SlateStone Wealth LLC Has $857,000 Stock Position in T. Rowe Price Group, Inc. (NASDAQ:TROW)

SlateStone Wealth LLC grew its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 2.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,435 shares of the asset manager’s stock after buying an additional 200 shares during the quarter. SlateStone Wealth LLC’s holdings in T. Rowe Price Group were worth $857,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in TROW. Handelsbanken Fonder AB boosted its holdings in T. Rowe Price Group by 6.2% during the fourth quarter. Handelsbanken Fonder AB now owns 32,042 shares of the asset manager’s stock worth $3,451,000 after purchasing an additional 1,877 shares during the last quarter. GAMMA Investing LLC purchased a new position in T. Rowe Price Group during the fourth quarter worth about $139,000. Atria Wealth Solutions Inc. boosted its holdings in T. Rowe Price Group by 89.6% during the fourth quarter. Atria Wealth Solutions Inc. now owns 8,714 shares of the asset manager’s stock worth $939,000 after purchasing an additional 4,119 shares during the last quarter. Citizens Financial Group Inc. RI purchased a new position in T. Rowe Price Group during the fourth quarter worth about $312,000. Finally, Alliance Wealth Advisors LLC UT boosted its holdings in T. Rowe Price Group by 2.2% during the fourth quarter. Alliance Wealth Advisors LLC UT now owns 15,399 shares of the asset manager’s stock worth $1,658,000 after purchasing an additional 336 shares during the last quarter. 73.39% of the stock is currently owned by institutional investors and hedge funds.

T. Rowe Price Group Price Performance

TROW stock opened at $109.28 on Tuesday. T. Rowe Price Group, Inc. has a one year low of $87.43 and a one year high of $122.27. The stock has a market cap of $24.33 billion, a PE ratio of 12.98, a P/E/G ratio of 1.74 and a beta of 1.42. The firm has a 50 day simple moving average of $112.83 and a two-hundred day simple moving average of $113.93.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings results on Friday, July 26th. The asset manager reported $2.26 EPS for the quarter, missing analysts’ consensus estimates of $2.27 by ($0.01). T. Rowe Price Group had a return on equity of 19.90% and a net margin of 28.66%. The company had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.79 billion. During the same period in the prior year, the firm earned $2.02 EPS. T. Rowe Price Group’s quarterly revenue was up 7.6% on a year-over-year basis. On average, research analysts expect that T. Rowe Price Group, Inc. will post 9 EPS for the current fiscal year.

T. Rowe Price Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be paid a $1.24 dividend. 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 4.54%. T. Rowe Price Group’s dividend payout ratio (DPR) is 58.91%.

Insider Activity

In related news, insider Jessica M. Hiebler sold 1,401 shares of the company’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $115.85, for a total transaction of $162,305.85. Following the completion of the sale, the insider now directly owns 14,198 shares in the company, valued at approximately $1,644,838.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 value of $234,000.00. Following the completion of the transaction, the vice president now directly owns 34,710 shares in the company, valued at approximately $4,061,070. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jessica M. Hiebler sold 1,401 shares of the company’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $115.85, for a total transaction of $162,305.85. Following the completion of the transaction, the insider now owns 14,198 shares of the company’s stock, valued at $1,644,838.30. The disclosure for this sale can be found here. 2.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have commented on TROW. Barclays began coverage on shares of T. Rowe Price Group in a research report on Tuesday. They issued an “underweight” rating and a $99.00 price objective on the stock. TD Cowen lowered their price objective 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. JPMorgan Chase & Co. lifted their price objective 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. StockNews.com lowered shares of T. Rowe Price Group from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of T. Rowe Price Group from $112.00 to $113.00 and gave the company a “hold” rating in a research report on Thursday, August 15th. Four equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. According to data from MarketBeat, T. Rowe Price Group has an average rating of “Hold” and an average price target of $113.10.

About T. Rowe Price Group

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.