Victory Capital Management Inc. Sells 2,586,976 Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW)

Victory Capital Management Inc. lowered its position in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 87.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 388,203 shares of the asset manager's stock after selling 2,586,976 shares during the period. Victory Capital Management Inc. owned approximately 0.17% of T. Rowe Price Group worth $35,664,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of T. Rowe Price Group by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 26,063,837 shares of the asset manager's stock worth $2,947,559,000 after purchasing an additional 135,203 shares during the period. Fayez Sarofim & Co raised its position in shares of T. Rowe Price Group by 7.6% in the 4th quarter. Fayez Sarofim & Co now owns 6,052,469 shares of the asset manager's stock worth $684,474,000 after buying an additional 425,142 shares during the period. Geode Capital Management LLC raised its position in shares of T. Rowe Price Group by 2.1% in the 4th quarter. Geode Capital Management LLC now owns 5,631,429 shares of the asset manager's stock worth $635,260,000 after buying an additional 116,231 shares during the period. Invesco Ltd. raised its position in shares of T. Rowe Price Group by 1.7% in the 4th quarter. Invesco Ltd. now owns 2,397,819 shares of the asset manager's stock worth $271,169,000 after buying an additional 40,514 shares during the period. Finally, Northern Trust Corp raised its position in shares of T. Rowe Price Group by 10.0% in the 4th quarter. Northern Trust Corp now owns 2,290,739 shares of the asset manager's stock worth $259,060,000 after buying an additional 208,304 shares during the period. Institutional investors and hedge funds own 73.39% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on TROW. Wells Fargo & Company raised their price objective on T. Rowe Price Group from $98.00 to $108.00 and gave the company an "equal weight" rating in a research report on Friday, July 11th. Evercore ISI cut their price objective on T. Rowe Price Group from $104.00 to $80.00 and set an "in-line" rating on the stock in a research report on Friday, April 11th. Barclays raised their price objective on T. Rowe Price Group from $90.00 to $91.00 and gave the company an "underweight" rating in a research report on Wednesday, July 16th. The Goldman Sachs Group cut their price objective on T. Rowe Price Group from $89.00 to $80.00 and set a "sell" rating on the stock in a research report on Monday, April 14th. Finally, Cowen reissued a "hold" rating on shares of T. Rowe Price Group in a research report on Monday, May 5th. Four equities research analysts have rated the stock with a sell rating and nine have given a hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $96.64.

Insider Activity at T. Rowe Price Group

In other T. Rowe Price Group news, VP Dorothy C. Sawyer sold 2,000 shares of the company's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $95.43, for a total value of $190,860.00. Following the transaction, the vice president owned 44,789 shares of the company's stock, valued at approximately $4,274,214.27. This represents a 4.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jessica M. Hiebler sold 968 shares of T. Rowe Price Group stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $96.98, for a total transaction of $93,876.64. Following the transaction, the insider owned 13,611 shares in the company, valued at approximately $1,319,994.78. The trade was a 6.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.60% of the stock is owned by insiders.

T. Rowe Price Group Price Performance

NASDAQ:TROW traded down $1.07 during mid-day trading on Monday, reaching $104.70. The stock had a trading volume of 1,233,646 shares, compared to its average volume of 1,579,342. The company has a market capitalization of $23.07 billion, a price-to-earnings ratio of 11.52, a price-to-earnings-growth ratio of 3.14 and a beta of 1.49. T. Rowe Price Group, Inc. has a 1-year low of $77.85 and a 1-year high of $125.81. The stock's 50 day simple moving average is $96.63 and its two-hundred day simple moving average is $98.72.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last posted its earnings results on Friday, May 2nd. The asset manager reported $2.23 EPS for the quarter, beating the consensus estimate of $2.13 by $0.10. The company had revenue of $1.76 billion during the quarter, compared to analyst estimates of $1.80 billion. T. Rowe Price Group had a return on equity of 20.17% and a net margin of 28.38%. The business's revenue was up .8% compared to the same quarter last year. During the same period in the prior year, the company earned $2.38 earnings per share. Sell-side analysts anticipate that T. Rowe Price Group, Inc. will post 9.29 EPS for the current fiscal year.

T. Rowe Price Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 13th were issued a dividend of $1.27 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $5.08 annualized dividend and a yield of 4.85%. T. Rowe Price Group's payout ratio is 57.60%.

About T. Rowe Price Group

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.