Korea Investment CORP Sells 29,558 Shares of T. Rowe Price Group, Inc. $TROW

Key Points

• Korea Investment CORP has reduced its holdings in T. Rowe Price Group by 29.2%, selling 29,558 shares and retaining 71,638 shares valued at approximately $6.58 million.
• T. Rowe Price Group recently announced a quarterly dividend of $1.27 per share, with a dividend yield of 4.7% and a payout ratio of 56.76%.
• Several analysts have a consensus rating of "Reduce" on T. Rowe Price Group with a price target averaging $101.09, amid negotiated adjustments by multiple hedge funds.

Korea Investment CORP reduced its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 29.2% during the first quarter, according to its most recent filing with the SEC. The fund owned 71,638 shares of the asset manager's stock after selling 29,558 shares during the quarter. Korea Investment CORP's holdings in T. Rowe Price Group were worth $6,581,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Exchange Traded Concepts LLC boosted its holdings in shares of T. Rowe Price Group by 27.9% in the 1st quarter. Exchange Traded Concepts LLC now owns 971 shares of the asset manager's stock worth $89,000 after buying an additional 212 shares during the last quarter. Wealthfront Advisers LLC lifted its holdings in T. Rowe Price Group by 109.2% during the first quarter. Wealthfront Advisers LLC now owns 69,326 shares of the asset manager's stock valued at $6,369,000 after purchasing an additional 36,190 shares during the last quarter. Mather Group LLC. lifted its holdings in T. Rowe Price Group by 11.9% during the first quarter. Mather Group LLC. now owns 135,571 shares of the asset manager's stock valued at $12,455,000 after purchasing an additional 14,371 shares during the last quarter. GAMMA Investing LLC lifted its holdings in T. Rowe Price Group by 9,555.5% during the first quarter. GAMMA Investing LLC now owns 333,212 shares of the asset manager's stock valued at $30,612,000 after purchasing an additional 329,761 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in T. Rowe Price Group by 12.8% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 213,769 shares of the asset manager's stock valued at $19,575,000 after purchasing an additional 24,323 shares during the last quarter. 73.39% of the stock is owned by hedge funds and other institutional investors.

T. Rowe Price Group Stock Up 1.0%

Shares of TROW stock traded up $1.13 during trading on Wednesday, hitting $109.69. The company had a trading volume of 505,561 shares, compared to its average volume of 1,774,248. The stock's 50-day moving average is $102.75 and its two-hundred day moving average is $97.48. The stock has a market capitalization of $24.10 billion, a price-to-earnings ratio of 12.26, a price-to-earnings-growth ratio of 2.82 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. 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 net margin of 28.72% and a return on equity of 19.77%. T. Rowe Price Group's revenue for the quarter was down .6% compared to the same quarter last year. During the same period in the prior year, the business earned $2.26 earnings per share. On average, research analysts predict 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 disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be given a $1.27 dividend. This represents a $5.08 annualized dividend and a dividend yield of 4.6%. The ex-dividend date is Monday, September 15th. T. Rowe Price Group's dividend payout ratio is 56.76%.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Cowen reaffirmed a "hold" rating on shares of T. Rowe Price Group in a report on Monday, May 5th. Keefe, Bruyette & Woods upped their price objective on shares of T. Rowe Price Group from $110.00 to $112.00 and gave the company a "market perform" rating in a report on Monday, August 4th. Morgan Stanley upped their price objective on shares of T. Rowe Price Group from $112.00 to $116.00 and gave the company an "equal weight" rating in a report on Monday, August 4th. Wells Fargo & Company upped their price objective on shares of T. Rowe Price Group from $98.00 to $108.00 and gave the company an "equal weight" rating in a report on Friday, July 11th. Finally, Evercore ISI upped their price target on T. Rowe Price Group from $106.00 to $110.00 and gave the company an "in-line" rating in a research report on Monday, August 4th. Eight equities research 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 an average price target of $101.09.

Insider Buying and Selling at T. Rowe Price Group

In related news, VP Dorothy C. Sawyer sold 2,000 shares of the company's stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $95.43, for a total value of $190,860.00. Following the transaction, the vice president directly owned 44,789 shares in the company, valued at approximately $4,274,214.27. This represents a 4.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.60% of the company's stock.

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.