M&T Bank Corp Cuts Position in T. Rowe Price Group, Inc. $TROW

M&T Bank Corp cut its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 7.1% during the fourth quarter, HoldingsChannel reports. The fund owned 104,076 shares of the asset manager’s stock after selling 8,002 shares during the quarter. M&T Bank Corp’s holdings in T. Rowe Price Group were worth $10,655,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in TROW. Woodline Partners LP increased its holdings in shares of T. Rowe Price Group by 41.0% in the 1st quarter. Woodline Partners LP now owns 18,809 shares of the asset manager’s stock valued at $1,728,000 after acquiring an additional 5,467 shares during the period. Focus Partners Wealth increased its holdings in shares of T. Rowe Price Group by 10.6% in the 1st quarter. Focus Partners Wealth now owns 13,054 shares of the asset manager’s stock valued at $1,199,000 after acquiring an additional 1,250 shares during the period. EverSource Wealth Advisors LLC increased its holdings in shares of T. Rowe Price Group by 44.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,546 shares of the asset manager’s stock valued at $149,000 after acquiring an additional 478 shares during the period. Jump Financial LLC purchased a new position in shares of T. Rowe Price Group in the 2nd quarter valued at $931,000. Finally, Daiwa Securities Group Inc. increased its holdings in shares of T. Rowe Price Group by 5.4% in the 2nd quarter. Daiwa Securities Group Inc. now owns 33,245 shares of the asset manager’s stock valued at $3,208,000 after acquiring an additional 1,703 shares during the period. 73.39% of the stock is currently owned by hedge funds and other institutional investors.

T. Rowe Price Group Price Performance

Shares of TROW stock opened at $99.06 on Friday. T. Rowe Price Group, Inc. has a 1-year low of $85.22 and a 1-year high of $118.22. The stock’s fifty day moving average price is $92.30 and its 200 day moving average price is $99.38. The company has a market cap of $21.56 billion, a price-to-earnings ratio of 10.71, a price-to-earnings-growth ratio of 4.31 and a beta of 1.50.

T. Rowe Price Group (NASDAQ:TROW) last announced its earnings results on Wednesday, February 4th. The asset manager reported $2.44 earnings per share for the quarter, missing the consensus estimate of $2.47 by ($0.03). T. Rowe Price Group had a return on equity of 20.29% and a net margin of 28.53%.The business had revenue of $1.93 billion for the quarter, compared to analysts’ expectations of $1.92 billion. During the same quarter last year, the firm earned $2.12 earnings per share. The firm’s quarterly revenue was up 6.0% compared to the same quarter last year. As a group, equities research analysts anticipate that T. Rowe Price Group, Inc. will post 9.69 earnings per share for the current year.

T. Rowe Price Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 30th. Shareholders of record on Monday, March 16th were given a dividend of $1.30 per share. The ex-dividend date of this dividend was Monday, March 16th. This represents a $5.20 dividend on an annualized basis and a yield of 5.2%. This is an increase from T. Rowe Price Group’s previous quarterly dividend of $1.27. T. Rowe Price Group’s payout ratio is presently 56.22%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on TROW shares. BMO Capital Markets cut their price target on T. Rowe Price Group from $104.00 to $98.00 and set a “market perform” rating on the stock in a report on Friday, April 10th. Jefferies Financial Group dropped their target price on T. Rowe Price Group from $107.00 to $91.00 and set a “hold” rating on the stock in a research note on Wednesday, April 8th. Barclays dropped their target price on T. Rowe Price Group from $94.00 to $87.00 and set an “underweight” rating on the stock in a research note on Friday, April 17th. Weiss Ratings restated a “hold (c+)” rating on shares of T. Rowe Price Group in a research note on Monday, December 29th. Finally, Morgan Stanley dropped their target price on T. Rowe Price Group from $115.00 to $107.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 1st. Ten equities research analysts have rated the stock with a Hold rating and five have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus target price of $96.62.

About T. Rowe Price Group

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.