T. Rowe Price Group, Inc. $TROW Shares Sold by Prudential PLC

Key Points

• Prudential PLC reduced its holdings in T. Rowe Price Group by 66.5%, now owning 2,747 shares worth approximately $252,000.
• Several institutional investors, including Vanguard Group and Invesco, have increased their positions in T. Rowe Price Group, which is 73.39% owned by institutional investors overall.
• The company recently announced a quarterly dividend of $1.27 per share, with a yield of 4.7%, to be paid on September 29th.

Prudential PLC cut its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 66.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,747 shares of the asset manager's stock after selling 5,441 shares during the quarter. Prudential PLC's holdings in T. Rowe Price Group were worth $252,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in TROW. Invesco Ltd. boosted its holdings in T. Rowe Price Group by 43.2% in the first quarter. Invesco Ltd. now owns 3,433,684 shares of the asset manager's stock valued at $315,453,000 after purchasing an additional 1,035,865 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in T. Rowe Price Group by 7.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 7,706,251 shares of the asset manager's stock valued at $707,973,000 after purchasing an additional 519,075 shares in the last quarter. Fayez Sarofim & Co boosted its holdings in T. Rowe Price Group by 7.6% in the fourth quarter. Fayez Sarofim & Co now owns 6,052,469 shares of the asset manager's stock valued at $684,474,000 after purchasing an additional 425,142 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in T. Rowe Price Group by 28.2% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,762,910 shares of the asset manager's stock valued at $199,367,000 after purchasing an additional 387,604 shares in the last quarter. Finally, GAMMA Investing LLC boosted its holdings in T. Rowe Price Group by 9,555.5% in 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 in the last quarter. 73.39% of the stock is owned by institutional investors and hedge funds.

T. Rowe Price Group Trading Down 1.1%

Shares of T. Rowe Price Group stock traded down $1.1550 during trading hours on Thursday, hitting $104.6050. 412,726 shares of the company were exchanged, compared to its average volume of 1,787,625. T. Rowe Price Group, Inc. has a 1 year low of $77.85 and a 1 year high of $125.81. The business has a 50-day moving average of $101.59 and a 200-day moving average of $97.73. The stock has a market capitalization of $22.98 billion, a price-to-earnings ratio of 11.69, a P/E/G ratio of 2.79 and a beta of 1.47.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last released its quarterly earnings results on Friday, August 1st. The asset manager reported $2.24 EPS for the quarter, topping the consensus estimate of $2.15 by $0.09. T. Rowe Price Group had a return on equity of 19.77% and a net margin of 28.72%.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 earned $2.26 earnings per share. The company's quarterly revenue was down .6% compared to the same quarter last year. As a group, research analysts anticipate that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current fiscal year.

T. Rowe Price Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders 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 annualized dividend and a yield of 4.9%. T. Rowe Price Group's dividend payout ratio is 56.76%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on TROW shares. Keefe, Bruyette & Woods upped their price target on 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. Cowen reiterated a "hold" rating on shares of T. Rowe Price Group in a research note on Monday, May 5th. Barclays reiterated an "underweight" rating and issued a $95.00 price objective (up previously from $91.00) on shares of T. Rowe Price Group in a research note on Monday, August 4th. Wells Fargo & Company boosted their price objective on T. Rowe Price Group from $98.00 to $108.00 and gave the company an "equal weight" rating in a research note on Friday, July 11th. Finally, Evercore ISI boosted their price objective on T. Rowe Price Group from $106.00 to $110.00 and gave the company an "in-line" rating in a research note on Monday, August 4th. Eight research analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Reduce" and an average price target of $101.09.

Insiders Place Their Bets

In other T. Rowe Price Group news, VP Dorothy C. Sawyer sold 2,000 shares of the company's stock in a transaction 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 sale, the vice president owned 44,789 shares of the company's stock, 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 2.00% of the company's stock.

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.