Sienna Gestion Has $9.87 Million Stake in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Key Points

• Sienna Gestion reduced its stake in T. Rowe Price Group by 5.7%, owning approximately 110,481 shares worth about $9.87 million at the end of the first quarter.
• T. Rowe Price Group recently reported earnings of $2.24 per share for the latest quarter, exceeding analyst expectations and reflecting a slight revenue decrease of 0.6% year-over-year.
• The company declared a quarterly dividend of $1.27 per share to be paid on September 29th, which represents an annualized yield of 4.6%.

Sienna Gestion trimmed its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 5.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 110,481 shares of the asset manager's stock after selling 6,644 shares during the period. Sienna Gestion owned about 0.05% of T. Rowe Price Group worth $9,866,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Zions Bancorporation National Association UT acquired a new position in shares of T. Rowe Price Group during the first quarter worth about $27,000. Hexagon Capital Partners LLC boosted its position in T. Rowe Price Group by 44.8% during the first quarter. Hexagon Capital Partners LLC now owns 365 shares of the asset manager's stock valued at $34,000 after purchasing an additional 113 shares during the last quarter. Smallwood Wealth Investment Management LLC acquired a new position in T. Rowe Price Group during the first quarter valued at approximately $39,000. Chilton Capital Management LLC acquired a new position in T. Rowe Price Group during the first quarter valued at approximately $41,000. Finally, Ameriflex Group Inc. acquired a new position in T. Rowe Price Group during the fourth quarter valued at approximately $42,000. 73.39% of the stock is owned by institutional investors and hedge funds.

T. Rowe Price Group Stock Performance

Shares of NASDAQ TROW traded down $2.02 during trading hours on Friday, reaching $107.04. 1,205,851 shares of the stock were exchanged, compared to its average volume of 1,693,869. The firm has a market capitalization of $23.52 billion, a price-to-earnings ratio of 11.96, a P/E/G ratio of 2.97 and a beta of 1.47. T. Rowe Price Group, Inc. has a 52 week low of $77.85 and a 52 week high of $125.81. The stock's fifty day simple moving average is $100.94 and its 200 day simple moving average is $97.93.

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, topping analysts' consensus estimates of $2.15 by $0.09. The business had revenue of $1.72 billion for 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%. The firm's quarterly revenue was down .6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.26 earnings per share. Research analysts predict that T. Rowe Price Group, Inc. will post 9.29 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The firm 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. This represents a $5.08 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date of this dividend is Monday, September 15th. T. Rowe Price Group's dividend payout ratio (DPR) is currently 56.76%.

Insider Buying and Selling at T. Rowe Price Group

In other T. Rowe Price Group news, VP Dorothy C. Sawyer sold 2,000 shares of the firm'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 trade represents a 4.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.00% of the company's stock.

Wall Street Analyst Weigh In

TROW has been the subject of several recent research reports. Keefe, Bruyette & Woods increased their price target 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 reissued an "underweight" rating and set a $95.00 price target (up from $91.00) on shares of T. Rowe Price Group in a research report on Monday, August 4th. Morgan Stanley upped 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 note on Monday, August 4th. Cowen restated a "hold" rating on shares of T. Rowe Price Group in a research note on Monday, May 5th. Finally, JPMorgan Chase & Co. upped their price objective on T. Rowe Price Group from $98.00 to $102.00 and gave the company an "underweight" rating in a research note on Monday, August 4th. Four investment analysts have rated the stock with a sell rating and nine have given a hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target 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.