T. Rowe Price Group, Inc. $TROW Shares Sold by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management cut its T. Rowe Price Group stake by 41.9% in the first quarter, selling 137,673 shares and leaving it with 190,772 shares worth about $17.2 million.
• Wall Street sentiment remains cautious: analysts have a consensus rating of “Reduce” on TROW, with 11 Hold ratings and 4 Sell ratings and an average price target of $100.54.
• T. Rowe Price posted solid quarterly results and a dividend, beating EPS estimates with $2.52 per share and paying a $1.30 quarterly dividend, equal to a 4.4% annualized yield.

Pictet Asset Management Holding SA lessened its position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 41.9% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 190,772 shares of the asset manager's stock after selling 137,673 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.09% of T. Rowe Price Group worth $17,195,000 at the end of the most recent quarter.

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

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Keefe, Bruyette & Woods upped their price objective on shares of T. Rowe Price Group from $95.00 to $107.00 and gave the company a "market perform" rating in a research note on Friday, May 1st. Evercore lifted their target price on shares of T. Rowe Price Group from $106.00 to $111.00 in a research note on Monday, June 8th. BMO Capital Markets boosted their price target on T. Rowe Price Group from $98.00 to $110.00 and gave the company a "market perform" rating in a report on Monday, May 4th. Barclays increased their price target on T. Rowe Price Group from $87.00 to $89.00 and gave the stock an "underweight" rating in a research note on Friday, May 1st. Finally, JPMorgan Chase & Co. decreased their price objective on 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. Eleven equities research analysts have rated the stock with a Hold rating and four have given a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Reduce" and a consensus price target of $100.54.

T. Rowe Price Group Stock Performance

TROW opened at $118.55 on Friday. T. Rowe Price Group, Inc. has a 1 year low of $85.22 and a 1 year high of $118.64. The company's 50 day simple moving average is $105.40 and its 200 day simple moving average is $100.23. The stock has a market capitalization of $25.40 billion, a PE ratio of 12.71, a P/E/G ratio of 5.90 and a beta of 1.47.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued 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 firm had revenue of $1.86 billion during 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%. T. Rowe Price Group'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 posted $2.23 earnings per share. As a group, sell-side analysts expect that T. Rowe Price Group, Inc. will post 9.69 earnings per share for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 29th. Investors of record on Monday, June 15th were given a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 4.4%. The ex-dividend date of this dividend was Monday, June 15th. T. Rowe Price Group's dividend payout ratio (DPR) is 55.73%.

Insider Buying and Selling at T. Rowe Price Group

In related news, VP Stephon A. Jackson sold 3,000 shares of T. Rowe Price Group stock in a transaction on Wednesday, May 13th. The stock was 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 trade represents a 3.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.60% of the company's stock.

T. Rowe Price Group Company 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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