PNC Financial Services Group Inc. Has $56.07 Million Holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Key Points

• PNC Financial Services Group Inc. reduced its stake in T. Rowe Price Group by 1.7%, ending the first quarter with approximately $56.07 million worth of shares.
• Multiple large investors, including Hexagon Capital Partners LLC, increased their stakes in T. Rowe Price Group, indicating significant interest from institutional investors.
• Equities analysts have set varied price targets for T. Rowe Price Group, with a consensus target price of $96.64 and several warnings, including a sell rating from Goldman Sachs.

PNC Financial Services Group Inc. decreased its position in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 1.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 610,289 shares of the asset manager's stock after selling 10,677 shares during the quarter. PNC Financial Services Group Inc. owned 0.28% of T. Rowe Price Group worth $56,067,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Wellington Management Group LLP increased its holdings in shares of T. Rowe Price Group by 30.9% in the fourth quarter. Wellington Management Group LLP now owns 72,092 shares of the asset manager's stock worth $8,153,000 after purchasing an additional 16,999 shares during the last quarter. Alliancebernstein L.P. grew its stake in T. Rowe Price Group by 2.9% during the 4th quarter. Alliancebernstein L.P. now owns 310,160 shares of the asset manager's stock worth $35,076,000 after buying an additional 8,668 shares during the last quarter. World Investment Advisors boosted its stake in shares of T. Rowe Price Group by 5.8% in the fourth quarter. World Investment Advisors now owns 2,654 shares of the asset manager's stock worth $300,000 after buying an additional 146 shares during the last quarter. Wells Fargo & Company MN lifted its position in shares of T. Rowe Price Group by 3.3% during the 4th quarter. Wells Fargo & Company MN now owns 1,638,867 shares of the asset manager's stock valued at $185,340,000 after buying an additional 52,116 shares in the last quarter. Finally, Resona Asset Management Co. Ltd. purchased a new stake in shares of T. Rowe Price Group during the fourth quarter worth about $9,590,000. Institutional investors own 73.39% of the company's stock.

T. Rowe Price Group Price Performance

Shares of NASDAQ TROW traded down $1.45 during mid-day trading on Thursday, hitting $103.97. 810,684 shares of the company's stock traded hands, compared to its average volume of 1,834,456. T. Rowe Price Group, Inc. has a 1 year low of $77.85 and a 1 year high of $125.81. The company has a market capitalization of $22.84 billion, a P/E ratio of 11.62, a PEG ratio of 2.87 and a beta of 1.47. The company's 50-day moving average is $99.07 and its two-hundred day moving average is $98.27.

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 (EPS) for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $1.72 billion. During the same quarter in the prior year, the business posted $2.26 EPS. T. Rowe Price Group's revenue for the quarter was down .6% compared to the same quarter last year. Equities analysts anticipate 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 announced a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 13th were paid a $1.27 dividend. This represents a $5.08 annualized dividend and a dividend yield of 4.9%. The ex-dividend date was Friday, June 13th. T. Rowe Price Group's dividend payout ratio (DPR) is 56.76%.

Analyst Ratings Changes

Several brokerages recently weighed in on TROW. The Goldman Sachs Group lowered their price objective on T. Rowe Price Group from $89.00 to $80.00 and set a "sell" rating for the company in a research report on Monday, April 14th. Keefe, Bruyette & Woods increased their price target 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. 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 report on Monday. TD Cowen dropped their price objective on shares of T. Rowe Price Group from $112.00 to $89.00 and set a "hold" rating on the stock in a research note on Wednesday, April 9th. Finally, Barclays reaffirmed an "underweight" rating and issued a $95.00 price target (up from $91.00) on shares of T. Rowe Price Group in a report on Monday. Four equities research analysts have rated the stock with a sell rating and nine have given a hold rating to the company. According to MarketBeat, T. Rowe Price Group currently has an average rating of "Hold" and a consensus price target of $101.09.

Insider Buying and Selling at T. Rowe Price Group

In other T. Rowe Price Group news, insider Jessica M. Hiebler sold 968 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $96.98, for a total transaction of $93,876.64. Following the completion of the sale, the insider owned 13,611 shares in the company, valued at $1,319,994.78. The trade was a 6.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Dorothy C. Sawyer sold 2,000 shares of the company's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $95.43, for a total transaction of $190,860.00. Following 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 position. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by company insiders.

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.