Rhumbline Advisers Cuts Stock Position in T. Rowe Price Group, Inc. $TROW

Rhumbline Advisers lowered its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 2.8% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 457,012 shares of the asset manager’s stock after selling 13,055 shares during the period. Rhumbline Advisers owned approximately 0.21% of T. Rowe Price Group worth $46,908,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of T. Rowe Price Group by 0.5% during the second quarter. Vanguard Group Inc. now owns 26,416,718 shares of the asset manager’s stock worth $2,549,213,000 after buying an additional 130,325 shares during the period. State Street Corp grew its holdings in T. Rowe Price Group by 1.5% during the 2nd quarter. State Street Corp now owns 14,510,271 shares of the asset manager’s stock worth $1,400,241,000 after acquiring an additional 211,647 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of T. Rowe Price Group by 1.8% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 7,846,636 shares of the asset manager’s stock valued at $757,200,000 after purchasing an additional 140,385 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of T. Rowe Price Group by 3.4% during the 2nd quarter. Geode Capital Management LLC now owns 6,014,236 shares of the asset manager’s stock worth $578,059,000 after purchasing an additional 197,024 shares during the last quarter. Finally, Invesco Ltd. grew its stake in shares of T. Rowe Price Group by 0.3% during the second quarter. Invesco Ltd. now owns 3,444,720 shares of the asset manager’s stock worth $332,415,000 after purchasing an additional 11,036 shares in the last quarter. 73.39% of the stock is owned by hedge funds and other institutional investors.

T. Rowe Price Group Stock Up 0.6%

Shares of TROW opened at $93.76 on Friday. T. Rowe Price Group, Inc. has a 52-week low of $77.85 and a 52-week high of $118.22. The company has a 50-day simple moving average of $103.40 and a 200-day simple moving average of $104.03. The company has a market capitalization of $20.46 billion, a PE ratio of 10.14, a P/E/G ratio of 4.81 and a beta of 1.53.

T. Rowe Price Group (NASDAQ:TROW) last posted its earnings results on Wednesday, February 4th. The asset manager reported $2.44 earnings per share for the quarter, missing the consensus estimate of $2.47 by ($0.03). T. Rowe Price Group had a net margin of 28.53% and a return on equity of 20.36%. The firm had revenue of $1.93 billion during the quarter, compared to analyst estimates of $1.92 billion. During the same period last year, the company posted $2.12 EPS. The firm’s revenue for the quarter was up 6.0% on a year-over-year basis. On average, research analysts anticipate that T. Rowe Price Group, Inc. will post 9.29 EPS for the current year.

T. Rowe Price Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 30th. Stockholders of record on Monday, March 16th will be paid a dividend of $1.30 per share. The ex-dividend date of this dividend is Monday, March 16th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 5.5%. This is an increase from T. Rowe Price Group’s previous quarterly dividend of $1.27. T. Rowe Price Group’s dividend payout ratio is currently 54.92%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. TD Cowen dropped their price objective on T. Rowe Price Group from $109.00 to $97.00 and set a “hold” rating on the stock in a report on Thursday, February 5th. Argus upgraded shares of T. Rowe Price Group to a “hold” rating in a research note on Thursday, February 5th. Zacks Research downgraded shares of T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 9th. The Goldman Sachs Group dropped their target price on shares of T. Rowe Price Group from $95.00 to $90.00 and set a “sell” rating on the stock in a research report on Thursday, February 5th. Finally, Citigroup raised their price objective on T. Rowe Price Group from $105.00 to $107.00 in a report on Monday, November 3rd. Twelve equities research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus price target of $102.50.

Insider Activity

In other T. Rowe Price Group news, VP Arif Husain sold 4,260 shares of the stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $101.96, for a total transaction of $434,349.60. Following the transaction, the vice president owned 47,102 shares of the company’s stock, valued at $4,802,519.92. This trade represents a 8.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.00% of the company’s stock.

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.