Texas Permanent School Fund Corp Lowers Stake in T. Rowe Price Group, Inc. $TROW

Texas Permanent School Fund Corp cut its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 35.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 15,371 shares of the asset manager’s stock after selling 8,389 shares during the period. Texas Permanent School Fund Corp’s holdings in T. Rowe Price Group were worth $1,483,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Candriam S.C.A. grew its position in T. Rowe Price Group by 20.4% during the second quarter. Candriam S.C.A. now owns 30,931 shares of the asset manager’s stock valued at $2,985,000 after acquiring an additional 5,236 shares during the last quarter. Amundi grew its holdings in shares of T. Rowe Price Group by 16.9% during the 2nd quarter. Amundi now owns 1,607,616 shares of the asset manager’s stock valued at $153,714,000 after purchasing an additional 232,361 shares during the last quarter. Kestra Investment Management LLC raised its position in T. Rowe Price Group by 268.4% in the 1st quarter. Kestra Investment Management LLC now owns 35,402 shares of the asset manager’s stock worth $3,252,000 after purchasing an additional 25,793 shares during the period. Promethium Advisors LLC raised its position in T. Rowe Price Group by 45.2% in the 1st quarter. Promethium Advisors LLC now owns 46,460 shares of the asset manager’s stock worth $4,268,000 after purchasing an additional 14,473 shares during the period. Finally, Patton Fund Management Inc. bought a new stake in T. Rowe Price Group in the second quarter worth $240,000. Hedge funds and other institutional investors own 73.39% of the company’s stock.

Insider Transactions at T. Rowe Price Group

In other T. Rowe Price Group news, VP Arif Husain sold 4,260 shares of the company’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $101.96, for a total value of $434,349.60. Following the completion of the transaction, the vice president directly owned 47,102 shares in the company, valued at approximately $4,802,519.92. This represents a 8.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.60% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Citigroup raised their price objective on T. Rowe Price Group from $105.00 to $107.00 in a research note on Monday, November 3rd. BMO Capital Markets started coverage on T. Rowe Price Group in a report on Friday, October 3rd. They set a “market perform” rating and a $108.00 target price for the company. The Goldman Sachs Group decreased their price target on T. Rowe Price Group from $98.00 to $93.00 and set a “sell” rating on the stock in a research note on Tuesday, November 25th. Evercore ISI lowered their price objective on T. Rowe Price Group from $118.00 to $115.00 and set an “in-line” rating for the company in a research report on Friday, December 5th. Finally, Morgan Stanley increased their price objective on T. Rowe Price Group from $126.00 to $128.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 17th. Twelve equities research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, T. Rowe Price Group has a consensus rating of “Reduce” and an average price target of $108.31.

T. Rowe Price Group Price Performance

TROW opened at $104.03 on Wednesday. The business has a 50 day simple moving average of $102.89 and a two-hundred day simple moving average of $103.02. The firm has a market capitalization of $22.70 billion, a price-to-earnings ratio of 11.33, a PEG ratio of 2.83 and a beta of 1.53. T. Rowe Price Group, Inc. has a one year low of $77.85 and a one year high of $118.32.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings data on Friday, October 31st. The asset manager reported $2.81 earnings per share for the quarter, topping analysts’ consensus estimates of $2.55 by $0.26. T. Rowe Price Group had a return on equity of 19.95% and a net margin of 28.89%.The firm had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.88 billion. During the same period last year, the company earned $2.57 EPS. The business’s quarterly revenue was up 6.0% compared to the same quarter last year. As a group, sell-side analysts expect that T. Rowe Price Group, Inc. will post 9.29 EPS for the current fiscal year.

T. Rowe Price Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 30th. Shareholders of record on Monday, December 15th will be given a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend is Monday, December 15th. T. Rowe Price Group’s payout ratio is presently 55.34%.

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.