T. Rowe Price Group, Inc. $TROW Shares Sold by Cullen Frost Bankers Inc.

Cullen Frost Bankers Inc. lessened its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 91.9% during the 4th quarter, HoldingsChannel.com reports. The firm owned 1,503 shares of the asset manager’s stock after selling 17,130 shares during the period. Cullen Frost Bankers Inc.’s holdings in T. Rowe Price Group were worth $154,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of TROW. Fidelis Capital Partners LLC purchased a new stake in shares of T. Rowe Price Group in the 3rd quarter valued at $540,000. First Citizens Bank & Trust Co. increased its stake in T. Rowe Price Group by 141.9% during the third quarter. First Citizens Bank & Trust Co. now owns 175,885 shares of the asset manager’s stock worth $18,053,000 after purchasing an additional 103,174 shares during the period. Robeco Institutional Asset Management B.V. increased its stake in T. Rowe Price Group by 17.4% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 79,003 shares of the asset manager’s stock worth $8,088,000 after purchasing an additional 11,691 shares during the period. Assenagon Asset Management S.A. increased its stake in T. Rowe Price Group by 43.9% during the fourth quarter. Assenagon Asset Management S.A. now owns 312,768 shares of the asset manager’s stock worth $32,021,000 after purchasing an additional 95,351 shares during the period. Finally, LBP AM SA increased its stake in T. Rowe Price Group by 23.9% during the fourth quarter. LBP AM SA now owns 156,879 shares of the asset manager’s stock worth $16,061,000 after purchasing an additional 30,226 shares during the period. Institutional investors and hedge funds own 73.39% of the company’s stock.

T. Rowe Price Group Price Performance

TROW opened at $103.39 on Friday. The business has a 50 day simple moving average of $95.75 and a 200-day simple moving average of $99.18. The stock has a market capitalization of $22.15 billion, a P/E ratio of 11.08, a P/E/G ratio of 4.51 and a beta of 1.51. T. Rowe Price Group, Inc. has a 12 month low of $85.22 and a 12 month high of $118.22.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings results on Thursday, April 30th. The asset manager reported $2.52 EPS for the quarter, beating the consensus estimate of $2.37 by $0.15. The business had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.85 billion. T. Rowe Price Group had a return on equity of 20.60% and a net margin of 28.28%.The company’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same period last year, the firm earned $2.23 EPS. Research analysts anticipate that T. Rowe Price Group, Inc. will post 9.63 EPS for the current year.

T. Rowe Price Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 29th. Stockholders of record on Monday, June 15th will be issued a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 5.0%. The ex-dividend date of this dividend is Monday, June 15th. T. Rowe Price Group’s dividend payout ratio (DPR) is currently 55.73%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on TROW shares. Deutsche Bank Aktiengesellschaft cut their price target on shares of 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. Weiss Ratings reiterated a “hold (c)” rating on shares of T. Rowe Price Group in a research note on Friday, May 8th. Jefferies Financial Group cut their price target on shares of T. Rowe Price Group from $107.00 to $91.00 and set a “hold” rating on the stock in a research note on Wednesday, April 8th. TD Cowen boosted their price target on shares of T. Rowe Price Group from $93.00 to $94.00 and gave the stock a “hold” rating in a research note on Friday, May 1st. Finally, JPMorgan Chase & Co. cut their price target on shares of T. Rowe Price Group from $106.00 to $103.00 and set an “underweight” rating on the stock in a research note on Friday, April 24th. Eleven analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $99.54.

Insider Activity at T. Rowe Price Group

In other news, VP Stephon A. Jackson sold 3,000 shares of the firm’s 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 sale, the vice president directly owned 83,883 shares of the company’s stock, valued at $8,603,040.48. This trade represents a 3.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.60% of the stock is owned by corporate insiders.

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.