Fifth Third Bancorp Cuts Stock Holdings in T. Rowe Price Group, Inc. $TROW

Key Points

• Fifth Third Bancorp reduced its stake in T. Rowe Price Group by 10.9% in Q2, selling 2,724 shares and leaving them with 22,222 shares valued at approximately $2.14 million.
• Analysts have mixed sentiments on T. Rowe Price Group, with Wells Fargo and JPMorgan adjusting price targets to $108.00 and $102.00 respectively, indicating varying degrees of **cautious optimism** about the stock.
• T. Rowe Price Group announced a quarterly dividend of $1.27 per share, resulting in an annualized yield of 4.9%, with a payout ratio of 56.76%.

Fifth Third Bancorp decreased its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 10.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,222 shares of the asset manager's stock after selling 2,724 shares during the quarter. Fifth Third Bancorp's holdings in T. Rowe Price Group were worth $2,144,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of TROW. Invesco Ltd. grew its holdings in shares of T. Rowe Price Group by 43.2% during the first quarter. Invesco Ltd. now owns 3,433,684 shares of the asset manager's stock worth $315,453,000 after purchasing an additional 1,035,865 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in T. Rowe Price Group by 7.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 7,706,251 shares of the asset manager's stock worth $707,973,000 after buying an additional 519,075 shares during the last quarter. GAMMA Investing LLC lifted its position in T. Rowe Price Group by 9,555.5% in the 1st quarter. GAMMA Investing LLC now owns 333,212 shares of the asset manager's stock worth $30,612,000 after buying an additional 329,761 shares during the last quarter. Vanguard Group Inc. lifted its position in T. Rowe Price Group by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 26,286,393 shares of the asset manager's stock worth $2,414,931,000 after buying an additional 222,556 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in T. Rowe Price Group by 505.5% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 172,709 shares of the asset manager's stock worth $15,867,000 after buying an additional 144,187 shares during the last quarter. Hedge funds and other institutional investors own 73.39% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Wells Fargo & Company boosted their target price on 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. Zacks Research downgraded T. Rowe Price Group from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 8th. JPMorgan Chase & Co. boosted their price objective on T. Rowe Price Group from $98.00 to $102.00 and gave the company an "underweight" rating in a research report on Monday, August 4th. Evercore ISI reiterated a "positive" rating on shares of T. Rowe Price Group in a research report on Friday, September 5th. Finally, Morgan Stanley boosted their price objective on T. Rowe Price Group from $112.00 to $116.00 and gave the company an "equal weight" rating in a research report on Monday, August 4th. One research analyst has rated the stock with a Buy rating, eight have given a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Reduce" and an average target price of $101.55.

T. Rowe Price Group Stock Performance

TROW opened at $103.47 on Friday. T. Rowe Price Group, Inc. has a 52-week low of $77.85 and a 52-week high of $125.81. The stock has a market capitalization of $22.73 billion, a PE ratio of 11.56, a price-to-earnings-growth ratio of 2.68 and a beta of 1.51. The stock's 50 day moving average price is $106.13 and its 200-day moving average price is $97.78.

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

T. Rowe Price Group Announces Dividend

The business also recently announced 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. This represents a $5.08 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date of this dividend is Monday, September 15th. T. Rowe Price Group's dividend payout ratio is currently 56.76%.

Insider Activity at T. Rowe Price Group

In other news, Director Robert F. Maclellan sold 3,090 shares of the stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $105.01, for a total value of $324,480.90. Following the sale, the director directly owned 47,335 shares of the company's stock, valued at approximately $4,970,648.35. This represents a 6.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 2.00% of the company's stock.

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.

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