Synovus Financial Corp Has $1.25 Million Stake in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Synovus Financial Corp increased its position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 15.7% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 11,476 shares of the asset manager’s stock after acquiring an additional 1,559 shares during the period. Synovus Financial Corp’s holdings in T. Rowe Price Group were worth $1,250,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Blue Trust Inc. increased its stake in shares of T. Rowe Price Group by 253.3% in the second quarter. Blue Trust Inc. now owns 650 shares of the asset manager’s stock valued at $79,000 after buying an additional 466 shares during the period. Hennion & Walsh Asset Management Inc. increased its position in T. Rowe Price Group by 20.3% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 12,559 shares of the asset manager’s stock valued at $1,448,000 after acquiring an additional 2,123 shares during the period. Pallas Capital Advisors LLC raised its stake in shares of T. Rowe Price Group by 37.5% during the second quarter. Pallas Capital Advisors LLC now owns 3,584 shares of the asset manager’s stock valued at $418,000 after acquiring an additional 977 shares during the last quarter. Atria Wealth Solutions Inc. raised its stake in shares of T. Rowe Price Group by 9.9% during the second quarter. Atria Wealth Solutions Inc. now owns 12,907 shares of the asset manager’s stock valued at $1,488,000 after acquiring an additional 1,158 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC acquired a new position in shares of T. Rowe Price Group during the second quarter worth $228,000. Institutional investors and hedge funds own 73.39% of the company’s stock.

T. Rowe Price Group Trading Down 0.2 %

Shares of NASDAQ TROW opened at $119.28 on Tuesday. The firm has a market capitalization of $26.50 billion, a P/E ratio of 13.05, a P/E/G ratio of 1.73 and a beta of 1.42. The firm’s 50-day moving average price is $116.92 and its 200-day moving average price is $113.25. T. Rowe Price Group, Inc. has a 1-year low of $100.49 and a 1-year high of $125.81.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings results on Friday, November 1st. The asset manager reported $2.57 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.84 billion. During the same quarter in the prior year, the company earned $2.17 earnings per share. The company’s quarterly revenue was up 6.9% on a year-over-year basis. Equities research analysts forecast that T. Rowe Price Group, Inc. will post 9.39 EPS for the current year.

T. Rowe Price Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be paid a dividend of $1.24 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $4.96 dividend on an annualized basis and a yield of 4.16%. T. Rowe Price Group’s dividend payout ratio (DPR) is presently 54.27%.

Analysts Set New Price Targets

Several brokerages recently issued reports on TROW. The Goldman Sachs Group lowered 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. Barclays raised their price objective on T. Rowe Price Group from $110.00 to $115.00 and gave the stock an “underweight” rating in a research report on Monday, December 9th. Deutsche Bank Aktiengesellschaft upped their target price on T. Rowe Price Group from $115.00 to $120.00 and gave the company a “hold” rating in a report on Monday, November 11th. TD Cowen lowered their price target on shares of T. Rowe Price Group from $120.00 to $116.00 and set a “hold” rating for the company in a report on Monday, November 4th. Finally, Evercore ISI upped their price objective on shares of T. Rowe Price Group from $112.00 to $113.00 and gave the company an “in-line” rating in a research note on Thursday, November 7th. Four investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. According to data from MarketBeat, T. Rowe Price Group has a consensus rating of “Hold” and a consensus target price of $117.09.

Insiders Place Their Bets

In other news, VP Andrew Justin Mackenzi Thomson sold 4,047 shares of the business’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $123.35, for a total transaction of $499,197.45. Following the completion of the sale, the vice president now directly owns 119,577 shares of the company’s stock, valued at $14,749,822.95. The trade was a 3.27 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 2.00% of the company’s stock.

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.