T. Rowe Price Group, Inc. $TROW Shares Sold by Gabelli Funds LLC

Key Points

• Gabelli Funds LLC reduced its stake in T. Rowe Price Group by 4.3%, selling 9,200 shares and ending with a total of 202,850 shares, valued at approximately $18.6 million.
• T. Rowe Price Group recently announced a quarterly dividend of $1.27 per share, representing an annualized yield of 4.7% with a payout ratio of 56.76%.
• Analysts have adjusted their price targets for T. Rowe Price Group, with targets ranging from $95.00 to $116.00, reflecting a generally cautious outlook on the stock.

Gabelli Funds LLC trimmed its position in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 4.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 202,850 shares of the asset manager's stock after selling 9,200 shares during the quarter. Gabelli Funds LLC owned 0.09% of T. Rowe Price Group worth $18,636,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in TROW. Zions Bancorporation National Association UT purchased a new stake in T. Rowe Price Group in the first quarter worth about $27,000. Hexagon Capital Partners LLC raised its holdings in shares of T. Rowe Price Group by 44.8% in the 1st quarter. Hexagon Capital Partners LLC now owns 365 shares of the asset manager's stock valued at $34,000 after purchasing an additional 113 shares in the last quarter. Smallwood Wealth Investment Management LLC purchased a new stake in shares of T. Rowe Price Group in the 1st quarter worth approximately $39,000. Chilton Capital Management LLC purchased a new stake in shares of T. Rowe Price Group in the 1st quarter worth approximately $41,000. Finally, Ameriflex Group Inc. bought a new position in shares of T. Rowe Price Group during the fourth quarter valued at approximately $42,000. Hedge funds and other institutional investors own 73.39% of the company's stock.

T. Rowe Price Group Stock Down 0.6%

Shares of TROW traded down $0.66 during mid-day trading on Friday, hitting $107.62. 1,171,833 shares of the company traded hands, compared to its average volume of 1,285,725. The company has a market capitalization of $23.65 billion, a PE ratio of 12.02, a price-to-earnings-growth ratio of 2.83 and a beta of 1.47. The business has a 50 day moving average of $103.70 and a 200 day moving average of $97.54. T. Rowe Price Group, Inc. has a 1-year low of $77.85 and a 1-year high of $125.81.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last released its earnings results on Friday, August 1st. The asset manager reported $2.24 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.09. T. Rowe Price Group had a net margin of 28.72% and a return on equity of 19.77%. The company had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.72 billion. During the same quarter in the previous year, the firm earned $2.26 EPS. T. Rowe Price Group's revenue was down .6% compared to the same quarter last year. As a group, research analysts expect 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 disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be issued a dividend of $1.27 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 4.7%. T. Rowe Price Group's payout ratio is 56.76%.

Analyst Upgrades and Downgrades

TROW has been the subject of a number of recent research reports. Barclays reissued an "underweight" rating and issued a $95.00 price objective (up previously from $91.00) on shares of T. Rowe Price Group in a research note on Monday, August 4th. Cowen reissued a "hold" rating on shares of T. Rowe Price Group in a research report on Monday, May 5th. Morgan Stanley upped their price objective on T. Rowe Price Group from $112.00 to $116.00 and gave the stock an "equal weight" rating in a research note on Monday, August 4th. JPMorgan Chase & Co. raised 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. Finally, Evercore ISI boosted their target price on shares of T. Rowe Price Group from $106.00 to $110.00 and gave the stock an "in-line" rating in a report on Monday, August 4th. Eight investment analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company's stock. According to MarketBeat, T. Rowe Price Group presently has a consensus rating of "Reduce" and a consensus price target of $101.09.

Insider Activity

In related news, VP Dorothy C. Sawyer sold 2,000 shares of the firm's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $95.43, for a total value of $190,860.00. Following the completion of the transaction, the vice president owned 44,789 shares in the company, valued at $4,274,214.27. This trade represents a 4.27% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.00% of the stock is currently owned by insiders.

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.