Goelzer Investment Management Inc. Sells 11,385 Shares of T. Rowe Price Group, Inc. $TROW

Key Points

• Goelzer Investment Management Inc. reduced its stake in T. Rowe Price Group by 17.2%, selling 11,385 shares during the second quarter.
• T. Rowe Price Group reported a quarterly EPS of $2.24, beating expectations, but its revenue declined by 0.6% compared to the previous year.
• The company announced a quarterly dividend of $1.27 per share, with a dividend yield of 4.9% and a payout ratio of 56.76%.

Goelzer Investment Management Inc. reduced its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 17.2% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 54,891 shares of the asset manager's stock after selling 11,385 shares during the quarter. Goelzer Investment Management Inc.'s holdings in T. Rowe Price Group were worth $5,297,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Zions Bancorporation National Association UT acquired a new stake in T. Rowe Price Group in the first quarter valued at about $27,000. Ameriflex Group Inc. acquired a new stake in T. Rowe Price Group in the fourth quarter valued at about $42,000. Hexagon Capital Partners LLC raised its position in T. Rowe Price Group by 44.8% in the first 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 during the last quarter. Smallwood Wealth Investment Management LLC bought a new position in T. Rowe Price Group in the first quarter valued at about $39,000. Finally, Chilton Capital Management LLC bought a new position in T. Rowe Price Group in the first quarter valued at about $41,000. 73.39% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have commented on TROW shares. Keefe, Bruyette & Woods increased their target price on T. Rowe Price Group from $110.00 to $112.00 and gave the company a "market perform" rating in a research report 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 stock an "underweight" rating in a research report on Monday, August 4th. Barclays restated an "underweight" rating and set a $95.00 price objective (up from $91.00) on shares of T. Rowe Price Group in a research report on Monday, August 4th. Evercore ISI restated a "positive" rating on shares of T. Rowe Price Group in a research report on Friday, September 5th. Finally, Morgan Stanley raised 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 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 MarketBeat, the company has an average rating of "Reduce" and an average target price of $101.55.

T. Rowe Price Group Trading Up 0.2%

Shares of NASDAQ:TROW traded up $0.20 during mid-day trading on Friday, hitting $105.99. 2,405,304 shares of the company traded hands, compared to its average volume of 1,509,207. The stock has a market cap of $23.29 billion, a P/E ratio of 11.84, a P/E/G ratio of 2.75 and a beta of 1.51. T. Rowe Price Group, Inc. has a 12-month low of $77.85 and a 12-month high of $125.81. The stock has a 50-day moving average price of $106.09 and a two-hundred day moving average price of $97.56.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last announced 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 company 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%.T. Rowe Price Group's quarterly revenue was down .6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.26 earnings per share. As a group, analysts expect that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current year.

T. Rowe Price Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be given a dividend of $1.27 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $5.08 annualized dividend and a dividend yield of 4.8%. T. Rowe Price Group's payout ratio is presently 56.76%.

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.