Telos Capital Management Inc. Cuts Stock Holdings in T. Rowe Price Group, Inc. $TROW

Key Points

• Telos Capital Management cut its stake in T. Rowe Price Group by 67.1% in the first quarter, selling 43,064 shares and leaving it with 21,069 shares worth about $1.9 million.
• Other institutional investors remain heavily invested in the company, with hedge funds and institutions owning 73.39% of T. Rowe Price’s stock. Several firms, including State Street and Goldman Sachs, increased their positions during recent quarters.
• T. Rowe Price reported better-than-expected quarterly earnings and also announced a quarterly dividend of $1.30 per share, implying an annualized yield of about 4.8%.

Telos Capital Management Inc. lowered its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 67.1% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 21,069 shares of the asset manager's stock after selling 43,064 shares during the quarter. Telos Capital Management Inc.'s holdings in T. Rowe Price Group were worth $1,899,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the business. State Street Corp increased its holdings in shares of T. Rowe Price Group by 0.3% in the 4th quarter. State Street Corp now owns 14,159,797 shares of the asset manager's stock valued at $1,449,680,000 after acquiring an additional 45,530 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of T. Rowe Price Group by 332.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 8,770,071 shares of the asset manager's stock worth $897,880,000 after purchasing an additional 6,740,172 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of T. Rowe Price Group by 1.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 8,073,846 shares of the asset manager's stock worth $826,600,000 after purchasing an additional 143,109 shares during the last quarter. Invesco Ltd. boosted its position in T. Rowe Price Group by 3.9% during the fourth quarter. Invesco Ltd. now owns 3,520,858 shares of the asset manager's stock valued at $360,465,000 after purchasing an additional 131,438 shares in the last quarter. Finally, Morgan Stanley boosted its position in T. Rowe Price Group by 16.0% during the fourth quarter. Morgan Stanley now owns 3,443,322 shares of the asset manager's stock valued at $352,528,000 after purchasing an additional 476,219 shares in the last quarter. Hedge funds and other institutional investors own 73.39% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have commented on TROW shares. Evercore boosted their target price on shares of T. Rowe Price Group from $106.00 to $111.00 in a report on Monday, June 8th. The Goldman Sachs Group lifted their price objective on shares of T. Rowe Price Group from $85.00 to $90.00 in a research report on Friday, May 1st. BMO Capital Markets boosted their price objective on shares of T. Rowe Price Group from $98.00 to $110.00 and gave the stock a "market perform" rating in a research note on Monday, May 4th. Weiss Ratings reissued a "hold (c)" rating on shares of T. Rowe Price Group in a research report on Friday, May 8th. Finally, Keefe, Bruyette & Woods increased their target price on shares of T. Rowe Price Group from $95.00 to $107.00 and gave the company a "market perform" rating in a research report on Friday, May 1st. Eleven analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, T. Rowe Price Group has a consensus rating of "Reduce" and an average target price of $100.08.

Insider Buying and Selling

In related news, VP Stephon A. Jackson sold 3,000 shares of the 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.60% of the stock is currently owned by corporate insiders.

T. Rowe Price Group Trading Up 0.3%

NASDAQ:TROW opened at $107.99 on Tuesday. The company has a market cap of $23.14 billion, a PE ratio of 11.57, a P/E/G ratio of 5.51 and a beta of 1.50. T. Rowe Price Group, Inc. has a twelve month low of $85.22 and a twelve month high of $118.22. The company's 50 day moving average is $102.94 and its two-hundred day moving average is $99.88.

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

T. Rowe Price Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 29th. Investors of record on Monday, June 15th will be issued a dividend of $1.30 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.8%. T. Rowe Price Group's payout ratio is 55.73%.

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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