Royal Bank of Canada Sells 132,262 Shares of T. Rowe Price Group, Inc. $TROW

Key Points

• Royal Bank of Canada sold 132,262 shares of T. Rowe Price Group, reducing its stake by 20.8% to approximately 502,249 shares, worth around $46.1 million.
• Invesco Ltd. increased its holdings in T. Rowe Price by 43.2%, owning over 3.4 million shares valued at $315.5 million after significant purchasing last quarter.
• T. Rowe Price Group reported a quarterly EPS of $2.24, surpassing estimates, and announced a dividend of $1.27 scheduled for September 29th, indicating a yield of 4.7%.

Royal Bank of Canada cut its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 20.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 502,249 shares of the asset manager's stock after selling 132,262 shares during the quarter. Royal Bank of Canada owned 0.23% of T. Rowe Price Group worth $46,141,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Zions Bancorporation National Association UT bought a new stake in shares of T. Rowe Price Group in the 1st quarter valued at about $27,000. Hexagon Capital Partners LLC increased its stake in shares of 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 acquiring an additional 113 shares during the last quarter. Smallwood Wealth Investment Management LLC bought a new stake in shares of T. Rowe Price Group in the 1st quarter valued at about $39,000. Chilton Capital Management LLC bought a new stake in shares of T. Rowe Price Group in the 1st quarter valued at about $41,000. Finally, Ameriflex Group Inc. bought a new stake in shares of T. Rowe Price Group in the 4th quarter valued at about $42,000. 73.39% of the stock is owned by institutional investors.

Insider Buying and Selling at T. Rowe Price Group

In other news, VP Dorothy C. Sawyer sold 2,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $95.43, for a total transaction of $190,860.00. Following the completion of the transaction, the vice president directly owned 44,789 shares of the company's stock, valued at $4,274,214.27. This trade represents a 4.27% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.60% of the stock is owned by corporate insiders.

T. Rowe Price Group Price Performance

Shares of TROW traded down $1.02 during mid-day trading on Tuesday, hitting $107.15. 1,344,135 shares of the company's stock were exchanged, compared to its average volume of 1,780,023. The company has a market cap of $23.54 billion, a PE ratio of 11.97, a P/E/G ratio of 2.82 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 company has a 50-day simple moving average of $105.17 and a 200 day simple moving average of $97.41.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The asset manager reported $2.24 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.09. The company had revenue of $1.72 billion during the quarter, compared to analysts' expectations 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 last year, the business earned $2.26 EPS. On average, analysts anticipate that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current year.

T. Rowe Price Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be paid a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a dividend yield of 4.7%. The ex-dividend date of this dividend is Monday, September 15th. T. Rowe Price Group's dividend payout ratio (DPR) is currently 56.76%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on TROW. Evercore ISI reaffirmed a "positive" rating on shares of T. Rowe Price Group in a research note on Friday. Keefe, Bruyette & Woods increased their target price on 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. Barclays reissued 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. Morgan Stanley increased their target price on T. Rowe Price Group from $112.00 to $116.00 and gave the stock an "equal weight" rating in a research note on Monday, August 4th. Finally, JPMorgan Chase & Co. increased their target price on 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. One research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and four have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Reduce" and an average price target of $101.55.

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.