Confluence Investment Management LLC Sells 26,758 Shares of T. Rowe Price Group, Inc. $TROW

Confluence Investment Management LLC trimmed its position in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 2.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 936,409 shares of the asset manager’s stock after selling 26,758 shares during the quarter. T. Rowe Price Group comprises approximately 1.7% of Confluence Investment Management LLC’s holdings, making the stock its 21st biggest position. Confluence Investment Management LLC’s holdings in T. Rowe Price Group were worth $106,460,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Robeco Institutional Asset Management B.V. boosted its holdings in shares of T. Rowe Price Group by 17.4% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 79,003 shares of the asset manager’s stock valued at $8,088,000 after purchasing an additional 11,691 shares during the last quarter. LBP AM SA lifted its position in shares of T. Rowe Price Group by 23.9% in the fourth quarter. LBP AM SA now owns 156,879 shares of the asset manager’s stock worth $16,061,000 after buying an additional 30,226 shares in the last quarter. SVB Wealth LLC lifted its position in shares of T. Rowe Price Group by 77.5% in the fourth quarter. SVB Wealth LLC now owns 37,000 shares of the asset manager’s stock worth $3,788,000 after buying an additional 16,155 shares in the last quarter. Generali Asset Management SPA SGR boosted its stake in T. Rowe Price Group by 1,680.4% during the fourth quarter. Generali Asset Management SPA SGR now owns 17,715 shares of the asset manager’s stock valued at $1,814,000 after buying an additional 16,720 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in T. Rowe Price Group by 3.8% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 520,782 shares of the asset manager’s stock valued at $54,489,000 after buying an additional 18,952 shares during the last quarter. Institutional investors own 73.39% of the company’s stock.

Insider Activity

In other T. Rowe Price Group news, VP Stephon A. Jackson sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $102.56, for a total transaction of $307,680.00. Following the completion of the transaction, the vice president owned 83,883 shares in the company, valued at $8,603,040.48. The trade was a 3.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.60% of the stock is owned by company insiders.

T. Rowe Price Group Stock Up 1.6%

TROW stock opened at $113.51 on Tuesday. T. Rowe Price Group, Inc. has a twelve month low of $85.22 and a twelve month high of $122.00. The stock has a market capitalization of $24.32 billion, a price-to-earnings ratio of 11.39, a price-to-earnings-growth ratio of 4.01 and a beta of 1.47. The firm’s fifty day simple moving average is $111.97 and its two-hundred day simple moving average is $102.18.

T. Rowe Price Group (NASDAQ:TROW) last released its earnings results on Friday, July 31st. The asset manager reported $2.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.52 by $0.05. T. Rowe Price Group had a net margin of 29.26% and a return on equity of 20.45%. The firm had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.89 billion. During the same quarter last year, the business earned $2.24 EPS. The business’s revenue was up 10.7% on a year-over-year basis. As a group, equities research analysts expect that T. Rowe Price Group, Inc. will post 10.11 EPS for the current year.

T. Rowe Price Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 29th. Shareholders of record on Monday, June 15th were paid a $1.30 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $5.20 annualized dividend and a yield of 4.6%. T. Rowe Price Group’s dividend payout ratio (DPR) is presently 52.16%.

Wall Street Analyst Weigh In

TROW has been the topic of a number of research reports. Zacks Research raised T. Rowe Price Group from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 15th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $115.00 price target (down from $120.00) on shares of T. Rowe Price Group in a research note on Monday. The Goldman Sachs Group increased their price objective on shares of T. Rowe Price Group from $90.00 to $92.00 and gave the company a “sell” rating in a research report on Tuesday, June 30th. TD Cowen lifted their price objective on shares of T. Rowe Price Group from $107.00 to $108.00 and gave the stock a “hold” rating in a research note on Monday. Finally, JPMorgan Chase & Co. reduced their target price on shares of T. Rowe Price Group from $106.00 to $103.00 and set an “underweight” rating on the stock in a report on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, T. Rowe Price Group presently has an average rating of “Reduce” and an average price target of $105.92.

About T. Rowe Price Group

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland, founded by Thomas Rowe Price Jr. in 1937. The company provides a broad range of investment products and services for individual investors, financial intermediaries, retirement plan sponsors and institutional clients. Its offerings are built around active investment management and in-house research across equity, fixed income and multi-asset strategies, reflecting a long history as a research-driven asset manager.

The firm’s product lineup includes mutual funds, separate accounts, collective investment trusts, target-date and target-risk funds, and managed account solutions, as well as services for defined contribution and defined benefit retirement plans.