T. Rowe Price Group, Inc. $TROW Shares Sold by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon trimmed its T. Rowe Price Group stake by 1.9% in the fourth quarter, while other large institutions showed mixed activity, including a major increase from Goldman Sachs and a new position from Norges Bank.
• T. Rowe Price reported better-than-expected quarterly results, with EPS of $2.52 versus the $2.37 estimate and revenue of $1.86 billion, up 5.3% year over year.
• The company also announced a quarterly dividend of $1.30 per share, implying an annualized yield of about 4.9%, while analysts currently lean cautious with a consensus rating of “Reduce.”

Bank of New York Mellon Corp reduced its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 1.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,537,148 shares of the asset manager's stock after selling 30,062 shares during the period. Bank of New York Mellon Corp owned 0.70% of T. Rowe Price Group worth $157,373,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in TROW. Goldman Sachs Group Inc. lifted its stake in T. Rowe Price Group by 332.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 8,770,071 shares of the asset manager's stock valued at $897,880,000 after purchasing an additional 6,740,172 shares during the last quarter. Northern Trust Corp lifted its stake in T. Rowe Price Group by 6.4% during the third quarter. Northern Trust Corp now owns 2,529,116 shares of the asset manager's stock valued at $259,588,000 after purchasing an additional 152,451 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in T. Rowe Price Group by 3.2% during the third quarter. Dimensional Fund Advisors LP now owns 2,090,249 shares of the asset manager's stock valued at $214,557,000 after purchasing an additional 64,791 shares during the last quarter. Caisse de depot et placement du Quebec lifted its stake in T. Rowe Price Group by 81.0% during the third quarter. Caisse de depot et placement du Quebec now owns 1,306,922 shares of the asset manager's stock valued at $134,142,000 after purchasing an additional 584,949 shares during the last quarter. Finally, Norges Bank acquired a new stake in T. Rowe Price Group during the fourth quarter valued at approximately $128,283,000. 73.39% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other T. Rowe Price Group news, VP Stephon A. Jackson sold 3,000 shares of the company's stock in a transaction that occurred 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 owned 83,883 shares in the company, valued at approximately $8,603,040.48. This represents a 3.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.60% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. cut their price target on shares of T. Rowe Price Group from $106.00 to $103.00 and set an "underweight" rating on the stock in a report on Friday, April 24th. Evercore cut their price target on shares of T. Rowe Price Group from $106.00 to $104.00 in a report on Monday, May 11th. The Goldman Sachs Group boosted their price target on shares of T. Rowe Price Group from $85.00 to $90.00 in a report on Friday, May 1st. Keefe, Bruyette & Woods boosted their price target on shares of T. Rowe Price Group from $95.00 to $107.00 and gave the company a "market perform" rating in a report on Friday, May 1st. Finally, Jefferies Financial Group cut their price target on shares of T. Rowe Price Group from $107.00 to $91.00 and set a "hold" rating on the stock in a report on Wednesday, April 8th. Eleven research analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, T. Rowe Price Group presently has a consensus rating of "Reduce" and an average price target of $99.54.

T. Rowe Price Group Stock Performance

T. Rowe Price Group stock opened at $105.99 on Friday. The firm has a market cap of $22.71 billion, a PE ratio of 11.36, a P/E/G ratio of 5.42 and a beta of 1.50. The firm's 50 day moving average price is $99.06 and its two-hundred day moving average price is $99.30. T. Rowe Price Group, Inc. has a twelve month low of $85.22 and a twelve month high of $118.22.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The asset manager reported $2.52 earnings per share for the quarter, beating the consensus estimate of $2.37 by $0.15. The firm had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.85 billion. T. Rowe Price Group had a net margin of 28.28% and a return on equity of 20.60%. The company's revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.23 EPS. Equities analysts anticipate that T. Rowe Price Group, Inc. will post 9.63 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 29th. Shareholders of record on Monday, June 15th will be paid a $1.30 dividend. This represents a $5.20 annualized dividend and a yield of 4.9%. The ex-dividend date is Monday, June 15th. T. Rowe Price Group's dividend payout ratio is currently 55.73%.

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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