Raymond James Financial Inc. Cuts Stake in T. Rowe Price Group, Inc. $TROW

Key Points

• Raymond James Financial Inc. has reduced its stake in T. Rowe Price Group, Inc. by 9.4%, now owning approximately 258,930 shares valued at $23.79 million.
• In contrast, several institutional investors like Invesco Ltd. and Vanguard Group Inc. have significantly increased their positions in T. Rowe Price Group.
• T. Rowe Price Group has reported a quarterly EPS of $2.24, surpassing analyst expectations, but has seen a slight year-over-year revenue decrease of 0.6%.

Raymond James Financial Inc. lowered its position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 9.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 258,930 shares of the asset manager's stock after selling 26,968 shares during the period. Raymond James Financial Inc. owned about 0.12% of T. Rowe Price Group worth $23,788,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Invesco Ltd. boosted its position in T. Rowe Price Group by 43.2% during 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 position in T. Rowe Price Group by 7.2% during 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. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in T. Rowe Price Group by 28.2% during 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. GAMMA Investing LLC boosted its position 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 in the last quarter. Finally, Vanguard Group Inc. boosted its position in T. Rowe Price Group by 0.9% during the first quarter. Vanguard Group Inc. now owns 26,286,393 shares of the asset manager's stock valued at $2,414,931,000 after purchasing an additional 222,556 shares in the last quarter. Hedge funds and other institutional investors own 73.39% of the company's stock.

T. Rowe Price Group Stock Performance

Shares of NASDAQ TROW opened at $107.46 on Tuesday. T. Rowe Price Group, Inc. has a fifty-two week low of $77.85 and a fifty-two week high of $125.81. The company has a market cap of $23.61 billion, a PE ratio of 12.01, a P/E/G ratio of 2.84 and a beta of 1.47. The business has a 50-day simple moving average of $102.41 and a two-hundred day simple moving average of $97.40.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last released its earnings results on Friday, August 1st. The asset manager reported $2.24 EPS for the quarter, topping analysts' consensus estimates 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 firm had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.72 billion. During the same quarter in the previous year, the company posted $2.26 earnings per share. The company's revenue was down .6% compared to the same quarter last year. On average, sell-side analysts predict that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current fiscal year.

T. Rowe Price Group Dividend Announcement

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

Insider Activity at T. Rowe Price Group

In related news, VP Dorothy C. Sawyer sold 2,000 shares of T. Rowe Price Group 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 completion of the sale, the vice president owned 44,789 shares of the company's stock, valued at $4,274,214.27. The trade was a 4.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on TROW shares. Keefe, Bruyette & Woods raised their price objective on T. Rowe Price Group from $110.00 to $112.00 and gave the company a "market perform" rating in a research report on Monday, August 4th. Barclays reaffirmed an "underweight" rating and set a $95.00 price objective (up previously from $91.00) on shares of T. Rowe Price Group in a research report on Monday, August 4th. Wells Fargo & Company raised 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 report on Friday, July 11th. Morgan Stanley raised their price objective on T. Rowe Price Group from $112.00 to $116.00 and gave the company an "equal weight" rating in a research report on Monday, August 4th. Finally, Cowen reissued a "hold" rating on shares of T. Rowe Price Group in a report on Monday, May 5th. Eight research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Reduce" and an average target price of $101.09.

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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