Gladstone Institutional Advisory LLC Sells 12,038 Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW)

02 Nov 2024, 08:42 by Amy Steele · The Cerbat Gem

Gladstone Institutional Advisory LLC cut its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW – Free Report) by 29.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 28,615 shares of the asset manager’s stock after selling 12,038 shares during the quarter. Gladstone Institutional Advisory LLC’s holdings in T. Rowe Price Group were worth $3,117,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of TROW. First Trust Direct Indexing L.P. raised its holdings in T. Rowe Price Group by 13.4% during the first quarter. First Trust Direct Indexing L.P. now owns 4,861 shares of the asset manager’s stock valued at $593,000 after acquiring an additional 576 shares during the period. Ashton Thomas Private Wealth LLC purchased a new stake in shares of T. Rowe Price Group in the first quarter worth about $1,008,000. Van ECK Associates Corp lifted its position in shares of T. Rowe Price Group by 4.3% in the first quarter. Van ECK Associates Corp now owns 37,813 shares of the asset manager’s stock worth $4,610,000 after buying an additional 1,552 shares in the last quarter. Norden Group LLC purchased a new stake in shares of T. Rowe Price Group in the first quarter worth about $420,000. Finally, Retirement Systems of Alabama lifted its position in shares of T. Rowe Price Group by 0.3% in the first quarter. Retirement Systems of Alabama now owns 49,418 shares of the asset manager’s stock worth $6,025,000 after buying an additional 167 shares in the last quarter. 73.39% of the stock is owned by institutional investors.

T. Rowe Price Group Stock Performance

TROW opened at $112.06 on Friday. The stock has a market cap of $24.94 billion, a price-to-earnings ratio of 13.23, a P/E/G ratio of 1.71 and a beta of 1.41. The stock’s 50 day moving average price is $108.32 and its 200-day moving average price is $111.69. T. Rowe Price Group, Inc. has a one year low of $90.02 and a one year high of $122.27.

T. Rowe Price Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be paid a dividend of $1.24 per share. This represents a $4.96 dividend on an annualized basis and a dividend yield of 4.43%. T. Rowe Price Group’s dividend payout ratio is 58.56%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Deutsche Bank Aktiengesellschaft boosted their target price on T. Rowe Price Group from $112.00 to $113.00 and gave the stock a “hold” rating in a research report on Thursday, August 15th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $120.00 target price (down from $121.00) on shares of T. Rowe Price Group in a research report on Monday, July 29th. StockNews.com downgraded T. Rowe Price Group from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Morgan Stanley upped their price objective on T. Rowe Price Group from $125.00 to $127.00 and gave the company an “equal weight” rating in a research report on Friday, October 18th. Finally, Evercore ISI upped their price objective on T. Rowe Price Group from $108.00 to $109.00 and gave the company an “in-line” rating in a research report on Friday, October 4th. Four equities research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $113.00.

Get Our Latest Stock Analysis on TROW

Insider Activity

In related news, insider Jessica M. Hiebler sold 484 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $104.73, for a total value of $50,689.32. Following the transaction, the insider now owns 13,939 shares of the company’s stock, valued at $1,459,831.47. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of the stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $102.83, for a total value of $1,230,772.27. Following the transaction, the vice president now owns 123,624 shares of the company’s stock, valued at $12,712,255.92. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jessica M. Hiebler sold 484 shares of the stock in a transaction 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 sale, the insider now directly owns 13,939 shares in the company, valued at $1,459,831.47. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

About T. Rowe Price Group

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