Sit Investment Associates Inc. cut its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 20.3% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 180,275 shares of the asset manager’s stock after selling 45,855 shares during the period. Sit Investment Associates Inc. owned approximately 0.08% of T. Rowe Price Group worth $16,342,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of TROW. BlackRock Inc. raised its stake in shares of T. Rowe Price Group by 1,722.6% during the 1st quarter. BlackRock Inc. now owns 16,378,787 shares of the asset manager’s stock worth $1,116,214,000 after buying an additional 15,480,155 shares in the last quarter. Capital World Investors raised its stake in shares of T. Rowe Price Group by 235.0% during the 2nd quarter. Capital World Investors now owns 10,512,236 shares of the asset manager’s stock worth $780,113,000 after buying an additional 7,373,953 shares in the last quarter. Massachusetts Financial Services Co. MA purchased a new position in shares of T. Rowe Price Group during the 1st quarter worth approximately $118,342,000. The Manufacturers Life Insurance Company raised its stake in shares of T. Rowe Price Group by 526.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,774,796 shares of the asset manager’s stock worth $131,707,000 after buying an additional 1,491,425 shares in the last quarter. Finally, American Century Companies Inc. raised its stake in shares of T. Rowe Price Group by 66.4% during the 2nd quarter. American Century Companies Inc. now owns 2,544,655 shares of the asset manager’s stock worth $188,839,000 after buying an additional 1,015,518 shares in the last quarter. 73.62% of the stock is owned by institutional investors and hedge funds.

A number of brokerages have recently issued reports on TROW. UBS AG reissued a “sell” rating and set a $63.00 target price (up from $62.00) on shares of T. Rowe Price Group in a research note on Friday, July 14th. Citigroup Inc. increased their target price on T. Rowe Price Group from $73.50 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 26th. Morgan Stanley raised T. Rowe Price Group from an “underweight” rating to an “equal” rating and increased their target price for the stock from $77.00 to $93.00 in a research note on Thursday, October 5th. BidaskClub downgraded T. Rowe Price Group from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, August 1st. Finally, Goldman Sachs Group Inc raised T. Rowe Price Group from a “neutral” rating to a “buy” rating and increased their target price for the stock from $85.00 to $100.00 in a research note on Thursday, September 28th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. T. Rowe Price Group presently has an average rating of “Hold” and an average target price of $87.60.

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T. Rowe Price Group, Inc. (TROW) traded up 1.29% during midday trading on Friday, hitting $96.86. The company had a trading volume of 1,220,728 shares. The company’s 50 day moving average is $88.80 and its 200 day moving average is $78.92. The stock has a market cap of $23.28 billion, a price-to-earnings ratio of 16.63 and a beta of 1.25. T. Rowe Price Group, Inc. has a 12-month low of $62.97 and a 12-month high of $97.35.

T. Rowe Price Group (NASDAQ:TROW) last announced its earnings results on Tuesday, July 25th. The asset manager reported $1.28 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.27 by $0.01. T. Rowe Price Group had a return on equity of 24.38% and a net margin of 32.64%. The firm had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.16 billion. During the same quarter in the previous year, the company earned $0.76 earnings per share. The firm’s quarterly revenue was up 12.1% compared to the same quarter last year. On average, equities analysts anticipate that T. Rowe Price Group, Inc. will post $5.80 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Thursday, September 28th. Investors of record on Thursday, September 14th were issued a dividend of $0.57 per share. The ex-dividend date of this dividend was Wednesday, September 13th. This represents a $2.28 annualized dividend and a yield of 2.35%. T. Rowe Price Group’s payout ratio is 39.18%.

In related news, Director Anne M. Whittemore sold 8,326 shares of the business’s stock in a transaction that occurred on Thursday, July 27th. The stock was sold at an average price of $82.03, for a total transaction of $682,981.78. Following the sale, the director now owns 28,982 shares of the company’s stock, valued at $2,377,393.46. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider David Oestreicher sold 10,394 shares of the business’s stock in a transaction that occurred on Thursday, July 27th. The stock was sold at an average price of $83.07, for a total value of $863,429.58. Following the sale, the insider now directly owns 82,299 shares in the company, valued at approximately $6,836,577.93. The disclosure for this sale can be found here. In the last three months, insiders have sold 36,924 shares of company stock worth $3,187,333. 3.60% of the stock is owned by corporate insiders.

T. Rowe Price Group Profile

T. Rowe Price Group, Inc is a financial services holding company. The Company provides global investment management services through its subsidiaries to investors across the world. The Company provides an array of Company sponsored the United States mutual funds, other sponsored pooled investment vehicles, sub advisory services, separate account management, recordkeeping, and related services to individuals, advisors, institutions, financial intermediaries and retirement plan sponsors.

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Institutional Ownership by Quarter for T. Rowe Price Group (NASDAQ:TROW)

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