Victory Capital Management Inc. Sells 104,314 Shares of T. Rowe Price Group, Inc. $TROW

Key Points

• Victory Capital Management cut its stake in T. Rowe Price by 21.1% in Q3, selling 104,314 shares and now holds 389,151 shares (about 0.18%) valued at roughly $39.94 million.
• T. Rowe Price posted Q earnings of $2.44 EPS (missing by $0.03) and $1.93 billion in revenue (up 6% YoY), and increased its quarterly dividend to $1.30 ($5.20 annualized, ~5.8% yield).
• Analysts lean toward "Hold/Reduce" with a consensus target of $101.69; the stock trades at a PE of 9.77 with a market cap near $19.7 billion and about 73% institutional ownership.

Victory Capital Management Inc. lessened its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 21.1% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 389,151 shares of the asset manager's stock after selling 104,314 shares during the quarter. Victory Capital Management Inc. owned about 0.18% of T. Rowe Price Group worth $39,942,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Manske Wealth Management boosted its position in shares of T. Rowe Price Group by 5.9% in the third quarter. Manske Wealth Management now owns 8,003 shares of the asset manager's stock valued at $821,000 after acquiring an additional 449 shares during the period. CI Investments Inc. increased its holdings in T. Rowe Price Group by 14.9% during the 3rd quarter. CI Investments Inc. now owns 1,686 shares of the asset manager's stock worth $173,000 after acquiring an additional 218 shares during the period. Kingsview Wealth Management LLC increased its holdings in T. Rowe Price Group by 3.9% during the 3rd quarter. Kingsview Wealth Management LLC now owns 3,323 shares of the asset manager's stock worth $341,000 after acquiring an additional 124 shares during the period. 111 Capital purchased a new stake in T. Rowe Price Group in the 3rd quarter worth approximately $201,000. Finally, Tounjian Advisory Partners LLC purchased a new stake in T. Rowe Price Group in the 3rd quarter worth approximately $1,782,000. 73.39% of the stock is currently owned by institutional investors.

T. Rowe Price Group Stock Down 1.8%

TROW opened at $90.40 on Friday. The business's fifty day simple moving average is $100.33 and its 200 day simple moving average is $102.79. T. Rowe Price Group, Inc. has a 52 week low of $77.85 and a 52 week high of $118.22. The stock has a market cap of $19.71 billion, a PE ratio of 9.77, a P/E/G ratio of 4.67 and a beta of 1.54.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued its quarterly earnings results on Wednesday, February 4th. The asset manager reported $2.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.47 by ($0.03). The firm had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $1.92 billion. T. Rowe Price Group had a return on equity of 20.29% and a net margin of 28.53%.The company's revenue for the quarter was up 6.0% on a year-over-year basis. During the same period last year, the firm earned $2.12 EPS. As a group, equities analysts anticipate that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current year.

T. Rowe Price Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 30th. Shareholders of record on Monday, March 16th will be given a dividend of $1.30 per share. The ex-dividend date is Monday, March 16th. This is an increase from T. Rowe Price Group's previous quarterly dividend of $1.27. This represents a $5.20 dividend on an annualized basis and a yield of 5.8%. T. Rowe Price Group's dividend payout ratio (DPR) is 54.92%.

Wall Street Analysts Forecast Growth

TROW has been the subject of a number of recent analyst reports. Zacks Research lowered shares of T. Rowe Price Group from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, December 9th. Keefe, Bruyette & Woods lowered their price objective on T. Rowe Price Group from $115.00 to $110.00 and set a "market perform" rating on the stock in a research report on Thursday, February 5th. BMO Capital Markets dropped their price objective on T. Rowe Price Group from $110.00 to $104.00 and set a "market perform" rating for the company in a research note on Thursday, February 12th. Bank of America boosted their target price on T. Rowe Price Group from $85.00 to $86.00 in a research report on Wednesday, January 14th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on T. Rowe Price Group from $106.00 to $100.00 and set a "hold" rating on the stock in a research note on Thursday, February 5th. Twelve equities research analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Reduce" and a consensus target price of $101.69.

Insider Activity at T. Rowe Price Group

In other news, VP Arif Husain sold 4,260 shares of the business's stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $101.96, for a total value of $434,349.60. Following the completion of the sale, the vice president directly owned 47,102 shares in the company, valued at approximately $4,802,519.92. The trade was a 8.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 2.00% of the company's stock.

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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