PNC Financial Services Group Inc. Sells 54,885 Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW)

PNC Financial Services Group Inc. reduced its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 8.0% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 631,579 shares of the asset manager's stock after selling 54,885 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.28% of T. Rowe Price Group worth $68,798,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Edgestream Partners L.P. lifted its position in shares of T. Rowe Price Group by 40.3% in the 1st quarter. Edgestream Partners L.P. now owns 11,656 shares of the asset manager's stock worth $1,421,000 after purchasing an additional 3,347 shares during the period. O Shaughnessy Asset Management LLC increased its holdings in T. Rowe Price Group by 44.5% in the first quarter. O Shaughnessy Asset Management LLC now owns 16,040 shares of the asset manager's stock worth $1,956,000 after purchasing an additional 4,938 shares in the last quarter. Seven Eight Capital LP acquired a new position in T. Rowe Price Group in the first quarter valued at approximately $679,000. Bessemer Group Inc. boosted its holdings in shares of T. Rowe Price Group by 2.0% during the 1st quarter. Bessemer Group Inc. now owns 38,995 shares of the asset manager's stock worth $4,753,000 after buying an additional 747 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co increased its stake in shares of T. Rowe Price Group by 4.1% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 171,259 shares of the asset manager's stock valued at $20,890,000 after acquiring an additional 6,780 shares in the last quarter. Institutional investors own 73.39% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on TROW shares. Evercore ISI raised their price target on shares of T. Rowe Price Group from $112.00 to $113.00 and gave the stock an "in-line" rating in a report on Thursday, November 7th. The Goldman Sachs Group decreased their target price on T. Rowe Price Group from $106.00 to $102.00 and set a "sell" rating for the company in a research report on Thursday, October 3rd. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $120.00 price target (down previously from $121.00) on shares of T. Rowe Price Group in a report on Monday, July 29th. Wells Fargo & Company raised their price objective on T. Rowe Price Group from $109.00 to $112.00 and gave the company an "equal weight" rating in a research note on Wednesday, October 9th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on T. Rowe Price Group from $115.00 to $120.00 and gave the stock a "hold" rating in a report on Monday, November 11th. Four research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $115.55.

T. Rowe Price Group Stock Down 0.4 %

T. Rowe Price Group stock traded down $0.43 during midday trading on Wednesday, hitting $117.52. 1,132,302 shares of the stock were exchanged, compared to its average volume of 1,265,271. The stock has a market capitalization of $26.11 billion, a price-to-earnings ratio of 12.86, a price-to-earnings-growth ratio of 1.68 and a beta of 1.41. T. Rowe Price Group, Inc. has a 52-week low of $96.46 and a 52-week high of $122.27. The business's 50-day moving average price is $111.62 and its 200-day moving average price is $112.33.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued its quarterly 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 company had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.84 billion. During the same period last year, the business posted $2.17 earnings per share. T. Rowe Price Group's revenue was up 6.9% on a year-over-year basis. On average, sell-side analysts predict that T. Rowe Price Group, Inc. will post 9.33 earnings per share for the current fiscal year.

T. Rowe Price Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be given a dividend of $1.24 per share. The ex-dividend date is Friday, December 13th. This represents a $4.96 annualized dividend and a yield of 4.22%. T. Rowe Price Group's payout ratio is currently 54.27%.

Insider Buying and Selling

In related news, insider Jessica M. Hiebler sold 484 shares of the firm's stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $104.73, for a total value of $50,689.32. Following the completion of the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of the business's stock in a transaction on Friday, September 6th. The shares were sold at an average price of $102.83, for a total transaction of $1,230,772.27. Following the sale, the vice president now directly owns 123,624 shares in the company, valued at $12,712,255.92. The trade was a 8.83 % decrease in their position. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by corporate insiders.

T. Rowe Price Group 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.