State of New Jersey Common Pension Fund D Cuts Stake in T. Rowe Price Group, Inc. $TROW

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in T. Rowe Price Group by 13.6%, now holding 65,819 shares valued at approximately $6,047,000 after selling 10,399 shares in the 1st quarter.
• Multiple analysts have raised their price targets for T. Rowe Price Group, with ranges from $95.00 to $116.00, and the consensus rating is currently "Hold."
• T. Rowe Price Group recently announced a quarterly dividend of $1.27 per share, representing a yield of 4.8%, scheduled for payment on September 29th.

State of New Jersey Common Pension Fund D decreased its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 13.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 65,819 shares of the asset manager's stock after selling 10,399 shares during the period. State of New Jersey Common Pension Fund D's holdings in T. Rowe Price Group were worth $6,047,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. American Century Companies Inc. lifted its position in T. Rowe Price Group by 4.9% during the 1st quarter. American Century Companies Inc. now owns 2,955,703 shares of the asset manager's stock worth $271,541,000 after acquiring an additional 138,515 shares in the last quarter. Aberdeen Group plc raised its stake in shares of T. Rowe Price Group by 82.2% during the first quarter. Aberdeen Group plc now owns 182,348 shares of the asset manager's stock valued at $16,593,000 after purchasing an additional 82,245 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of T. Rowe Price Group by 2.3% during the first quarter. Dimensional Fund Advisors LP now owns 1,782,869 shares of the asset manager's stock worth $163,779,000 after purchasing an additional 39,564 shares in the last quarter. Fox Run Management L.L.C. acquired a new position in shares of T. Rowe Price Group during the first quarter worth $846,000. Finally, Sei Investments Co. boosted its stake in shares of T. Rowe Price Group by 1.8% in the first quarter. Sei Investments Co. now owns 254,294 shares of the asset manager's stock valued at $23,362,000 after purchasing an additional 4,500 shares during the period. Hedge funds and other institutional investors own 73.39% of the company's stock.

Analysts Set New Price Targets

TROW has been the topic of several analyst reports. Wells Fargo & Company lifted their price target on shares of T. Rowe Price Group from $98.00 to $108.00 and gave the stock an "equal weight" rating in a research note on Friday, July 11th. Keefe, Bruyette & Woods boosted their price target on T. Rowe Price Group from $110.00 to $112.00 and gave the stock a "market perform" rating in a research note on Monday, August 4th. Evercore ISI increased their price target on T. Rowe Price Group from $106.00 to $110.00 and gave the company an "in-line" rating in a report on Monday, August 4th. Morgan Stanley lifted their price objective on T. Rowe Price Group from $112.00 to $116.00 and gave the stock an "equal weight" rating in a report on Monday, August 4th. Finally, Barclays reiterated an "underweight" rating and set a $95.00 target price (up from $91.00) on shares of T. Rowe Price Group in a research note on Monday, August 4th. Four equities research analysts have rated the stock with a sell rating and nine have issued a hold rating to the stock. Based on data from MarketBeat, T. Rowe Price Group has a consensus rating of "Hold" and a consensus target price of $101.09.

Insiders Place Their Bets

In other news, VP Dorothy C. Sawyer sold 2,000 shares of the business's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $95.43, for a total transaction of $190,860.00. Following the completion of the transaction, the vice president owned 44,789 shares of the company's stock, valued at approximately $4,274,214.27. The trade was a 4.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.60% of the stock is owned by corporate insiders.

T. Rowe Price Group Stock Performance

NASDAQ TROW opened at $106.64 on Tuesday. T. Rowe Price Group, Inc. has a one year low of $77.85 and a one year high of $125.81. The company has a 50-day simple moving average of $101.17 and a 200-day simple moving average of $97.61. The firm has a market capitalization of $23.43 billion, a PE ratio of 11.92, a price-to-earnings-growth ratio of 2.91 and a beta of 1.47.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued its earnings results on Friday, August 1st. The asset manager reported $2.24 EPS for the quarter, beating analysts' consensus estimates of $2.15 by $0.09. The company had revenue of $1.72 billion during 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%. T. Rowe Price Group's quarterly revenue was down .6% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.26 earnings per share. Equities analysts forecast that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current year.

T. Rowe Price Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be given 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 4.8%. T. Rowe Price Group's dividend payout ratio (DPR) is currently 56.76%.

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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