SouthState Corp Sells 261 Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW)

SouthState Corp lowered its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 2.6% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 9,803 shares of the asset manager’s stock after selling 261 shares during the quarter. SouthState Corp’s holdings in T. Rowe Price Group were worth $1,109,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Addison Advisors LLC increased its holdings in T. Rowe Price Group by 67.4% in the 4th quarter. Addison Advisors LLC now owns 231 shares of the asset manager’s stock valued at $26,000 after acquiring an additional 93 shares during the last quarter. Y.D. More Investments Ltd grew its holdings in T. Rowe Price Group by 124.0% during the 4th quarter. Y.D. More Investments Ltd now owns 280 shares of the asset manager’s stock valued at $32,000 after buying an additional 155 shares in the last quarter. Stonebridge Financial Group LLC purchased a new position in shares of T. Rowe Price Group in the fourth quarter valued at $32,000. Advantage Trust Co grew its stake in shares of T. Rowe Price Group by 48.8% in the 4th quarter. Advantage Trust Co now owns 305 shares of the asset manager’s stock worth $34,000 after buying an additional 100 shares in the last quarter. Finally, True Wealth Design LLC bought a new stake in T. Rowe Price Group during the third quarter worth approximately $37,000. Hedge funds and other institutional investors own 73.39% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on TROW shares. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $113.00 price objective (up previously from $111.00) on shares of T. Rowe Price Group in a research report on Thursday, February 6th. Morgan Stanley dropped their price objective on T. Rowe Price Group from $126.00 to $121.00 and set an “equal weight” rating for the company in a report on Monday, February 24th. Wells Fargo & Company reduced their target price on T. Rowe Price Group from $118.00 to $116.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 6th. StockNews.com downgraded T. Rowe Price Group from a “buy” rating to a “hold” rating in a research report on Sunday, February 2nd. Finally, Barclays reduced their price target on shares of T. Rowe Price Group from $113.00 to $105.00 and set an “underweight” rating on the stock in a research note on Thursday, February 6th. Four research analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $114.09.

T. Rowe Price Group Stock Up 1.4 %

Shares of TROW stock opened at $94.31 on Tuesday. The firm has a market cap of $21.00 billion, a price-to-earnings ratio of 10.30, a PEG ratio of 2.86 and a beta of 1.46. T. Rowe Price Group, Inc. has a 52-week low of $91.37 and a 52-week high of $125.81. The company’s 50 day moving average is $107.87 and its 200 day moving average is $111.57.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings results on Wednesday, February 5th. The asset manager reported $2.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.20 by ($0.08). T. Rowe Price Group had a net margin of 29.61% and a return on equity of 20.83%. During the same period in the previous year, the company earned $1.72 earnings per share. Analysts anticipate that T. Rowe Price Group, Inc. will post 9.29 EPS for the current fiscal year.

T. Rowe Price Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be issued a $1.27 dividend. The ex-dividend date of this dividend is Friday, March 14th. This is an increase from T. Rowe Price Group’s previous quarterly dividend of $1.24. This represents a $5.08 dividend on an annualized basis and a yield of 5.39%. T. Rowe Price Group’s payout ratio is currently 55.46%.

Insider Buying and Selling at T. Rowe Price Group

In related news, VP Arif Husain sold 4,112 shares of the business’s stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $109.27, for a total transaction of $449,318.24. Following the completion of the transaction, the vice president now owns 36,800 shares in the company, valued at $4,021,136. The trade was a 10.05 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 2.00% of the company’s stock.

T. Rowe Price Group Company 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.