Adage Capital Partners GP L.L.C. Has $10.10 Million Holdings in T. Rowe Price Group, Inc. $TROW

Key Points

• Adage Capital Partners GP L.L.C. has reduced its stake in T. Rowe Price Group by 26.1%, owning 109,924 shares after selling 38,916 shares in Q1, with holdings valued at $10,099,000.
• Several analysts have upgraded their price targets for T. Rowe Price Group, with Evercore ISI and Morgan Stanley both raising targets to $115.00 and $116.00, respectively, while the average consensus target price is $101.55.
• T. Rowe Price Group reported earnings of $2.24 per share, exceeding estimates by $0.09, but experienced a 0.6% decline in year-over-year quarterly revenue.

Adage Capital Partners GP L.L.C. reduced its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 26.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 109,924 shares of the asset manager's stock after selling 38,916 shares during the quarter. Adage Capital Partners GP L.L.C.'s holdings in T. Rowe Price Group were worth $10,099,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of TROW. Promethium Advisors LLC lifted its position in shares of T. Rowe Price Group by 45.2% in the first quarter. Promethium Advisors LLC now owns 46,460 shares of the asset manager's stock worth $4,268,000 after purchasing an additional 14,473 shares in the last quarter. Federation des caisses Desjardins du Quebec increased its stake in T. Rowe Price Group by 6.5% in the 1st quarter. Federation des caisses Desjardins du Quebec now owns 28,232 shares of the asset manager's stock valued at $2,594,000 after buying an additional 1,734 shares during the last quarter. EP Wealth Advisors LLC grew its holdings in shares of T. Rowe Price Group by 4.5% in the 1st quarter. EP Wealth Advisors LLC now owns 9,290 shares of the asset manager's stock valued at $853,000 after acquiring an additional 401 shares in the last quarter. Retirement Planning Co of New England Inc. increased its position in shares of T. Rowe Price Group by 32.5% in the first quarter. Retirement Planning Co of New England Inc. now owns 5,058 shares of the asset manager's stock valued at $465,000 after acquiring an additional 1,241 shares during the last quarter. Finally, Vident Advisory LLC increased its position in shares of T. Rowe Price Group by 24.6% in the first quarter. Vident Advisory LLC now owns 8,335 shares of the asset manager's stock valued at $766,000 after acquiring an additional 1,644 shares during the last quarter. Institutional investors own 73.39% of the company's stock.

Insider Activity

In other T. Rowe Price Group news, VP Dorothy C. Sawyer sold 2,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $95.43, for a total transaction of $190,860.00. Following the completion of the transaction, the vice president owned 44,789 shares in the company, valued at approximately $4,274,214.27. This trade represents a 4.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.60% of the stock is owned by company insiders.

T. Rowe Price Group Trading Down 0.9%

NASDAQ:TROW traded down $1.02 on Tuesday, hitting $107.15. The company had a trading volume of 1,344,135 shares, compared to its average volume of 1,347,287. The firm has a 50 day moving average of $105.34 and a two-hundred day moving average of $97.48. The stock has a market capitalization of $23.54 billion, a price-to-earnings ratio of 11.97, a PEG ratio of 2.82 and a beta of 1.51. T. Rowe Price Group, Inc. has a 52 week low of $77.85 and a 52 week high of $125.81.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last posted its earnings results on Friday, August 1st. The asset manager reported $2.24 EPS for the quarter, beating the consensus estimate of $2.15 by $0.09. T. Rowe Price Group had a return on equity of 19.77% and a net margin of 28.72%.The firm had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.72 billion. During the same period last year, the company earned $2.26 earnings per share. The business's quarterly revenue was down .6% on a year-over-year basis. As a group, equities analysts forecast that T. Rowe Price Group, Inc. will post 9.29 EPS for the current year.

T. Rowe Price Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be paid a $1.27 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $5.08 annualized dividend and a dividend yield of 4.7%. T. Rowe Price Group's dividend payout ratio is presently 56.76%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on TROW. Wells Fargo & Company upped their price target on shares of T. Rowe Price Group from $98.00 to $108.00 and gave the stock an "equal weight" rating in a research report on Friday, July 11th. Barclays reiterated an "underweight" rating and issued a $95.00 target price (up from $91.00) on shares of T. Rowe Price Group in a research note on Monday, August 4th. Morgan Stanley upped their price target on shares of T. Rowe Price Group from $112.00 to $116.00 and gave the company an "equal weight" rating in a research note on Monday, August 4th. Keefe, Bruyette & Woods raised their price objective on shares of T. Rowe Price Group from $110.00 to $112.00 and gave the stock a "market perform" rating in a research report on Monday, August 4th. Finally, Evercore ISI reaffirmed a "positive" rating on shares of T. Rowe Price Group in a research report on Friday. One equities research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Reduce" and an average price target of $101.55.

About T. Rowe Price Group

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.