Texas Permanent School Fund Corp Trims Stake in T. Rowe Price Group, Inc. $TROW

Texas Permanent School Fund Corp lowered its position in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 35.3% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 15,371 shares of the asset manager’s stock after selling 8,389 shares during the period. Texas Permanent School Fund Corp’s holdings in T. Rowe Price Group were worth $1,483,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. TD Waterhouse Canada Inc. grew its stake in T. Rowe Price Group by 66.7% in the second quarter. TD Waterhouse Canada Inc. now owns 250 shares of the asset manager’s stock worth $25,000 after purchasing an additional 100 shares during the period. Vermillion & White Wealth Management Group LLC boosted its holdings in shares of T. Rowe Price Group by 120.0% during the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 319 shares of the asset manager’s stock valued at $31,000 after buying an additional 174 shares in the last quarter. Atlantic Union Bankshares Corp purchased a new stake in shares of T. Rowe Price Group in the 2nd quarter worth about $35,000. Curio Wealth LLC increased its stake in shares of T. Rowe Price Group by 20,700.0% in the 2nd quarter. Curio Wealth LLC now owns 416 shares of the asset manager’s stock worth $40,000 after acquiring an additional 414 shares in the last quarter. Finally, Cromwell Holdings LLC lifted its position in T. Rowe Price Group by 3,483.3% during the 2nd quarter. Cromwell Holdings LLC now owns 430 shares of the asset manager’s stock valued at $41,000 after acquiring an additional 418 shares during the period. 73.39% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

TROW has been the topic of a number of recent research reports. Morgan Stanley upped their price objective on shares of T. Rowe Price Group from $126.00 to $128.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 17th. Jefferies Financial Group raised their price objective on T. Rowe Price Group from $104.00 to $106.00 and gave the company a “hold” rating in a research report on Tuesday, October 7th. Barclays lifted their price objective on T. Rowe Price Group from $101.00 to $102.00 and gave the company an “underweight” rating in a research note on Friday, December 12th. JPMorgan Chase & Co. increased their target price on T. Rowe Price Group from $109.00 to $111.00 and gave the stock an “underweight” rating in a research note on Monday, November 3rd. Finally, Zacks Research lowered T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 9th. Twelve investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Reduce” and a consensus target price of $108.31.

T. Rowe Price Group Trading Down 0.7%

Shares of TROW opened at $104.03 on Wednesday. The company has a market cap of $22.70 billion, a price-to-earnings ratio of 11.33, a P/E/G ratio of 2.83 and a beta of 1.53. The business’s fifty day simple moving average is $102.89 and its two-hundred day simple moving average is $103.02. T. Rowe Price Group, Inc. has a 12 month low of $77.85 and a 12 month high of $118.32.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings results on Friday, October 31st. The asset manager reported $2.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.55 by $0.26. T. Rowe Price Group had a return on equity of 19.95% and a net margin of 28.89%.The firm had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.88 billion. During the same period in the prior year, the company posted $2.57 earnings per share. The company’s quarterly revenue was up 6.0% on a year-over-year basis. As a group, research analysts forecast that T. Rowe Price Group, Inc. will post 9.29 EPS for the current year.

T. Rowe Price Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 30th. Shareholders of record on Monday, December 15th will be paid a dividend of $1.27 per share. The ex-dividend date is Monday, December 15th. This represents a $5.08 annualized dividend and a yield of 4.9%. T. Rowe Price Group’s dividend payout ratio is currently 55.34%.

Insider Activity

In other news, VP Arif Husain sold 4,260 shares of T. Rowe Price Group stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $101.96, for a total value of $434,349.60. Following the completion of the sale, the vice president directly owned 47,102 shares in the company, valued at $4,802,519.92. The trade was a 8.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.60% of the stock is currently owned by insiders.

T. Rowe Price Group Profile

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland, founded by Thomas Rowe Price Jr. in 1937. The company provides a broad range of investment products and services for individual investors, financial intermediaries, retirement plan sponsors and institutional clients. Its offerings are built around active investment management and in-house research across equity, fixed income and multi-asset strategies, reflecting a long history as a research-driven asset manager.

The firm’s product lineup includes mutual funds, separate accounts, collective investment trusts, target-date and target-risk funds, and managed account solutions, as well as services for defined contribution and defined benefit retirement plans.