Lumature Wealth Partners LLC Decreases Stock Holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Posted by Defense World Staff on Jun 13th, 2023

Lumature Wealth Partners LLC trimmed its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW – Get Rating) by 8.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,914 shares of the asset manager’s stock after selling 187 shares during the quarter. Lumature Wealth Partners LLC’s holdings in T. Rowe Price Group were worth $209,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the business. Baird Financial Group Inc. raised its position in shares of T. Rowe Price Group by 26.2% during the 4th quarter. Baird Financial Group Inc. now owns 204,590 shares of the asset manager’s stock valued at $22,313,000 after buying an additional 42,469 shares during the period. Glass Jacobson Investment Advisors llc purchased a new stake in shares of T. Rowe Price Group during the 4th quarter valued at approximately $37,000. Elevated Capital Advisors LLC purchased a new stake in shares of T. Rowe Price Group during the 4th quarter valued at approximately $471,000. Credit Suisse AG raised its position in shares of T. Rowe Price Group by 1.3% during the 3rd quarter. Credit Suisse AG now owns 590,528 shares of the asset manager’s stock valued at $62,010,000 after buying an additional 7,670 shares during the period. Finally, Bank of Montreal Can increased its holdings in T. Rowe Price Group by 12.1% in the 3rd quarter. Bank of Montreal Can now owns 498,482 shares of the asset manager’s stock valued at $55,771,000 after purchasing an additional 53,834 shares during the last quarter. 76.58% of the stock is owned by hedge funds and other institutional investors.

T. Rowe Price Group Stock Down 3.3 %

Shares of NASDAQ:TROW opened at $110.66 on Tuesday. The company has a market cap of $24.85 billion, a PE ratio of 18.11, a P/E/G ratio of 2.88 and a beta of 1.30. The company’s 50-day moving average price is $109.09 and its 200 day moving average price is $112.96. T. Rowe Price Group, Inc. has a fifty-two week low of $93.53 and a fifty-two week high of $134.64.

T. Rowe Price Group (NASDAQ:TROW – Get Rating) last released its quarterly earnings results on Tuesday, May 2nd. The asset manager reported $1.69 EPS for the quarter, topping analysts’ consensus estimates of $1.62 by $0.07. The company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. T. Rowe Price Group had a net margin of 22.90% and a return on equity of 17.92%. T. Rowe Price Group’s revenue was down 17.5% on a year-over-year basis. During the same period in the previous year, the firm earned $2.62 EPS. As a group, equities analysts anticipate that T. Rowe Price Group, Inc. will post 6.64 EPS for the current year.

T. Rowe Price Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 29th. Investors of record on Thursday, June 15th will be given a dividend of $1.22 per share. This represents a $4.88 dividend on an annualized basis and a yield of 4.41%. The ex-dividend date of this dividend is Wednesday, June 14th. T. Rowe Price Group’s payout ratio is presently 79.87%.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Bank of America dropped their target price on shares of T. Rowe Price Group from $78.00 to $72.00 and set an “underperform” rating for the company in a report on Wednesday, April 5th. StockNews.com began coverage on shares of T. Rowe Price Group in a research report on Thursday, May 18th. They issued a “hold” rating for the company. Wells Fargo & Company boosted their price target on shares of T. Rowe Price Group from $112.00 to $115.00 and gave the company an “equal weight” rating in a research report on Friday, April 14th. Morgan Stanley boosted their price target on shares of T. Rowe Price Group from $102.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday, April 14th. Finally, Evercore ISI reduced their price target on shares of T. Rowe Price Group from $101.00 to $98.00 and set an “in-line” rating for the company in a research report on Thursday, April 13th. Six equities research analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. According to MarketBeat.com, T. Rowe Price Group currently has a consensus rating of “Hold” and an average price target of $93.73.

Insider Activity at T. Rowe Price Group

In related news, insider Jessica M. Hiebler sold 1,881 shares of the business’s stock in a transaction that occurred on Wednesday, May 3rd. The shares were sold at an average price of $106.66, for a total transaction of $200,627.46. Following the transaction, the insider now directly owns 11,628 shares of the company’s stock, valued at $1,240,242.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.10% of the stock is currently owned by insiders.

About T. Rowe Price Group

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T. Rowe Price Group, Inc engages in the provision of investment management services. The company was founded by Thomas Rowe Price Jr. in 1937 and is headquartered in Baltimore, MD.