Meiji Yasuda Asset Management Co Ltd. Sells 38,646 Shares of T. Rowe Price Group, Inc. $TROW

Key Points

• Meiji Yasuda Asset Management Co Ltd. reduced its stake in T. Rowe Price Group by 26.8%, selling 38,646 shares and leaving it with 105,685 shares valued at approximately $9.7 million.
• Several analysts increased their price targets for T. Rowe Price Group, with Barclays issuing a target of $95 and Morgan Stanley raising it to $116, while the stock currently holds a consensus rating of "Reduce."
• T. Rowe Price Group declared a quarterly dividend of $1.27, which will be paid on September 29th, offering an annualized yield of 4.7% based on a dividend payout ratio of 56.76%.

Meiji Yasuda Asset Management Co Ltd. cut its position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 26.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 105,685 shares of the asset manager's stock after selling 38,646 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.'s holdings in T. Rowe Price Group were worth $9,709,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Cooper Financial Group increased its position in T. Rowe Price Group by 5.2% during the 1st quarter. Cooper Financial Group now owns 2,234 shares of the asset manager's stock valued at $205,000 after buying an additional 110 shares in the last quarter. Hexagon Capital Partners LLC grew its holdings in shares of 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 worth $34,000 after acquiring an additional 113 shares during the period. Associated Banc Corp grew its holdings in shares of T. Rowe Price Group by 0.5% in the first quarter. Associated Banc Corp now owns 24,864 shares of the asset manager's stock worth $2,284,000 after acquiring an additional 114 shares during the period. Wealthcare Capital Partners LLC lifted its position in T. Rowe Price Group by 1.2% during the first quarter. Wealthcare Capital Partners LLC now owns 9,429 shares of the asset manager's stock valued at $866,000 after purchasing an additional 115 shares in the last quarter. Finally, Cullen Investment Group LTD. lifted its position in T. Rowe Price Group by 0.9% during the first quarter. Cullen Investment Group LTD. now owns 13,554 shares of the asset manager's stock valued at $1,245,000 after purchasing an additional 117 shares in the last quarter. Hedge funds and other institutional investors own 73.39% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently commented on TROW. Barclays restated an "underweight" rating and issued 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 upped their target price on T. Rowe Price Group from $110.00 to $115.00 and gave the company an "in-line" rating in a research note on Friday. Keefe, Bruyette & Woods upped their price target on T. Rowe Price Group from $110.00 to $112.00 and gave the stock a "market perform" rating in a research report on Monday, August 4th. JPMorgan Chase & Co. increased their price target 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. Finally, Morgan Stanley raised 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 research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Reduce" and a consensus target price of $101.55.

Insider Transactions at T. Rowe Price Group

In other news, VP Dorothy C. Sawyer sold 2,000 shares of T. Rowe Price Group stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $95.43, for a total transaction of $190,860.00. Following the sale, the vice president owned 44,789 shares of the company's stock, valued at approximately $4,274,214.27. The trade was a 4.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.60% of the stock is owned by corporate insiders.

T. Rowe Price Group Stock Down 3.0%

Shares of NASDAQ:TROW opened at $108.16 on Monday. T. Rowe Price Group, Inc. has a 52 week low of $77.85 and a 52 week high of $125.81. The company has a market cap of $23.76 billion, a P/E ratio of 12.08, a PEG ratio of 2.82 and a beta of 1.51. The company has a 50-day moving average price of $104.94 and a 200 day moving average price of $97.40.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The asset manager reported $2.24 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.09. The company had revenue of $1.72 billion during the quarter, compared to the consensus estimate 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 revenue was down .6% on a year-over-year basis. During the same period in the previous year, the firm posted $2.26 EPS. Analysts expect that T. Rowe Price Group, Inc. will post 9.29 EPS for the current year.

T. Rowe Price Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be paid a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date is Monday, September 15th. T. Rowe Price Group's dividend payout ratio (DPR) is 56.76%.

T. Rowe Price Group Company 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.

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