Cullen Frost Bankers Inc. Sells 17,130 Shares of T. Rowe Price Group, Inc. $TROW

Key Points

• Cullen Frost Bankers Inc. cut its T. Rowe Price Group stake by 91.9% in the fourth quarter, selling 17,130 shares and leaving it with 1,503 shares worth about $154,000.
• Insider selling and mixed analyst views continued to pressure sentiment: VP Stephon A. Jackson sold 3,000 shares, while analysts were split with mostly Hold/Underweight ratings and an average target price of $99.54.
• T. Rowe Price reported solid quarterly results, beating EPS and revenue expectations, and it also announced a $1.30 quarterly dividend that implies a 5.0% annualized yield.

Cullen Frost Bankers Inc. lessened its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 91.9% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,503 shares of the asset manager's stock after selling 17,130 shares during the quarter. Cullen Frost Bankers Inc.'s holdings in T. Rowe Price Group were worth $154,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently bought and sold shares of the business. Woodline Partners LP grew its holdings in T. Rowe Price Group by 41.0% during the first quarter. Woodline Partners LP now owns 18,809 shares of the asset manager's stock worth $1,728,000 after acquiring an additional 5,467 shares during the period. Focus Partners Wealth grew its holdings in T. Rowe Price Group by 10.6% during the first quarter. Focus Partners Wealth now owns 13,054 shares of the asset manager's stock worth $1,199,000 after acquiring an additional 1,250 shares during the period. EverSource Wealth Advisors LLC grew its holdings in T. Rowe Price Group by 44.8% during the second quarter. EverSource Wealth Advisors LLC now owns 1,546 shares of the asset manager's stock worth $149,000 after acquiring an additional 478 shares during the period. Jump Financial LLC acquired a new stake in T. Rowe Price Group during the second quarter worth about $931,000. Finally, Daiwa Securities Group Inc. grew its holdings in T. Rowe Price Group by 5.4% during the second quarter. Daiwa Securities Group Inc. now owns 33,245 shares of the asset manager's stock worth $3,208,000 after acquiring an additional 1,703 shares during the period. Institutional investors own 73.39% of the company's stock.

Insider Buying and Selling

In other news, VP Stephon A. Jackson sold 3,000 shares of the company's stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $102.56, for a total value of $307,680.00. Following the transaction, the vice president owned 83,883 shares of the company's stock, valued at $8,603,040.48. This represents a 3.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.60% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. 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 report on Wednesday, April 8th. JPMorgan Chase & Co. dropped their target price on T. Rowe Price Group from $106.00 to $103.00 and set an "underweight" rating on the stock in a report on Friday, April 24th. BMO Capital Markets raised their target price on T. Rowe Price Group from $98.00 to $110.00 and gave the stock a "market perform" rating in a report on Monday, May 4th. The Goldman Sachs Group raised their target price on T. Rowe Price Group from $85.00 to $90.00 in a report on Friday, May 1st. Finally, Barclays raised their price objective on T. Rowe Price Group from $87.00 to $89.00 and gave the company an "underweight" rating in a report on Friday, May 1st. Eleven analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Reduce" and an average target price of $99.54.

T. Rowe Price Group Trading Up 1.4%

Shares of TROW opened at $103.39 on Friday. 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 50-day moving average price of $95.75 and a 200 day moving average price of $99.18. The firm has a market capitalization of $22.15 billion, a P/E ratio of 11.08, a P/E/G ratio of 4.51 and a beta of 1.51.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The asset manager reported $2.52 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analyst estimates of $1.85 billion. During the same quarter in the prior year, the firm posted $2.23 earnings per share. T. Rowe Price Group's quarterly revenue was up 5.3% on a year-over-year basis. Equities research analysts predict that T. Rowe Price Group, Inc. will post 9.63 earnings per share for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 29th. Investors of record on Monday, June 15th will be issued a $1.30 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 5.0%. 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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