Carnegie Investment Counsel Sells 3,115 Shares of T. Rowe Price Group, Inc. $TROW

Carnegie Investment Counsel cut its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 15.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 16,909 shares of the asset manager’s stock after selling 3,115 shares during the period. Carnegie Investment Counsel’s holdings in T. Rowe Price Group were worth $1,632,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of T. Rowe Price Group by 0.9% during the first quarter. Vanguard Group Inc. now owns 26,286,393 shares of the asset manager’s stock valued at $2,414,931,000 after acquiring an additional 222,556 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of T. Rowe Price Group by 7.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 7,706,251 shares of the asset manager’s stock valued at $707,973,000 after acquiring an additional 519,075 shares during the last quarter. Invesco Ltd. raised its stake in shares of T. Rowe Price Group by 43.2% during the first quarter. Invesco Ltd. now owns 3,433,684 shares of the asset manager’s stock valued at $315,453,000 after acquiring an additional 1,035,865 shares during the last quarter. American Century Companies Inc. raised its stake in shares of T. Rowe Price Group by 4.9% during the first quarter. American Century Companies Inc. now owns 2,955,703 shares of the asset manager’s stock valued at $271,541,000 after acquiring an additional 138,515 shares during the last quarter. Finally, Northern Trust Corp raised its stake in shares of T. Rowe Price Group by 3.6% during the first quarter. Northern Trust Corp now owns 2,374,063 shares of the asset manager’s stock valued at $218,105,000 after acquiring an additional 83,324 shares during the last quarter. 73.39% of the stock is owned by institutional investors.

Analyst Ratings Changes

TROW has been the subject of several recent analyst reports. Jefferies Financial Group upped their price objective on shares of T. Rowe Price Group from $104.00 to $106.00 and gave the company a “hold” rating in a research note on Tuesday, October 7th. Morgan Stanley upped their price objective on shares of T. Rowe Price Group from $116.00 to $125.00 and gave the company a “positive” rating in a research note on Monday, October 6th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of T. Rowe Price Group in a research note on Friday. Barclays boosted their price target on shares of T. Rowe Price Group from $95.00 to $103.00 and gave the company an “underweight” rating in a research report on Tuesday. Finally, Bank of America boosted their price target on shares of T. Rowe Price Group from $91.00 to $97.00 and gave the company an “underperform” rating in a research report on Thursday, October 2nd. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, ten have assigned a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $107.54.

T. Rowe Price Group Stock Performance

Shares of TROW opened at $103.55 on Friday. The stock has a market cap of $22.75 billion, a PE ratio of 11.57, a price-to-earnings-growth ratio of 5.68 and a beta of 1.50. T. Rowe Price Group, Inc. has a fifty-two week low of $77.85 and a fifty-two week high of $125.81. The firm’s 50-day simple moving average is $105.34 and its two-hundred day simple moving average is $99.61.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings data on Friday, August 1st. The asset manager reported $2.24 earnings per share for the quarter, topping analysts’ consensus estimates of $2.15 by $0.09. The business had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.72 billion. T. Rowe Price Group had a net margin of 28.72% and a return on equity of 19.77%. The business’s revenue was down .6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.26 earnings per share. Equities research analysts predict that T. Rowe Price Group, Inc. will post 9.29 EPS for the current year.

T. Rowe Price Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Monday, September 15th were issued a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date was Monday, September 15th. T. Rowe Price Group’s dividend payout ratio is 56.76%.

Insiders Place Their Bets

In other T. Rowe Price Group news, Director Robert F. Maclellan sold 3,090 shares of the company’s stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $105.01, for a total value of $324,480.90. Following the sale, the director owned 47,335 shares in the company, valued at approximately $4,970,648.35. This represents a 6.13% 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. Company 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.