Van ECK Associates Corp reduced its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 28.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 65,738 shares of the asset manager's stock after selling 26,459 shares during the period. Van ECK Associates Corp's holdings in T. Rowe Price Group were worth $7,474,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. SVB Wealth LLC increased its holdings in shares of T. Rowe Price Group by 77.5% during the 4th quarter. SVB Wealth LLC now owns 37,000 shares of the asset manager's stock worth $3,788,000 after acquiring an additional 16,155 shares during the last quarter. Generali Asset Management SPA SGR increased its holdings in shares of T. Rowe Price Group by 1,680.4% in the fourth quarter. Generali Asset Management SPA SGR now owns 17,715 shares of the asset manager's stock valued at $1,814,000 after purchasing an additional 16,720 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of T. Rowe Price Group by 3.8% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 520,782 shares of the asset manager's stock valued at $54,489,000 after purchasing an additional 18,952 shares during the last quarter. Twin Tree Management LP bought a new position in shares of T. Rowe Price Group in the second quarter valued at about $2,989,000. Finally, Norges Bank acquired a new stake in shares of T. Rowe Price Group during the 4th quarter worth about $128,283,000. 73.39% of the stock is owned by institutional investors.
Insider Buying and Selling
In other T. Rowe Price Group news, VP Joshua B. Nelson sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $111.82, for a total value of $1,118,200.00. Following the sale, the vice president owned 71,328 shares in the company, valued at $7,975,896.96. This trade represents a 12.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 1.60% of the stock is currently owned by insiders.
Analyst Ratings Changes
TROW has been the topic of several research analyst reports. Weiss Ratings raised shares of T. Rowe Price Group from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, July 2nd. UBS Group set a $110.00 target price on T. Rowe Price Group in a research report on Monday. Zacks Research lowered T. Rowe Price Group from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 13th. Barclays dropped their price target on T. Rowe Price Group from $108.00 to $103.00 and set an "underweight" rating for the company in a report on Monday, August 3rd. Finally, BMO Capital Markets upped their price objective on T. Rowe Price Group from $110.00 to $120.00 and gave the company a "market perform" rating in a report on Monday, August 3rd. Ten analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Reduce" and an average target price of $106.15.
Read Our Latest Analysis on T. Rowe Price Group
T. Rowe Price Group Stock Down 2.1%
NASDAQ:TROW opened at $108.97 on Wednesday. T. Rowe Price Group, Inc. has a twelve month low of $85.22 and a twelve month high of $122.00. The stock's 50-day simple moving average is $114.48 and its 200 day simple moving average is $103.61. The firm has a market capitalization of $23.25 billion, a PE ratio of 10.93, a price-to-earnings-growth ratio of 3.69 and a beta of 1.46.
T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued its earnings results on Friday, July 31st. The asset manager reported $2.57 EPS for the quarter, topping the consensus estimate of $2.52 by $0.05. T. Rowe Price Group had a return on equity of 20.91% and a net margin of 29.26%.The firm had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.89 billion. During the same quarter in the previous year, the firm earned $2.24 earnings per share. The business's quarterly revenue was up 10.7% on a year-over-year basis. On average, analysts anticipate that T. Rowe Price Group, Inc. will post 10.15 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 Tuesday, September 29th. Investors of record on Tuesday, September 15th will be given a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date is Tuesday, September 15th. T. Rowe Price Group's dividend payout ratio is currently 52.16%.
About T. Rowe Price Group
(
Free Report)
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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