T. Rowe Price Group, Inc. $TROW Stock: United Asset Strategies Inc. Cuts Stake

United Asset Strategies Inc. cut its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 63.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,534 shares of the asset manager’s stock after selling 11,253 shares during the quarter. United Asset Strategies Inc.’s holdings in T. Rowe Price Group were worth $680,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Elevation Wealth Partners LLC lifted its holdings in T. Rowe Price Group by 173.0% during the third quarter. Elevation Wealth Partners LLC now owns 273 shares of the asset manager’s stock valued at $28,000 after purchasing an additional 173 shares in the last quarter. Bank & Trust Co increased its stake in shares of T. Rowe Price Group by 52.4% in the second quarter. Bank & Trust Co now owns 314 shares of the asset manager’s stock worth $36,000 after purchasing an additional 108 shares in the last quarter. Keating Financial Advisory Services Inc. purchased a new stake in shares of T. Rowe Price Group in the second quarter worth $39,000. Clearstead Trust LLC purchased a new stake in shares of T. Rowe Price Group in the second quarter worth $41,000. Finally, Silvant Capital Management LLC bought a new stake in shares of T. Rowe Price Group during the 2nd quarter valued at $43,000. 73.39% of the stock is owned by hedge funds and other institutional investors.

More T. Rowe Price Group News

Here are the key news stories impacting T. Rowe Price Group this week:

• Positive Sentiment: Third-quarter adjusted earnings of $2.86 per share exceeded the $2.63 consensus estimate, while revenue reached approximately $2.0 billion versus expectations of $1.98 billion. Revenue increased 5.9% year over year, supported by higher advisory fees. T. Rowe Price Q3 Earnings and Revenues Surpass Estimates
• Positive Sentiment: Keefe, Bruyette & Woods reaffirmed its “market perform” rating but raised its price target to $113 from $112, implying approximately 8.8% potential upside based on the referenced price. Keefe, Bruyette & Woods Ratings
• Neutral Sentiment: T. Rowe Price is expanding its wealth-management operation with more than 50 new roles. The initiative could diversify growth and strengthen distribution over time, although added staffing costs may weigh on near-term efficiency. T. Rowe Price Adds Over 50 Wealth Management Roles
• Negative Sentiment: The earnings beat was offset by substantial client outflows and a decline in AUM during the quarter. Persistent redemptions are a key concern for an asset manager because they reduce fee-generating assets and could limit future revenue growth. T. Rowe Price Q3 Earnings, Revenue Beat Even as AUM Dips

Insider Activity at T. Rowe Price Group

In other news, VP Joshua Nelson sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $111.82, for a total transaction of $1,118,200.00. Following the completion of the transaction, the vice president owned 71,328 shares in the company, valued at $7,975,896.96. This trade represents a 12.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 1.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on TROW. BMO Capital Markets lowered their target price on shares of T. Rowe Price Group from $120.00 to $110.00 and set a “market perform” rating on the stock in a research note on Tuesday, October 13th. Zacks Research lowered T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 13th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $109.00 price target on shares of T. Rowe Price Group in a report on Monday, August 3rd. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $113.00 price objective (up from $112.00) on shares of T. Rowe Price Group in a research report on Friday. Finally, JPMorgan Chase & Co. upped their price objective on T. Rowe Price Group from $106.00 to $107.00 and gave the stock an “underweight” rating in a research note on Friday. One research analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and an average target price of $103.15.

T. Rowe Price Group Stock Performance

TROW stock opened at $103.90 on Friday. T. Rowe Price Group, Inc. has a one year low of $85.22 and a one year high of $122.00. The company’s fifty day moving average price is $105.65 and its 200-day moving average price is $103.70. The company has a market capitalization of $22.16 billion, a PE ratio of 10.26, a price-to-earnings-growth ratio of 3.12 and a beta of 1.45.

T. Rowe Price Group (NASDAQ:TROW) last posted its earnings results on Thursday, October 29th. The asset manager reported $2.86 earnings per share for the quarter, beating the consensus estimate of $2.63 by $0.23. The company had revenue of $2 billion during the quarter, compared to analysts’ expectations of $1.98 billion. T. Rowe Price Group had a net margin of 28.40% and a return on equity of 20.71%. T. Rowe Price Group’s quarterly revenue was up 5.9% on a year-over-year basis. During the same period last year, the company posted $2.81 earnings per share. On average, research analysts predict that T. Rowe Price Group, Inc. will post 10.08 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th were issued a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 5.0%. The ex-dividend date of this dividend was Tuesday, September 15th. T. Rowe Price Group’s dividend payout ratio is 52.58%.

T. Rowe Price Group Company Profile

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland. Founded in 1937 by Thomas Rowe Price Jr., the company provides investment strategies and advisory services to individual investors, retirement plans, financial intermediaries, institutions and other clients.

The company offers a range of actively managed and multi-asset investment products, including mutual funds, exchange-traded funds, separately managed accounts and other portfolio solutions.