Bank of New York Mellon Corp Has $157.72 Million Stake in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Bank of New York Mellon Corp grew its position in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 1.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,716,724 shares of the asset manager's stock after buying an additional 26,395 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.77% of T. Rowe Price Group worth $157,715,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. World Investment Advisors raised its position in shares of T. Rowe Price Group by 34.1% in the first quarter. World Investment Advisors now owns 3,558 shares of the asset manager's stock valued at $327,000 after purchasing an additional 904 shares during the period. Wayfinding Financial LLC acquired a new stake in T. Rowe Price Group during the first quarter worth $43,000. Capital Investment Advisory Services LLC boosted its stake in T. Rowe Price Group by 64.0% during the first quarter. Capital Investment Advisory Services LLC now owns 8,572 shares of the asset manager's stock worth $787,000 after buying an additional 3,344 shares in the last quarter. Brookstone Capital Management boosted its stake in shares of T. Rowe Price Group by 7.0% in the 1st quarter. Brookstone Capital Management now owns 107,202 shares of the asset manager's stock valued at $9,849,000 after purchasing an additional 7,026 shares in the last quarter. Finally, IFM Investors Pty Ltd boosted its stake in shares of T. Rowe Price Group by 11.1% in the 1st quarter. IFM Investors Pty Ltd now owns 43,476 shares of the asset manager's stock valued at $3,994,000 after purchasing an additional 4,341 shares in the last quarter. 73.39% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Citigroup reduced their target price on shares of T. Rowe Price Group from $100.00 to $95.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Barclays raised their price target on T. Rowe Price Group from $85.00 to $90.00 and gave the company an "underweight" rating in a report on Monday, May 5th. TD Cowen dropped their price target on T. Rowe Price Group from $112.00 to $89.00 and set a "hold" rating for the company in a report on Wednesday, April 9th. Wells Fargo & Company dropped their price target on T. Rowe Price Group from $116.00 to $98.00 and set an "equal weight" rating for the company in a report on Tuesday, April 8th. Finally, Morgan Stanley raised their price target on T. Rowe Price Group from $95.00 to $104.00 and gave the company an "equal weight" rating in a report on Wednesday, July 2nd. Four investment analysts have rated the stock with a sell rating and nine have given a hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $94.91.

Insider Buying and Selling

In related news, insider Jessica M. Hiebler sold 968 shares of the stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $96.98, for a total value of $93,876.64. Following the sale, the insider directly owned 13,611 shares in the company, valued at $1,319,994.78. This trade represents a 6.64% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Dorothy C. Sawyer sold 2,000 shares of the stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $95.43, for a total transaction of $190,860.00. Following the sale, the vice president directly 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. Company insiders own 1.60% of the company's stock.

T. Rowe Price Group Stock Performance

T. Rowe Price Group stock traded up $0.84 during trading hours on Tuesday, reaching $99.74. 1,052,946 shares of the company's stock traded hands, compared to its average volume of 1,834,744. T. Rowe Price Group, Inc. has a fifty-two week low of $77.85 and a fifty-two week high of $125.81. The firm has a market capitalization of $21.97 billion, a price-to-earnings ratio of 11.31, a PEG ratio of 3.21 and a beta of 1.49. The firm's 50 day moving average is $94.47 and its 200-day moving average is $99.51.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last released its earnings results on Friday, May 2nd. The asset manager reported $2.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.13 by $0.10. T. Rowe Price Group had a net margin of 28.38% and a return on equity of 20.17%. The company had revenue of $1.76 billion for the quarter, compared to the consensus estimate of $1.80 billion. During the same period in the prior year, the company posted $2.38 EPS. The company's revenue was up .8% compared to the same quarter last year. Analysts predict that T. Rowe Price Group, Inc. will post 9.29 EPS for the current year.

T. Rowe Price Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 13th were given a $1.27 dividend. The ex-dividend date was Friday, June 13th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 5.09%. T. Rowe Price Group's dividend payout ratio is 57.60%.

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.