BI Asset Management Fondsmaeglerselskab A S Cuts Holdings in T. Rowe Price Group, Inc. $TROW

Key Points

• BI Asset Management Fondsmaeglerselskab A S cut its T. Rowe Price Group stake by 50.6% in the first quarter, selling 12,974 shares and leaving it with 12,650 shares valued at about $1.14 million.
• Analyst sentiment remains cautious, with 11 Hold ratings and 4 Sell ratings on TROW; MarketBeat shows a consensus rating of “Reduce” and an average price target of $100.08.
• T. Rowe Price reported solid quarterly results and a dividend, beating EPS expectations at $2.52 and posting revenue of $1.86 billion, while also ঘোষণাing a quarterly dividend of $1.30 per share, equal to a 4.9% yield.

BI Asset Management Fondsmaeglerselskab A S decreased its position in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 50.6% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 12,650 shares of the asset manager's stock after selling 12,974 shares during the period. BI Asset Management Fondsmaeglerselskab A S's holdings in T. Rowe Price Group were worth $1,140,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of the business. State Street Corp increased its stake in shares of T. Rowe Price Group by 0.3% during the 4th quarter. State Street Corp now owns 14,159,797 shares of the asset manager's stock worth $1,449,680,000 after purchasing an additional 45,530 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in T. Rowe Price Group by 332.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 8,770,071 shares of the asset manager's stock worth $897,880,000 after acquiring an additional 6,740,172 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in T. Rowe Price Group by 1.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 8,073,846 shares of the asset manager's stock valued at $826,600,000 after acquiring an additional 143,109 shares during the last quarter. Invesco Ltd. grew its holdings in shares of T. Rowe Price Group by 3.9% during the 4th quarter. Invesco Ltd. now owns 3,520,858 shares of the asset manager's stock valued at $360,465,000 after purchasing an additional 131,438 shares during the last quarter. Finally, Morgan Stanley raised its position in T. Rowe Price Group by 16.0% in the 4th quarter. Morgan Stanley now owns 3,443,322 shares of the asset manager's stock worth $352,528,000 after purchasing an additional 476,219 shares during the period. 73.39% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

TROW has been the subject of several recent research reports. Weiss Ratings reissued a "hold (c)" rating on shares of T. Rowe Price Group in a research note on Friday, May 8th. Barclays lifted their price objective on T. Rowe Price Group from $87.00 to $89.00 and gave the stock an "underweight" rating in a report on Friday, May 1st. Evercore increased their target price on T. Rowe Price Group from $106.00 to $111.00 in a report on Monday, June 8th. JPMorgan Chase & Co. reduced their price target on T. Rowe Price Group from $106.00 to $103.00 and set an "underweight" rating on the stock in a research report on Friday, April 24th. Finally, TD Cowen boosted their price objective on T. Rowe Price Group from $93.00 to $94.00 and gave the company a "hold" rating in a research report on Friday, May 1st. Eleven research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Reduce" and a consensus price target of $100.08.

Insider Activity

In other news, VP Stephon A. Jackson sold 3,000 shares of the stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $102.56, for a total transaction of $307,680.00. Following the sale, the vice president owned 83,883 shares in the company, valued at $8,603,040.48. This represents a 3.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 1.60% of the company's stock.

T. Rowe Price Group Trading Down 0.8%

Shares of T. Rowe Price Group stock opened at $105.20 on Thursday. T. Rowe Price Group, Inc. has a 12 month low of $85.22 and a 12 month high of $118.22. The firm has a market capitalization of $22.54 billion, a P/E ratio of 11.28, a P/E/G ratio of 5.45 and a beta of 1.50. The business has a fifty day simple moving average of $103.45 and a two-hundred day simple moving average of $99.88.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last released its earnings results on Thursday, April 30th. The asset manager reported $2.52 earnings per share for the quarter, topping analysts' consensus estimates of $2.37 by $0.15. T. Rowe Price Group had a net margin of 28.28% and a return on equity of 20.60%. The firm had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.85 billion. During the same period in the prior year, the firm earned $2.23 EPS. The company's revenue was up 5.3% compared to the same quarter last year. Analysts predict that T. Rowe Price Group, Inc. will post 9.58 earnings per share for the current year.

T. Rowe Price Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 29th. Stockholders of record on Monday, June 15th will be paid a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 4.9%. The ex-dividend date is Monday, June 15th. T. Rowe Price Group's dividend payout ratio is currently 55.73%.

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.

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