Fisher Asset Management LLC Has $164.40 Million Stock Holdings in T. Rowe Price Group, Inc. $TROW

Key Points

• Fisher Asset Management reduced its T. Rowe Price Group stake by 2.6% in the fourth quarter, but still held 1,605,819 shares valued at about $164.4 million.
• T. Rowe Price beat earnings and revenue expectations in its latest quarter, reporting EPS of $2.52 versus $2.37 expected and revenue of $1.86 billion, up 5.3% year over year.
• The company declared a quarterly dividend of $1.30 per share, equal to an annualized yield of about 5.0%, while analysts currently have an overall Reduce rating and average price target of $99.54.

Fisher Asset Management LLC trimmed its position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 2.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,605,819 shares of the asset manager's stock after selling 43,384 shares during the quarter. Fisher Asset Management LLC owned approximately 0.74% of T. Rowe Price Group worth $164,404,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. Essex Bank boosted its stake in shares of T. Rowe Price Group by 3.6% during the third quarter. Essex Bank now owns 2,914 shares of the asset manager's stock valued at $299,000 after purchasing an additional 100 shares in the last quarter. PFG Investments LLC lifted its stake in shares of T. Rowe Price Group by 4.8% in the third quarter. PFG Investments LLC now owns 2,249 shares of the asset manager's stock worth $231,000 after acquiring an additional 102 shares during the period. GenTrust LLC lifted its stake in shares of T. Rowe Price Group by 5.5% in the fourth quarter. GenTrust LLC now owns 2,114 shares of the asset manager's stock worth $216,000 after acquiring an additional 110 shares during the period. Fiduciary Trust Co lifted its stake in shares of T. Rowe Price Group by 4.5% in the third quarter. Fiduciary Trust Co now owns 2,579 shares of the asset manager's stock worth $265,000 after acquiring an additional 111 shares during the period. Finally, 1834 Investment Advisors Co. lifted its stake in shares of T. Rowe Price Group by 0.3% in the fourth quarter. 1834 Investment Advisors Co. now owns 37,490 shares of the asset manager's stock worth $3,838,000 after acquiring an additional 115 shares during the period. 73.39% of the stock is owned by institutional investors and hedge funds.

T. Rowe Price Group Stock Performance

Shares of TROW opened at $103.39 on Tuesday. T. Rowe Price Group, Inc. has a 52-week low of $85.22 and a 52-week high of $118.22. The business's 50 day moving average price is $96.06 and its two-hundred day moving average price is $99.18. The firm has a market cap of $22.15 billion, a PE ratio of 11.08, a price-to-earnings-growth ratio of 4.51 and a beta of 1.51.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The asset manager reported $2.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.37 by $0.15. T. Rowe Price Group had a return on equity of 20.60% and a net margin of 28.28%.The firm had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.85 billion. During the same period in the previous year, the firm earned $2.23 earnings per share. The company's revenue was up 5.3% compared to the same quarter last year. Research analysts predict that T. Rowe Price Group, Inc. will post 9.63 EPS for the current fiscal 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 given a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a dividend yield of 5.0%. The ex-dividend date of this dividend is Monday, June 15th. T. Rowe Price Group's dividend payout ratio is presently 55.73%.

Insider Buying and Selling at T. Rowe Price Group

In other news, VP Stephon A. Jackson sold 3,000 shares of the company's stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $102.56, for a total transaction of $307,680.00. Following the transaction, the vice president directly owned 83,883 shares of the company's stock, valued at $8,603,040.48. This represents a 3.45% 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. 1.60% of the stock is owned by insiders.

Analysts Set New Price Targets

TROW has been the topic of a number of recent analyst reports. Evercore cut their price objective on T. Rowe Price Group from $106.00 to $104.00 in a research note on Monday, May 11th. JPMorgan Chase & Co. cut their price objective on T. Rowe Price Group from $106.00 to $103.00 and set an "underweight" rating on the stock in a research note on Friday, April 24th. TD Cowen lifted their price objective on T. Rowe Price Group from $93.00 to $94.00 and gave the stock a "hold" rating in a research note on Friday, May 1st. Keefe, Bruyette & Woods lifted their price objective on T. Rowe Price Group from $95.00 to $107.00 and gave the stock a "market perform" rating in a research note on Friday, May 1st. Finally, Argus raised T. Rowe Price Group to a "hold" rating in a research note on Thursday, February 5th. Eleven investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Reduce" and an average price target of $99.54.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.