Huntington National Bank Cuts Stake in T. Rowe Price Group, Inc. $TROW

Huntington National Bank trimmed its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 12.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,761 shares of the asset manager’s stock after selling 2,006 shares during the period. Huntington National Bank’s holdings in T. Rowe Price Group were worth $1,328,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Northcape Wealth Management LLC increased its position in shares of T. Rowe Price Group by 6.6% in the second quarter. Northcape Wealth Management LLC now owns 4,035 shares of the asset manager’s stock worth $389,000 after purchasing an additional 250 shares during the last quarter. Sigma Planning Corp increased its position in shares of T. Rowe Price Group by 15.7% in the second quarter. Sigma Planning Corp now owns 18,866 shares of the asset manager’s stock worth $1,821,000 after purchasing an additional 2,562 shares during the last quarter. Tredje AP fonden increased its position in shares of T. Rowe Price Group by 13.9% in the second quarter. Tredje AP fonden now owns 20,015 shares of the asset manager’s stock worth $1,931,000 after purchasing an additional 2,447 shares during the last quarter. Kesler Norman & Wride LLC increased its position in shares of T. Rowe Price Group by 10.8% in the second quarter. Kesler Norman & Wride LLC now owns 14,663 shares of the asset manager’s stock worth $1,415,000 after purchasing an additional 1,430 shares during the last quarter. Finally, Summit Investment Advisory Services LLC bought a new position in shares of T. Rowe Price Group in the second quarter worth approximately $270,000. 73.39% of the stock is currently owned by institutional investors.

Insider Transactions at T. Rowe Price Group

In other news, Director Robert F. Maclellan sold 3,090 shares of the firm’s stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $105.01, for a total transaction of $324,480.90. Following the completion of the transaction, the director directly owned 47,335 shares in the company, valued at $4,970,648.35. This trade represents a 6.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.00% of the company’s stock.

T. Rowe Price Group Price Performance

Shares of TROW opened at $102.38 on Thursday. The firm has a market cap of $22.49 billion, a P/E ratio of 11.44, a P/E/G ratio of 5.61 and a beta of 1.50. The stock has a 50 day simple moving average of $104.67 and a two-hundred day simple moving average of $100.55. T. Rowe Price Group, Inc. has a 1 year low of $77.85 and a 1 year high of $125.81.

T. Rowe Price Group (NASDAQ:TROW) last announced its earnings results on Friday, October 31st. The asset manager reported $2.81 EPS for the quarter, beating analysts’ consensus estimates of $2.55 by $0.26. The company had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.88 billion. T. Rowe Price Group had a return on equity of 19.77% and a net margin of 28.72%.The firm’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.57 earnings per share. On average, equities analysts anticipate that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current year.

T. Rowe Price Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 30th. Shareholders of record on Monday, December 15th will be issued a $1.27 dividend. The ex-dividend date is Monday, December 15th. This represents a $5.08 dividend on an annualized basis and a yield of 5.0%. T. Rowe Price Group’s dividend payout ratio is 55.34%.

Analyst Ratings Changes

Several research firms recently weighed in on TROW. BMO Capital Markets began coverage on shares of T. Rowe Price Group in a research report on Friday, October 3rd. They issued a “market perform” rating and a $108.00 price objective on the stock. JPMorgan Chase & Co. upped their price objective on shares of T. Rowe Price Group from $109.00 to $111.00 and gave the stock an “underweight” rating in a research report on Monday. The Goldman Sachs Group upped their price objective on shares of T. Rowe Price Group from $93.00 to $98.00 in a research report on Monday. Bank of America upped their target price on T. Rowe Price Group from $91.00 to $97.00 and gave the stock an “underperform” rating in a research note on Thursday, October 2nd. Finally, Jefferies Financial Group upped their target price on T. Rowe Price Group from $104.00 to $106.00 and gave the stock a “hold” rating in a research note on Tuesday, October 7th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $109.31.

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.