has a market capitalization of $24.48 billion, a PE ratio of 13.02, a P/E/G ratio of 1.69 and a beta of 1.42. 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 price is $112.99 and its 200 day moving average price is $113.89.

T. Rowe Price Group (NASDAQ:TROW) last announced its earnings results on Friday, July 26th. The asset manager reported $2.26 earnings per share for the quarter, missing analysts’ consensus estimates of $2.27 by ($0.01). The business had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.79 billion. T. Rowe Price Group had a net margin of 28.66% and a return on equity of 19.90%. The business’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter last year, the business posted $2.02 earnings per share. Analysts forecast that T. Rowe Price Group, Inc. will post 8.98 EPS for the current year.

T. Rowe Price Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be given a dividend of $1.24 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $4.96 dividend on an annualized basis and a dividend yield of 4.52%. T. Rowe Price Group’s payout ratio is currently 58.91%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. StockNews.com downgraded T. Rowe Price Group from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $120.00 price objective (down from $121.00) on shares of T. Rowe Price Group in a research report on Monday, July 29th. TD Cowen dropped their target price on shares of T. Rowe Price Group from $123.00 to $118.00 and set a “hold” rating on the stock in a research report on Monday, July 29th. Evercore ISI cut their target price on shares of T. Rowe Price Group from $110.00 to $107.00 and set an “in-line” rating for the company in a research note on Tuesday, April 30th. Finally, JPMorgan Chase & Co. raised their price target on shares of T. Rowe Price Group from $102.00 to $107.00 and gave the stock an “underweight” rating in a research report on Tuesday, July 23rd. Three equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the company. According to data from MarketBeat, T. Rowe Price Group has a consensus rating of “Hold” and a consensus target price of $114.67.

Insider Activity

In other T. Rowe Price Group news, VP Dorothy C. Sawyer sold 2,000 shares of the company’s stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $117.00, for a total transaction of $234,000.00. Following the transaction, the vice president now directly owns 34,710 shares in the company, valued at approximately $4,061,070. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other T. Rowe Price Group news, VP Dorothy C. Sawyer sold 2,000 shares of the company’s stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $117.00, for a total transaction of $234,000.00. Following the completion of the sale, the vice president now owns 34,710 shares in the company, valued at approximately $4,061,070. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jessica M. Hiebler sold 1,401 shares of the stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $115.85, for a total value of $162,305.85. Following the completion of the transaction, the insider now directly owns 14,198 shares in the company, valued at approximately $1,644,838.30. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by insiders.

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.