Eastern Bank Sells 119 Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW)

Eastern Bank lessened its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 23.8% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 381 shares of the asset manager’s stock after selling 119 shares during the quarter. Eastern Bank’s holdings in T. Rowe Price Group were worth $43,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Principal Financial Group Inc. increased its stake in shares of T. Rowe Price Group by 2.8% during the 3rd quarter. Principal Financial Group Inc. now owns 275,978 shares of the asset manager’s stock worth $30,062,000 after purchasing an additional 7,503 shares during the last quarter. Janus Henderson Group PLC increased its position in T. Rowe Price Group by 3.8% during the third quarter. Janus Henderson Group PLC now owns 29,989 shares of the asset manager’s stock worth $3,267,000 after buying an additional 1,100 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in T. Rowe Price Group during the second quarter worth $15,907,000. Aigen Investment Management LP acquired a new stake in shares of T. Rowe Price Group in the third quarter worth about $516,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of T. Rowe Price Group by 3.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,840,807 shares of the asset manager’s stock worth $745,169,000 after acquiring an additional 231,286 shares in the last quarter. 73.39% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other T. Rowe Price Group news, VP Andrew Justin Mackenzi Thomson sold 4,047 shares of T. Rowe Price Group stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $123.35, for a total transaction of $499,197.45. Following the completion of the transaction, the vice president now directly owns 119,577 shares of the company’s stock, valued at approximately $14,749,822.95. This trade represents a 3.27 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on TROW. Wells Fargo & Company cut their price objective on T. Rowe Price Group from $124.00 to $118.00 and set an “equal weight” rating on the stock in a research note on Tuesday. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of T. Rowe Price Group from $115.00 to $120.00 and gave the stock a “hold” rating in a research note on Monday, November 11th. StockNews.com lowered shares of T. Rowe Price Group from a “buy” rating to a “hold” rating in a research note on Thursday, January 9th. Barclays boosted their target price on shares of T. Rowe Price Group from $110.00 to $115.00 and gave the stock an “underweight” rating in a research report on Monday, December 9th. Finally, JPMorgan Chase & Co. lowered their price target on T. Rowe Price Group from $116.00 to $115.00 and set an “underweight” rating on the stock in a research report on Monday, November 4th. Four investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. According to MarketBeat, T. Rowe Price Group has a consensus rating of “Hold” and an average price target of $116.00.

T. Rowe Price Group Stock Up 1.1 %

T. Rowe Price Group stock opened at $113.32 on Thursday. The business has a 50 day moving average price of $118.12 and a two-hundred day moving average price of $112.86. T. Rowe Price Group, Inc. has a 12 month low of $100.49 and a 12 month high of $125.81. The stock has a market cap of $25.18 billion, a price-to-earnings ratio of 12.40, a price-to-earnings-growth ratio of 1.73 and a beta of 1.43.

T. Rowe Price Group (NASDAQ:TROW) last issued its earnings results on Friday, November 1st. The asset manager reported $2.57 EPS for the quarter, beating analysts’ consensus estimates of $2.36 by $0.21. T. Rowe Price Group had a return on equity of 20.35% and a net margin of 30.35%. The business had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.84 billion. During the same period in the prior year, the company posted $2.17 earnings per share. T. Rowe Price Group’s revenue was up 6.9% on a year-over-year basis. On average, analysts expect that T. Rowe Price Group, Inc. will post 9.39 earnings per share for the current fiscal year.

T. Rowe Price Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 13th were issued a dividend of $1.24 per share. This represents a $4.96 dividend on an annualized basis and a yield of 4.38%. The ex-dividend date was Friday, December 13th. T. Rowe Price Group’s payout ratio is 54.27%.

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.