Oppenheimer & Co. Inc. Sells 4,722 Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW)

Oppenheimer & Co. Inc. lowered its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 6.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 63,436 shares of the asset manager's stock after selling 4,722 shares during the period. Oppenheimer & Co. Inc.'s holdings in T. Rowe Price Group were worth $6,910,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in TROW. GHE LLC lifted its stake in shares of T. Rowe Price Group by 3.4% in the 3rd quarter. GHE LLC now owns 19,680 shares of the asset manager's stock valued at $2,074,000 after purchasing an additional 640 shares during the period. MQS Management LLC bought a new stake in shares of T. Rowe Price Group during the 3rd quarter valued at $283,000. Simmons Bank grew its position in shares of T. Rowe Price Group by 3.1% in the 3rd quarter. Simmons Bank now owns 8,672 shares of the asset manager's stock worth $945,000 after buying an additional 260 shares during the period. Aigen Investment Management LP bought a new position in shares of T. Rowe Price Group in the 3rd quarter worth about $516,000. Finally, Sumitomo Mitsui Trust Group Inc. boosted its stake in T. Rowe Price Group by 1.5% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 664,063 shares of the asset manager's stock worth $72,336,000 after acquiring an additional 9,924 shares in the last quarter. 73.39% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other T. Rowe Price Group news, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of the company's stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $102.83, for a total value of $1,230,772.27. Following the completion of the transaction, the vice president now directly owns 123,624 shares in the company, valued at $12,712,255.92. This represents a 8.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jessica M. Hiebler sold 484 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $104.73, for a total transaction of $50,689.32. Following the completion of the sale, the insider now directly owns 13,939 shares of the company's stock, valued at approximately $1,459,831.47. This trade represents a 3.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.00% of the company's stock.

T. Rowe Price Group Stock Performance

Shares of NASDAQ TROW traded up $1.31 during midday trading on Thursday, hitting $119.80. 2,278,806 shares of the stock traded hands, compared to its average volume of 1,266,135. The firm has a market capitalization of $26.61 billion, a P/E ratio of 12.96, a PEG ratio of 1.72 and a beta of 1.41. T. Rowe Price Group, Inc. has a one year low of $96.46 and a one year high of $122.27. The firm has a 50-day moving average of $110.11 and a two-hundred day moving average of $112.06.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last posted its earnings results on Friday, November 1st. The asset manager reported $2.57 earnings per share 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 company had revenue of $1.79 billion for the quarter, compared to the consensus estimate of $1.84 billion. During the same quarter in the prior year, the company earned $2.17 earnings per share. T. Rowe Price Group's revenue was up 6.9% on a year-over-year basis. Equities analysts forecast that T. Rowe Price Group, Inc. will post 9.33 earnings per share for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be issued a dividend of $1.24 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $4.96 dividend on an annualized basis and a yield of 4.14%. T. Rowe Price Group's dividend payout ratio is currently 54.27%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on TROW shares. TD Cowen decreased their target price on shares of T. Rowe Price Group from $120.00 to $116.00 and set a "hold" rating for the company in a research note on Monday, November 4th. JPMorgan Chase & Co. lowered their price objective on T. Rowe Price Group from $116.00 to $115.00 and set an "underweight" rating for the company in a research note on Monday, November 4th. Evercore ISI increased their target price on T. Rowe Price Group from $112.00 to $113.00 and gave the stock an "in-line" rating in a research note on Thursday, November 7th. Barclays lifted their price target on T. Rowe Price Group from $101.00 to $110.00 and gave the stock an "underweight" rating in a research report on Monday, November 4th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of T. Rowe Price Group from $115.00 to $120.00 and gave the company a "hold" rating in a research report on Monday. Four investment analysts have rated the stock with a sell rating and eight have given a hold rating to the company. According to data from MarketBeat.com, T. Rowe Price Group presently has a consensus rating of "Hold" and an average target price of $115.55.

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.