Alliancebernstein L.P. Has $25.84 Million Stake in T. Rowe Price Group, Inc. $TROW

Key Points

• Alliancebernstein L.P. reduced its stake in T. Rowe Price Group by 9.3% in the first quarter, now holding approximately 0.13% of the company's shares valued at $25.8 million.
• Analysts have mixed outlooks with price targets set between $95 and $116, indicating a consensus rating of "Reduce" for T. Rowe Price Group's stock.
• The firm announced a quarterly dividend of $1.27 per share, representing an annual yield of 4.7%, with a payout ratio of 56.76%.

Alliancebernstein L.P. trimmed its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 9.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 281,235 shares of the asset manager's stock after selling 28,925 shares during the quarter. Alliancebernstein L.P. owned about 0.13% of T. Rowe Price Group worth $25,837,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Zions Bancorporation National Association UT bought a new position in shares of T. Rowe Price Group in the first quarter worth $27,000. Hexagon Capital Partners LLC grew its position in T. Rowe Price Group by 44.8% in the 1st quarter. Hexagon Capital Partners LLC now owns 365 shares of the asset manager's stock valued at $34,000 after buying an additional 113 shares in the last quarter. Smallwood Wealth Investment Management LLC acquired a new position in T. Rowe Price Group during the 1st quarter valued at about $39,000. Chilton Capital Management LLC bought a new stake in shares of T. Rowe Price Group during the 1st quarter worth about $41,000. Finally, Ameriflex Group Inc. acquired a new stake in shares of T. Rowe Price Group in the 4th quarter worth approximately $42,000. Institutional investors own 73.39% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. 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 stock an "equal weight" rating in a research note on Friday, July 11th. Morgan Stanley raised their target price 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. Evercore ISI reiterated a "positive" rating on shares of T. Rowe Price Group in a research report on Friday, September 5th. Finally, JPMorgan Chase & Co. upped their price target on shares of T. Rowe Price Group from $98.00 to $102.00 and gave the company an "underweight" rating in a report on Monday, August 4th. One analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and four have given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Reduce" and a consensus price target of $101.55.

T. Rowe Price Group Stock Performance

Shares of NASDAQ:TROW traded down $0.06 during midday trading on Friday, reaching $105.63. The company had a trading volume of 1,122,936 shares, compared to its average volume of 1,429,752. The company has a fifty day simple moving average of $105.69 and a two-hundred day simple moving average of $97.48. The firm has a market cap of $23.21 billion, a price-to-earnings ratio of 11.80, a price-to-earnings-growth ratio of 2.76 and a beta of 1.51. T. Rowe Price Group, Inc. has a 1-year low of $77.85 and a 1-year high of $125.81.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last posted its quarterly earnings data 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 analyst estimates of $1.72 billion. T. Rowe Price Group had a net margin of 28.72% and a return on equity of 19.77%. The business's quarterly revenue was down .6% on a year-over-year basis. During the same period in the prior year, the firm earned $2.26 earnings per share. Analysts expect that T. Rowe Price Group, Inc. will post 9.29 EPS for the current year.

T. Rowe Price Group Announces Dividend

The company also recently disclosed 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. This represents a $5.08 annualized dividend and a yield of 4.8%. The ex-dividend date is Monday, September 15th. T. Rowe Price Group's payout ratio is presently 56.76%.

T. Rowe Price Group 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.