T. Rowe Price Group, Inc. $TROW Position Decreased by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services reduced its stake in T. Rowe Price Group by 4.3% in the fourth quarter, selling 22,521 shares and leaving it with 501,279 shares valued at about $51.3 million.
• T. Rowe Price reported better-than-expected quarterly results, posting EPS of $2.52 versus the $2.37 consensus and revenue of $1.86 billion, while revenue rose 5.3% from a year earlier.
• The company also declared a quarterly dividend of $1.30 per share, which annualizes to $5.20 and yields about 5.1%; however, analysts currently have a consensus rating of “Reduce” with an average target price of $99.54.

PNC Financial Services Group Inc. lowered its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 4.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 501,279 shares of the asset manager's stock after selling 22,521 shares during the period. PNC Financial Services Group Inc. owned about 0.23% of T. Rowe Price Group worth $51,321,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Woodline Partners LP boosted its holdings in T. Rowe Price Group by 41.0% during the first quarter. Woodline Partners LP now owns 18,809 shares of the asset manager's stock worth $1,728,000 after buying an additional 5,467 shares in the last quarter. Focus Partners Wealth increased its holdings in shares of T. Rowe Price Group by 10.6% in the first quarter. Focus Partners Wealth now owns 13,054 shares of the asset manager's stock valued at $1,199,000 after buying an additional 1,250 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of T. Rowe Price Group by 44.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,546 shares of the asset manager's stock valued at $149,000 after acquiring an additional 478 shares during the last quarter. Jump Financial LLC acquired a new stake in shares of T. Rowe Price Group during the 2nd quarter valued at $931,000. Finally, Daiwa Securities Group Inc. lifted its position in shares of T. Rowe Price Group by 5.4% during the 2nd quarter. Daiwa Securities Group Inc. now owns 33,245 shares of the asset manager's stock valued at $3,208,000 after acquiring an additional 1,703 shares during the last quarter. 73.39% of the stock is owned by institutional investors and hedge funds.

T. Rowe Price Group Price Performance

Shares of TROW opened at $101.95 on Friday. The business's 50-day moving average is $95.47 and its 200-day moving average is $99.15. The company has a market capitalization of $21.84 billion, a price-to-earnings ratio of 10.93, a P/E/G ratio of 4.45 and a beta of 1.51. T. Rowe Price Group, Inc. has a fifty-two week low of $85.22 and a fifty-two week high of $118.22.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The asset manager reported $2.52 EPS for the quarter, topping the consensus estimate of $2.37 by $0.15. The business had revenue of $1.86 billion during the quarter, compared to analysts' expectations of $1.85 billion. T. Rowe Price Group had a net margin of 28.28% and a return on equity of 20.60%. The firm's quarterly revenue was up 5.3% compared to the same quarter last year. During the same period last year, the company posted $2.23 earnings per share. Equities research analysts expect that T. Rowe Price Group, Inc. will post 9.61 earnings per share for the current fiscal year.

T. Rowe Price Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 29th. Stockholders of record on Monday, June 15th will be issued a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 5.1%. The ex-dividend date is Monday, June 15th. T. Rowe Price Group's payout ratio is currently 55.73%.

Insider Buying and Selling at T. Rowe Price Group

In other news, VP Stephon A. Jackson sold 3,000 shares of the company's stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $102.56, for a total value of $307,680.00. Following the transaction, the vice president directly owned 83,883 shares of the company's stock, valued at approximately $8,603,040.48. This represents a 3.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 1.60% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Jefferies Financial Group cut their price objective on T. Rowe Price Group from $107.00 to $91.00 and set a "hold" rating for the company in a research report on Wednesday, April 8th. JPMorgan Chase & Co. cut their price objective on T. Rowe Price Group from $106.00 to $103.00 and set an "underweight" rating for the company in a research report on Friday, April 24th. Weiss Ratings reiterated a "hold (c)" rating on shares of T. Rowe Price Group in a research report on Friday, May 8th. The Goldman Sachs Group increased their price objective on T. Rowe Price Group from $85.00 to $90.00 in a research report on Friday, May 1st. Finally, Morgan Stanley set a $105.00 price objective on T. Rowe Price Group in a research report on Monday, April 27th. Eleven investment analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, T. Rowe Price Group presently has a consensus rating of "Reduce" and an average target price of $99.54.

T. Rowe Price Group Profile

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland, founded by Thomas Rowe Price Jr. in 1937. The company provides a broad range of investment products and services for individual investors, financial intermediaries, retirement plan sponsors and institutional clients. Its offerings are built around active investment management and in-house research across equity, fixed income and multi-asset strategies, reflecting a long history as a research-driven asset manager.

The firm's product lineup includes mutual funds, separate accounts, collective investment trusts, target-date and target-risk funds, and managed account solutions, as well as services for defined contribution and defined benefit retirement plans.

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