T. Rowe Price Group, Inc. $TROW Shares Sold by IFG Advisory LLC

IFG Advisory LLC cut its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 23.0% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 24,577 shares of the asset manager’s stock after selling 7,356 shares during the period. IFG Advisory LLC’s holdings in T. Rowe Price Group were worth $2,516,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the stock. Northern Trust Corp raised its position in T. Rowe Price Group by 6.4% during the third quarter. Northern Trust Corp now owns 2,529,116 shares of the asset manager’s stock worth $259,588,000 after acquiring an additional 152,451 shares during the period. Dimensional Fund Advisors LP raised its position in T. Rowe Price Group by 3.2% during the third quarter. Dimensional Fund Advisors LP now owns 2,090,249 shares of the asset manager’s stock worth $214,557,000 after acquiring an additional 64,791 shares during the period. Caisse de depot et placement du Quebec raised its position in T. Rowe Price Group by 81.0% during the third quarter. Caisse de depot et placement du Quebec now owns 1,306,922 shares of the asset manager’s stock worth $134,142,000 after acquiring an additional 584,949 shares during the period. Ameriprise Financial Inc. raised its position in T. Rowe Price Group by 5.5% during the third quarter. Ameriprise Financial Inc. now owns 873,092 shares of the asset manager’s stock worth $89,614,000 after acquiring an additional 45,845 shares during the period. Finally, Allianz Asset Management GmbH raised its position in T. Rowe Price Group by 24.8% during the third quarter. Allianz Asset Management GmbH now owns 767,672 shares of the asset manager’s stock worth $78,794,000 after acquiring an additional 152,318 shares during the period. 73.39% of the stock is currently owned by institutional investors and hedge funds.

T. Rowe Price Group Trading Down 0.9%

Shares of TROW opened at $103.55 on Friday. T. Rowe Price Group, Inc. has a 12-month low of $85.22 and a 12-month high of $118.22. The firm has a 50-day moving average price of $97.01 and a 200 day moving average price of $99.21. The firm has a market capitalization of $22.19 billion, a P/E ratio of 11.10, a P/E/G ratio of 5.35 and a beta of 1.51.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings data on Thursday, April 30th. The asset manager reported $2.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.37 by $0.15. T. Rowe Price Group had a net margin of 28.28% and a return on equity of 20.60%. The firm had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.85 billion. During the same quarter in the prior year, the firm posted $2.23 earnings per share. T. Rowe Price Group’s quarterly revenue was up 5.3% on a year-over-year basis. Equities research analysts predict that T. Rowe Price Group, Inc. will post 9.63 earnings per share for the current fiscal year.

T. Rowe Price Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 29th. Investors of record on Monday, June 15th will be issued a $1.30 dividend. 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 5.0%. T. Rowe Price Group’s dividend payout ratio is currently 55.73%.

Analyst Upgrades and Downgrades

TROW has been the subject of a number of research reports. Barclays upped their target price on shares of T. Rowe Price Group from $87.00 to $89.00 and gave the stock an “underweight” rating in a report on Friday, May 1st. The Goldman Sachs Group upped their target price on shares of T. Rowe Price Group from $85.00 to $90.00 in a report on Friday, May 1st. Jefferies Financial Group dropped their target price on shares of T. Rowe Price Group from $107.00 to $91.00 and set a “hold” rating for the company in a report on Wednesday, April 8th. JPMorgan Chase & Co. dropped their target price on shares of T. Rowe Price Group from $106.00 to $103.00 and set an “underweight” rating for the company in a report on Friday, April 24th. Finally, Zacks Research raised shares of T. Rowe Price Group from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 13th. Eleven research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, T. Rowe Price Group has a consensus rating of “Reduce” and a consensus target price of $99.54.

Insider Activity

In related news, VP Stephon A. Jackson sold 3,000 shares of the stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $102.56, for a total value of $307,680.00. Following the completion of the transaction, the vice president directly owned 83,883 shares in the company, valued at approximately $8,603,040.48. This represents a 3.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 1.60% of the company’s stock.

About T. Rowe Price Group

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.