T. Rowe Price Group, Inc. $TROW Shares Acquired by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al grew its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 59.9% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 654,000 shares of the asset manager’s stock after acquiring an additional 244,900 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al owned about 0.31% of T. Rowe Price Group worth $68,049,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Elevation Wealth Partners LLC grew its position in T. Rowe Price Group by 173.0% during the third quarter. Elevation Wealth Partners LLC now owns 273 shares of the asset manager’s stock valued at $28,000 after buying an additional 173 shares during the period. Bank & Trust Co increased its holdings in T. Rowe Price Group by 52.4% during the second quarter. Bank & Trust Co now owns 314 shares of the asset manager’s stock valued at $36,000 after buying an additional 108 shares during the last quarter. Keating Financial Advisory Services Inc. purchased a new stake in T. Rowe Price Group during the second quarter valued at approximately $39,000. Clearstead Trust LLC bought a new position in T. Rowe Price Group in the second quarter worth approximately $41,000. Finally, Silvant Capital Management LLC bought a new position in T. Rowe Price Group in the second quarter worth approximately $43,000. 73.39% of the stock is currently owned by institutional investors.

T. Rowe Price Group Trading Down 2.6%

Shares of T. Rowe Price Group stock opened at $103.90 on Friday. The firm has a market cap of $22.16 billion, a PE ratio of 10.51, a PEG ratio of 3.12 and a beta of 1.45. The stock has a 50 day moving average of $105.65 and a 200 day moving average of $103.70. T. Rowe Price Group, Inc. has a 12 month low of $85.22 and a 12 month high of $122.00.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings results on Thursday, October 29th. The asset manager reported $2.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.63 by $0.23. T. Rowe Price Group had a net margin of 28.40% and a return on equity of 20.71%. The company had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.98 billion. During the same quarter in the prior year, the firm earned $2.81 earnings per share. T. Rowe Price Group’s revenue was up 5.9% on a year-over-year basis. As a group, equities research analysts forecast that T. Rowe Price Group, Inc. will post 10.08 earnings per share for the current fiscal year.

T. Rowe Price Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th were given a $1.30 dividend. This represents a $5.20 annualized dividend and a yield of 5.0%. The ex-dividend date of this dividend was Tuesday, September 15th. T. Rowe Price Group’s dividend payout ratio is 52.58%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on TROW shares. Weiss Ratings raised shares of T. Rowe Price Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, September 4th. Evercore set a $109.00 price objective on T. Rowe Price Group in a research note on Friday, October 9th. Barclays decreased their target price on T. Rowe Price Group from $103.00 to $102.00 and set an “underweight” rating on the stock in a report on Wednesday, October 14th. JPMorgan Chase & Co. lifted their target price on T. Rowe Price Group from $106.00 to $107.00 and gave the company an “underweight” rating in a research report on Friday. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $109.00 price target on shares of T. Rowe Price Group in a report on Monday, August 3rd. One investment analyst has rated the stock with a Buy rating, ten have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, T. Rowe Price Group presently has an average rating of “Reduce” and an average price target of $103.15.

Key T. Rowe Price Group News

Here are the key news stories impacting T. Rowe Price Group this week:

• Positive Sentiment: Third-quarter adjusted earnings of $2.86 per share exceeded the $2.63 consensus estimate, while revenue reached approximately $2.0 billion versus expectations of $1.98 billion. Revenue increased 5.9% year over year, supported by higher advisory fees. T. Rowe Price Q3 Earnings and Revenues Surpass Estimates
• Positive Sentiment: Keefe, Bruyette & Woods reaffirmed its “market perform” rating but raised its price target to $113 from $112, implying approximately 8.8% potential upside based on the referenced price. Keefe, Bruyette & Woods Ratings
• Neutral Sentiment: T. Rowe Price is expanding its wealth-management operation with more than 50 new roles. The initiative could diversify growth and strengthen distribution over time, although added staffing costs may weigh on near-term efficiency. T. Rowe Price Adds Over 50 Wealth Management Roles
• Negative Sentiment: The earnings beat was offset by substantial client outflows and a decline in AUM during the quarter. Persistent redemptions are a key concern for an asset manager because they reduce fee-generating assets and could limit future revenue growth. T. Rowe Price Q3 Earnings, Revenue Beat Even as AUM Dips

Insider Buying and Selling

In other news, VP Joshua Nelson sold 10,000 shares of the business’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $111.82, for a total transaction of $1,118,200.00. Following the completion of the sale, the vice president directly owned 71,328 shares of the company’s stock, valued at approximately $7,975,896.96. The trade was a 12.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.60% of the stock is owned by company insiders.

T. Rowe Price Group Profile

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland. Founded in 1937 by Thomas Rowe Price Jr., the company provides investment strategies and advisory services to individual investors, retirement plans, financial intermediaries, institutions and other clients.

The company offers a range of actively managed and multi-asset investment products, including mutual funds, exchange-traded funds, separately managed accounts and other portfolio solutions.