Bourne Lent Asset Management Inc. Cuts Position in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Bourne Lent Asset Management Inc. trimmed its position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 44.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 5,067 shares of the asset manager's stock after selling 4,000 shares during the period. Bourne Lent Asset Management Inc.'s holdings in T. Rowe Price Group were worth $466,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Gateway Investment Advisers LLC increased its stake in shares of T. Rowe Price Group by 13.9% during the first quarter. Gateway Investment Advisers LLC now owns 6,686 shares of the asset manager's stock worth $614,000 after buying an additional 815 shares during the period. Davis Capital Management increased its stake in T. Rowe Price Group by 101.5% in the first quarter. Davis Capital Management now owns 2,357 shares of the asset manager's stock valued at $217,000 after purchasing an additional 1,187 shares during the last quarter. Curat Global LLC purchased a new position in T. Rowe Price Group in the first quarter valued at approximately $60,000. Thurston Springer Miller Herd & Titak Inc. increased its stake in T. Rowe Price Group by 21.4% in the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 13,913 shares of the asset manager's stock valued at $1,278,000 after purchasing an additional 2,457 shares during the last quarter. Finally, Columbia Asset Management increased its stake in T. Rowe Price Group by 57.3% in the first quarter. Columbia Asset Management now owns 14,484 shares of the asset manager's stock valued at $1,331,000 after purchasing an additional 5,275 shares during the last quarter. 73.39% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on TROW. Citigroup dropped their price target on shares of 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. TD Cowen dropped their price target on shares of T. Rowe Price Group from $112.00 to $89.00 and set a "hold" rating on the stock in a research note on Wednesday, April 9th. Evercore ISI dropped their price target on shares of 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. Bank of America dropped their price target on shares of T. Rowe Price Group from $90.00 to $85.00 and set an "underperform" rating on the stock in a research note on Thursday, April 3rd. Finally, Barclays increased their price target on shares of T. Rowe Price Group from $85.00 to $90.00 and gave the company an "underweight" rating in a research note on Monday, May 5th. Four investment analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $94.09.

Insider Buying and Selling

In related news, Director Robert F. Maclellan sold 3,955 shares of the stock in a transaction on Monday, March 31st. The stock was sold at an average price of $91.56, for a total transaction of $362,119.80. Following the completion of the sale, the director now directly owns 42,979 shares of the company's stock, valued at $3,935,157.24. This trade represents a 8.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jessica M. Hiebler sold 968 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $96.98, for a total value of $93,876.64. Following the sale, the insider now directly owns 13,611 shares of the company's stock, valued at approximately $1,319,994.78. This represents a 6.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company's stock.

T. Rowe Price Group Trading Up 1.1%

Shares of TROW opened at $94.28 on Friday. The firm has a market cap of $20.77 billion, a PE ratio of 10.29, a price-to-earnings-growth ratio of 2.86 and a beta of 1.49. The company's 50 day simple moving average is $90.71 and its 200-day simple moving average is $103.39. T. Rowe Price Group, Inc. has a 12-month low of $77.85 and a 12-month high of $125.81.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued its quarterly earnings results on Friday, May 2nd. The asset manager reported $2.23 earnings per share for the quarter, topping the consensus estimate of $2.13 by $0.10. T. Rowe Price Group had a return on equity of 20.83% and a net margin of 29.61%. The firm had revenue of $1.76 billion during the quarter, compared to the consensus estimate of $1.80 billion. During the same period last year, the company earned $2.38 earnings per share. The company's revenue for the quarter was up .8% on a year-over-year basis. As a group, equities research analysts forecast that T. Rowe Price Group, Inc. will post 9.29 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 13th will be issued a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a dividend yield of 5.39%. The ex-dividend date is Friday, June 13th. T. Rowe Price Group's dividend payout ratio is presently 57.60%.

T. Rowe Price Group Company 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.

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