USS Investment Management Ltd Sells 18,246 Shares of T. Rowe Price Group, Inc. $TROW

Key Points

• USS Investment Management Ltd reduced its holdings in T. Rowe Price Group by 32.0% during the first quarter, owning 38,828 shares worth approximately $3.57 million after selling 18,246 shares.
• T. Rowe Price reported quarterly earnings of $2.24 per share, exceeding analysts' expectations, with revenue unchanged year-over-year at $1.72 billion.
• The company announced a quarterly dividend of $1.27 per share, with an annualized dividend yield of 4.7% and a payout ratio of 56.76%.

USS Investment Management Ltd decreased its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 32.0% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 38,828 shares of the asset manager's stock after selling 18,246 shares during the quarter. USS Investment Management Ltd's holdings in T. Rowe Price Group were worth $3,566,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Exchange Traded Concepts LLC boosted its holdings in shares of T. Rowe Price Group by 27.9% in the 1st quarter. Exchange Traded Concepts LLC now owns 971 shares of the asset manager's stock worth $89,000 after purchasing an additional 212 shares during the period. Wealthfront Advisers LLC boosted its holdings in shares of T. Rowe Price Group by 109.2% in the 1st quarter. Wealthfront Advisers LLC now owns 69,326 shares of the asset manager's stock worth $6,369,000 after purchasing an additional 36,190 shares during the period. Mather Group LLC. boosted its holdings in shares of T. Rowe Price Group by 11.9% in the 1st quarter. Mather Group LLC. now owns 135,571 shares of the asset manager's stock worth $12,455,000 after purchasing an additional 14,371 shares during the period. GAMMA Investing LLC boosted its holdings in shares of T. Rowe Price Group by 9,555.5% in the 1st quarter. GAMMA Investing LLC now owns 333,212 shares of the asset manager's stock worth $30,612,000 after purchasing an additional 329,761 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of T. Rowe Price Group by 12.8% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 213,769 shares of the asset manager's stock worth $19,575,000 after purchasing an additional 24,323 shares during the period. Hedge funds and other institutional investors own 73.39% of the company's stock.

Analyst Ratings Changes

TROW has been the subject of a number of recent research reports. Barclays reiterated an "underweight" rating and issued a $95.00 target price (up previously from $91.00) on shares of T. Rowe Price Group in a report on Monday, August 4th. Keefe, Bruyette & Woods boosted their price objective 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. Zacks Research cut T. Rowe Price Group from a "strong-buy" rating to a "hold" rating in a report on Monday, September 8th. 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 report on Friday, July 11th. Finally, Morgan Stanley boosted their price objective on T. Rowe Price Group from $112.00 to $116.00 and gave the company an "equal weight" rating in a report on Monday, August 4th. One research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Reduce" and a consensus price target of $101.55.

T. Rowe Price Group Stock Performance

NASDAQ TROW traded down $0.06 on Friday, reaching $105.63. 1,122,936 shares of the stock traded hands, compared to its average volume of 1,429,752. The company has a fifty day moving average price of $105.69 and a 200-day moving average price of $97.48. The company has a market cap of $23.21 billion, a price-to-earnings ratio of 11.80, a PEG ratio of 2.76 and a beta of 1.51. T. Rowe Price Group, Inc. has a 12 month low of $77.85 and a 12 month high of $125.81.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued its earnings results on Friday, August 1st. The asset manager reported $2.24 earnings per share for the quarter, beating analysts' consensus estimates of $2.15 by $0.09. The business had revenue of $1.72 billion during the quarter, compared to analyst estimates 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 revenue was down .6% on a year-over-year basis. During the same period in the previous year, the company posted $2.26 EPS. 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 given 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 yield of 4.8%. T. Rowe Price Group's payout ratio is 56.76%.

About T. Rowe Price Group

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.