Gulf International Bank UK Ltd Sells 5,196 Shares of T. Rowe Price Group, Inc. $TROW

Key Points

• Gulf International Bank UK Ltd has reduced its stake in T. Rowe Price Group by 29.6%, holding 12,362 shares valued at approximately $1.14 million, according to its latest SEC filing.
• The company announced a quarterly dividend of $1.27 per share, representing an annualized dividend of $5.08 and a yield of 4.7%, with the ex-dividend date on September 15th.
• Several analysts have recently raised their price targets for T. Rowe Price Group, with Morgan Stanley increasing it to $116.00 and Wells Fargo setting it at $108.00.

Gulf International Bank UK Ltd cut its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 29.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,362 shares of the asset manager's stock after selling 5,196 shares during the period. Gulf International Bank UK Ltd's holdings in T. Rowe Price Group were worth $1,135,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Zions Bancorporation National Association UT acquired a new stake in T. Rowe Price Group in the 1st quarter valued at about $27,000. Hexagon Capital Partners LLC increased its position in 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 acquiring an additional 113 shares in the last quarter. Smallwood Wealth Investment Management LLC acquired a new stake in T. Rowe Price Group in the 1st quarter valued at about $39,000. Chilton Capital Management LLC acquired a new stake in T. Rowe Price Group in the 1st quarter valued at about $41,000. Finally, Ameriflex Group Inc. acquired a new stake in shares of T. Rowe Price Group during the 4th quarter worth approximately $42,000. 73.39% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Evercore ISI lifted their price objective on shares of T. Rowe Price Group from $106.00 to $110.00 and gave the stock an "in-line" rating in a research note on Monday, August 4th. Keefe, Bruyette & Woods lifted their price objective on shares of T. Rowe Price Group from $110.00 to $112.00 and gave the stock a "market perform" rating in a research note on Monday, August 4th. JPMorgan Chase & Co. lifted their price objective on shares of T. Rowe Price Group from $98.00 to $102.00 and gave the stock an "underweight" rating in a research note on Monday, August 4th. Barclays reaffirmed an "underweight" rating and issued a $95.00 price target (up previously from $91.00) on shares of T. Rowe Price Group in a research note on Monday, August 4th. Finally, Morgan Stanley lifted their price target on shares of T. Rowe Price Group from $112.00 to $116.00 and gave the company an "equal weight" rating in a research note on Monday, August 4th. Eight investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. According to MarketBeat, T. Rowe Price Group has an average rating of "Reduce" and an average target price of $101.09.

Insider Activity at T. Rowe Price Group

In other news, VP Dorothy C. Sawyer sold 2,000 shares of the company's stock in a transaction that occurred 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 of the company's stock, valued at $4,274,214.27. This represents a 4.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 1.60% of the company's stock.

T. Rowe Price Group Stock Down 0.6%

Shares of T. Rowe Price Group stock traded down $0.6160 during trading on Wednesday, reaching $105.6840. The company's stock had a trading volume of 602,177 shares, compared to its average volume of 1,792,286. The business's 50-day moving average price is $101.38 and its 200-day moving average price is $97.67. The firm has a market cap of $23.22 billion, a PE ratio of 11.80, a P/E/G ratio of 2.90 and a beta of 1.47. T. Rowe Price Group, Inc. has a 52 week low of $77.85 and a 52 week high of $125.81.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $1.72 billion during the quarter, compared to analysts' expectations of $1.72 billion. During the same quarter in the prior year, the business posted $2.26 earnings per share. T. Rowe Price Group's revenue was down .6% compared to the same quarter last year. Equities analysts predict that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current year.

T. Rowe Price Group Dividend Announcement

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 issued a $1.27 dividend. 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 4.8%. T. Rowe Price Group's dividend payout ratio is 56.76%.

About T. Rowe Price Group

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.