Assetmark Inc. Sells 21,188 Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW)

Key Points

• Assetmark Inc. reduced its stake in T. Rowe Price Group by 4.3%, owning approximately $43.23 million worth of shares after selling 21,188 shares in the latest quarter.
• T. Rowe Price Group reported a quarterly EPS of $2.23, surpassing analysts' expectations, although revenue fell short of estimates at $1.76 billion.
• The company's dividend payout ratio stands at 57.60%, with a recent quarterly dividend of $1.27 contributing to an annualized yield of 4.75%.

Assetmark Inc. lowered its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 4.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 470,538 shares of the asset manager's stock after selling 21,188 shares during the period. Assetmark Inc. owned approximately 0.21% of T. Rowe Price Group worth $43,228,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in TROW. Hexagon Capital Partners LLC lifted its position in shares of T. Rowe Price Group by 44.8% during the 1st quarter. Hexagon Capital Partners LLC now owns 365 shares of the asset manager's stock worth $34,000 after purchasing an additional 113 shares during the last quarter. Smallwood Wealth Investment Management LLC acquired a new position in T. Rowe Price Group in the 1st quarter valued at approximately $39,000. Chilton Capital Management LLC acquired a new position in T. Rowe Price Group in the 1st quarter valued at approximately $41,000. Ameriflex Group Inc. acquired a new position in T. Rowe Price Group in the 4th quarter valued at approximately $42,000. Finally, Wayfinding Financial LLC acquired a new position in T. Rowe Price Group in the 1st quarter valued at approximately $43,000. Institutional investors and hedge funds own 73.39% of the company's stock.

Insider Transactions at T. Rowe Price Group

In related news, VP Dorothy C. Sawyer sold 2,000 shares of T. Rowe Price Group stock in a transaction dated Wednesday, June 11th. The stock was 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jessica M. Hiebler sold 968 shares of T. Rowe Price Group stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $96.98, for a total value of $93,876.64. Following the transaction, the insider owned 13,611 shares of the company's stock, valued at $1,319,994.78. The trade was a 6.64% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.60% of the company's stock.

T. Rowe Price Group Stock Up 0.0%

Shares of NASDAQ:TROW traded up $0.02 during midday trading on Wednesday, reaching $104.94. The company had a trading volume of 278,807 shares, compared to its average volume of 1,815,948. The business's 50 day moving average price is $97.86 and its 200 day moving average price is $98.50. The stock has a market cap of $23.12 billion, a PE ratio of 11.90, a P/E/G ratio of 3.12 and a beta of 1.49. T. Rowe Price Group, Inc. has a 1-year low of $77.85 and a 1-year high of $125.81.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last posted its quarterly earnings results on Friday, May 2nd. The asset manager reported $2.23 EPS for the quarter, topping analysts' consensus estimates of $2.13 by $0.10. T. Rowe Price Group had a return on equity of 20.17% and a net margin of 28.38%. The business had revenue of $1.76 billion during the quarter, compared to analysts' expectations of $1.80 billion. During the same quarter last year, the company posted $2.38 earnings per share. T. Rowe Price Group's quarterly revenue was up .8% on a year-over-year basis. On average, research analysts expect that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 13th were issued a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a yield of 4.84%. The ex-dividend date was Friday, June 13th. T. Rowe Price Group's payout ratio is currently 57.60%.

Wall Street Analysts Forecast Growth

TROW has been the subject of several recent research reports. Morgan Stanley upped their price target on T. Rowe Price Group from $95.00 to $104.00 and gave the company an "equal weight" rating in a report on Wednesday, July 2nd. Cowen reiterated a "hold" rating on shares of T. Rowe Price Group in a research note on Monday, May 5th. JPMorgan Chase & Co. upped their price objective on T. Rowe Price Group from $90.00 to $98.00 and gave the company an "underweight" rating in a research note on Wednesday, July 16th. Citigroup lowered their price objective on T. Rowe Price Group from $100.00 to $95.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Finally, Evercore ISI lowered their price objective on T. Rowe Price Group from $104.00 to $80.00 and set an "in-line" rating on the stock in a research note on Friday, April 11th. Four investment analysts have rated the stock with a sell rating and nine have issued a hold rating to the stock. According to MarketBeat.com, T. Rowe Price Group currently has an average rating of "Hold" and a consensus price target of $96.64.

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.