T. Rowe Price Group, Inc. $TROW Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management S.A. drastically reduced its stake in T. Rowe Price Group by 93.5% in the second quarter, now holding only 7,801 shares valued at approximately $753,000.
• The stock received mixed ratings from analysts, with the consensus rating being "Reduce" and a target price set at $101.55.
• T. Rowe Price Group announced a quarterly dividend of $1.27, which will be paid on September 29th, reflecting a 4.9% yield for shareholders.

Assenagon Asset Management S.A. cut its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 93.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,801 shares of the asset manager's stock after selling 112,777 shares during the period. Assenagon Asset Management S.A.'s holdings in T. Rowe Price Group were worth $753,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Zions Bancorporation National Association UT purchased a new stake in T. Rowe Price Group during the first quarter worth about $27,000. Hexagon Capital Partners LLC increased its stake in T. Rowe Price Group by 44.8% during the first quarter. Hexagon Capital Partners LLC now owns 365 shares of the asset manager's stock worth $34,000 after purchasing an additional 113 shares during the period. Smallwood Wealth Investment Management LLC purchased a new stake in T. Rowe Price Group during the first quarter worth about $39,000. Chilton Capital Management LLC purchased a new stake in T. Rowe Price Group during the first quarter worth about $41,000. Finally, Wayfinding Financial LLC purchased a new stake in T. Rowe Price Group during the first quarter worth about $43,000. 73.39% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on TROW. JPMorgan Chase & Co. boosted their price target on shares of T. Rowe Price Group from $98.00 to $102.00 and gave the stock an "underweight" rating in a research note on Monday, August 4th. Keefe, Bruyette & Woods boosted their price target on shares of 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 reiterated a "positive" rating on shares of T. Rowe Price Group in a research note on Friday, September 5th. Zacks Research lowered shares of T. Rowe Price Group from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 8th. Finally, Barclays restated 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. One equities 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 stock. According to MarketBeat.com, the company currently has a consensus rating of "Reduce" and a consensus target price of $101.55.

Insider Buying and Selling

In other T. Rowe Price Group news, Director Robert F. Maclellan sold 3,090 shares of the stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $105.01, for a total value of $324,480.90. Following the transaction, the director directly owned 47,335 shares in the company, valued at $4,970,648.35. This represents a 6.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.00% of the stock is owned by corporate insiders.

T. Rowe Price Group Stock Up 0.3%

Shares of T. Rowe Price Group stock opened at $103.47 on Friday. The firm has a market capitalization of $22.73 billion, a P/E ratio of 11.56, a P/E/G ratio of 2.68 and a beta of 1.51. T. Rowe Price Group, Inc. has a 52 week low of $77.85 and a 52 week high of $125.81. The firm's 50 day moving average is $106.13 and its two-hundred day moving average is $97.78.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last announced its quarterly earnings results on Friday, August 1st. The asset manager reported $2.24 EPS for the quarter, beating the consensus estimate of $2.15 by $0.09. The company had revenue of $1.72 billion for 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 firm's revenue was down .6% on a year-over-year basis. During the same period in the prior year, the firm posted $2.26 earnings per share. As a group, research analysts expect 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 business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be paid a $1.27 dividend. This represents a $5.08 annualized dividend and a yield of 4.9%. The ex-dividend date is Monday, September 15th. T. Rowe Price Group's dividend payout ratio is currently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.