Penobscot Investment Management Company Inc. Buys 309 Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW)

Penobscot Investment Management Company Inc. increased its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 6.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,909 shares of the asset manager’s stock after acquiring an additional 309 shares during the period. Penobscot Investment Management Company Inc.’s holdings in T. Rowe Price Group were worth $529,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Simmons Bank boosted its stake in T. Rowe Price Group by 23.0% during the third quarter. Simmons Bank now owns 3,503 shares of the asset manager’s stock worth $367,000 after acquiring an additional 656 shares in the last quarter. L. Roy Papp & Associates LLP raised its holdings in T. Rowe Price Group by 5.8% in the fourth quarter. L. Roy Papp & Associates LLP now owns 158,875 shares of the asset manager’s stock worth $17,109,000 after buying an additional 8,773 shares during the last quarter. Nordea Investment Management AB raised its holdings in T. Rowe Price Group by 3.5% in the fourth quarter. Nordea Investment Management AB now owns 317,349 shares of the asset manager’s stock worth $34,299,000 after buying an additional 10,680 shares during the last quarter. Vest Financial LLC raised its holdings in T. Rowe Price Group by 48.8% in the fourth quarter. Vest Financial LLC now owns 280,552 shares of the asset manager’s stock worth $30,213,000 after buying an additional 92,059 shares during the last quarter. Finally, Cullen Investment Group LTD. purchased a new position in T. Rowe Price Group in the fourth quarter worth about $953,000. Institutional investors own 73.39% of the company’s stock.

Insider Buying and Selling

In related news, insider Jessica M. Hiebler sold 1,138 shares of the company’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $107.13, for a total transaction of $121,913.94. Following the completion of the transaction, the insider now owns 14,113 shares in the company, valued at $1,511,925.69. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Freeman A. Hrabowski III sold 8,740 shares of the company’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $118.32, for a total transaction of $1,034,116.80. Following the sale, the director now owns 21,073 shares of the company’s stock, valued at $2,493,357.36. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Jessica M. Hiebler sold 1,138 shares of the company’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $107.13, for a total transaction of $121,913.94. Following the sale, the insider now directly owns 14,113 shares in the company, valued at approximately $1,511,925.69. The disclosure for this sale can be found here. Over the last quarter, insiders sold 12,921 shares of company stock worth $1,500,133. 2.00% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts have issued reports on TROW shares. Keefe, Bruyette & Woods raised shares of T. Rowe Price Group from an “underperform” rating to a “market perform” rating and lifted their target price for the stock from $106.00 to $120.00 in a report on Thursday, April 11th. Morgan Stanley boosted their price objective on shares of T. Rowe Price Group from $114.00 to $125.00 and gave the company an “equal weight” rating in a report on Wednesday, April 17th. TD Cowen raised shares of T. Rowe Price Group from a “sell” rating to a “hold” rating and boosted their price objective for the company from $92.00 to $114.00 in a report on Monday, April 8th. UBS Group boosted their price objective on shares of T. Rowe Price Group from $100.00 to $109.00 and gave the company a “sell” rating in a report on Friday, April 12th. Finally, Citigroup upped their target price on shares of T. Rowe Price Group from $110.00 to $125.00 and gave the company a “neutral” rating in a report on Friday, April 5th. Four analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. According to data from MarketBeat.com, T. Rowe Price Group presently has a consensus rating of “Hold” and a consensus target price of $112.10.

T. Rowe Price Group Price Performance

TROW opened at $109.57 on Wednesday. The firm has a market cap of $24.47 billion, a P/E ratio of 13.01, a PEG ratio of 2.08 and a beta of 1.40. T. Rowe Price Group, Inc. has a 1-year low of $87.43 and a 1-year high of $132.76. The company has a 50 day simple moving average of $115.17 and a two-hundred day simple moving average of $107.23.

T. Rowe Price Group (NASDAQ:TROW) last issued its earnings results on Friday, April 26th. The asset manager reported $2.38 earnings per share for the quarter, topping analysts’ consensus estimates of $2.04 by $0.34. T. Rowe Price Group had a net margin of 29.09% and a return on equity of 19.70%. The firm had revenue of $1.75 billion during the quarter, compared to analyst estimates of $1.71 billion. During the same quarter in the prior year, the business earned $1.69 earnings per share. T. Rowe Price Group’s revenue for the quarter was up 13.8% on a year-over-year basis. Equities analysts anticipate that T. Rowe Price Group, Inc. will post 8.45 earnings per share for the current year.

About T. Rowe Price Group

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.