T. Rowe Price Group, Inc. $TROW Stake Lowered by Rhumbline Advisers

Rhumbline Advisers trimmed its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 2.8% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 457,012 shares of the asset manager’s stock after selling 13,055 shares during the quarter. Rhumbline Advisers’ holdings in T. Rowe Price Group were worth $46,908,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the company. First Trust Advisors LP increased its stake in shares of T. Rowe Price Group by 137.7% in the second quarter. First Trust Advisors LP now owns 3,441,458 shares of the asset manager’s stock valued at $332,101,000 after purchasing an additional 1,993,920 shares during the period. Norges Bank bought a new position in T. Rowe Price Group in the 2nd quarter worth approximately $82,756,000. ARGA Investment Management LP increased its position in T. Rowe Price Group by 3,807.3% in the 2nd quarter. ARGA Investment Management LP now owns 477,161 shares of the asset manager’s stock valued at $46,046,000 after acquiring an additional 464,949 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in T. Rowe Price Group during the 2nd quarter worth $37,722,000. Finally, ProShare Advisors LLC grew its stake in shares of T. Rowe Price Group by 21.7% in the second quarter. ProShare Advisors LLC now owns 1,887,935 shares of the asset manager’s stock worth $182,186,000 after purchasing an additional 337,112 shares in the last quarter. Institutional investors own 73.39% of the company’s stock.

T. Rowe Price Group Stock Up 0.6%

TROW opened at $93.76 on Friday. The firm has a market capitalization of $20.46 billion, a P/E ratio of 10.14, a PEG ratio of 4.81 and a beta of 1.53. The stock has a fifty day moving average of $103.40 and a 200-day moving average of $104.03. T. Rowe Price Group, Inc. has a 12-month low of $77.85 and a 12-month high of $118.22.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings results on Wednesday, February 4th. The asset manager reported $2.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.47 by ($0.03). T. Rowe Price Group had a return on equity of 20.36% and a net margin of 28.53%.The company had revenue of $1.93 billion during the quarter, compared to analysts’ expectations of $1.92 billion. During the same period last year, the company earned $2.12 earnings per share. T. Rowe Price Group’s revenue for the quarter was up 6.0% compared to the same quarter last year. On average, analysts expect that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current fiscal year.

T. Rowe Price Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 30th. Shareholders of record on Monday, March 16th will be given a dividend of $1.30 per share. The ex-dividend date of this dividend is Monday, March 16th. This is a positive change from T. Rowe Price Group’s previous quarterly dividend of $1.27. This represents a $5.20 annualized dividend and a yield of 5.5%. T. Rowe Price Group’s dividend payout ratio (DPR) is currently 54.92%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on TROW. Keefe, Bruyette & Woods reduced their price target on shares of T. Rowe Price Group from $115.00 to $110.00 and set a “market perform” rating for the company in a research note on Thursday, February 5th. JPMorgan Chase & Co. dropped their target price on T. Rowe Price Group from $108.00 to $106.00 and set an “underweight” rating on the stock in a report on Thursday, February 5th. Evercore ISI decreased their price target on T. Rowe Price Group from $116.00 to $106.00 in a research note on Thursday, February 5th. Citigroup lifted their price target on T. Rowe Price Group from $105.00 to $107.00 in a research report on Monday, November 3rd. Finally, Morgan Stanley cut their price objective on T. Rowe Price Group from $123.00 to $115.00 and set an “equal weight” rating for the company in a report on Tuesday. Twelve investment analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus target price of $102.50.

Insider Buying and Selling

In other news, VP Arif Husain sold 4,260 shares of the company’s stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $101.96, for a total transaction of $434,349.60. Following the completion of the sale, the vice president owned 47,102 shares in the company, valued at approximately $4,802,519.92. This represents a 8.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.00% of the stock is owned by insiders.

T. Rowe Price Group Company 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.