Oppenheimer & Co. Inc. Trims Stock Holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Oppenheimer & Co. Inc. reduced its position in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 13.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 35,637 shares of the asset manager's stock after selling 5,647 shares during the quarter. Oppenheimer & Co. Inc.'s holdings in T. Rowe Price Group were worth $3,274,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Glenview Trust co boosted its stake in T. Rowe Price Group by 2.2% during the 4th quarter. Glenview Trust co now owns 4,318 shares of the asset manager's stock worth $488,000 after purchasing an additional 92 shares during the period. Addison Advisors LLC raised its holdings in shares of T. Rowe Price Group by 67.4% in the fourth quarter. Addison Advisors LLC now owns 231 shares of the asset manager's stock valued at $26,000 after buying an additional 93 shares during the last quarter. Strategy Asset Managers LLC boosted its stake in shares of T. Rowe Price Group by 5.0% during the fourth quarter. Strategy Asset Managers LLC now owns 2,277 shares of the asset manager's stock worth $258,000 after buying an additional 108 shares during the period. Wealthcare Capital Partners LLC grew its holdings in shares of 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 worth $866,000 after buying an additional 115 shares during the last quarter. Finally, Cullen Investment Group LTD. grew its holdings in shares of 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 worth $1,245,000 after buying an additional 117 shares during the last quarter. 73.39% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TROW has been the subject of a number of recent research reports. Cowen reaffirmed a "hold" rating on shares of T. Rowe Price Group in a research report on Monday, May 5th. Morgan Stanley upped their price target on T. Rowe Price Group from $94.00 to $95.00 and gave the stock an "equal weight" rating in a research note on Tuesday, May 6th. Bank of America lowered their price objective on shares of T. Rowe Price Group from $90.00 to $85.00 and set an "underperform" rating on the stock in a research report on Thursday, April 3rd. The Goldman Sachs Group dropped their price objective on shares of T. Rowe Price Group from $89.00 to $80.00 and set a "sell" rating on the stock in a research note on Monday, April 14th. Finally, Wells Fargo & Company reduced their target price on shares of T. Rowe Price Group from $116.00 to $98.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 8th. Four equities research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $94.09.

Insiders Place Their Bets

In related news, insider Jessica M. Hiebler sold 968 shares of the stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $96.98, for a total value of $93,876.64. Following the sale, the insider now directly owns 13,611 shares of the company's stock, valued at approximately $1,319,994.78. This represents a 6.64% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Dorothy C. Sawyer sold 2,000 shares of the firm's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $95.43, for a total transaction of $190,860.00. Following the transaction, the vice president now owns 44,789 shares of the company's stock, valued at $4,274,214.27. This trade represents a 4.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 6,923 shares of company stock worth $646,856. 2.00% of the stock is owned by corporate insiders.

T. Rowe Price Group Stock Down 0.2%

Shares of NASDAQ TROW opened at $94.95 on Thursday. The stock has a market capitalization of $20.92 billion, a price-to-earnings ratio of 10.77, a price-to-earnings-growth ratio of 3.09 and a beta of 1.49. T. Rowe Price Group, Inc. has a 52 week low of $77.85 and a 52 week high of $125.81. The firm has a 50-day moving average price of $92.63 and a 200 day moving average price of $100.90.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last posted its quarterly earnings results on Friday, May 2nd. The asset manager reported $2.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.13 by $0.10. The company had revenue of $1.76 billion during the quarter, compared to the consensus estimate of $1.80 billion. T. Rowe Price Group had a net margin of 28.38% and a return on equity of 20.17%. The company's revenue for the quarter was up .8% on a year-over-year basis. During the same period last year, the firm earned $2.38 EPS. Equities research analysts expect that T. Rowe Price Group, Inc. will post 9.29 EPS for the current fiscal year.

T. Rowe Price Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 13th will be issued a dividend of $1.27 per share. The ex-dividend date is Friday, June 13th. This represents a $5.08 annualized dividend and a yield of 5.35%. T. Rowe Price Group's dividend payout ratio is presently 57.60%.

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.

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