T. Rowe Price Group, Inc. (NASDAQ:TROW) Shares Sold by Cerity Partners LLC

Cerity Partners LLC cut its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 44.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 73,174 shares of the asset manager's stock after selling 59,026 shares during the quarter. Cerity Partners LLC's holdings in T. Rowe Price Group were worth $8,241,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in T. Rowe Price Group in the 4th quarter valued at about $117,704,000. Amundi raised its stake in T. Rowe Price Group by 30.1% in the 4th quarter. Amundi now owns 1,717,877 shares of the asset manager's stock valued at $194,064,000 after purchasing an additional 397,278 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in T. Rowe Price Group by 5.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,187,176 shares of the asset manager's stock valued at $812,798,000 after purchasing an additional 346,369 shares in the last quarter. L.K. Benson & Company P.C. acquired a new stake in T. Rowe Price Group during the 4th quarter worth $36,643,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of T. Rowe Price Group during the fourth quarter worth $32,332,000. 73.39% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, VP Arif Husain sold 4,112 shares of the company's stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $109.27, for a total value of $449,318.24. Following the sale, the vice president now owns 36,800 shares of the company's stock, valued at approximately $4,021,136. This represents a 10.05 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Robert F. Maclellan sold 3,955 shares of the company's stock in a transaction on Monday, March 31st. The shares were sold at an average price of $91.56, for a total value of $362,119.80. Following the completion of the sale, the director now owns 42,979 shares in the company, valued at $3,935,157.24. This represents a 8.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.00% of the company's stock.

Remove Ads

T. Rowe Price Group Stock Performance

TROW stock traded down $1.74 during mid-day trading on Tuesday, reaching $87.58. The company had a trading volume of 1,845,010 shares, compared to its average volume of 1,443,043. The firm has a fifty day simple moving average of $97.55 and a 200 day simple moving average of $109.02. The company has a market capitalization of $19.46 billion, a price-to-earnings ratio of 9.56, a price-to-earnings-growth ratio of 2.86 and a beta of 1.50. T. Rowe Price Group, Inc. has a fifty-two week low of $77.85 and a fifty-two week high of $125.81.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued its quarterly earnings data on Wednesday, February 5th. The asset manager reported $2.12 earnings per share for the quarter, missing the consensus estimate of $2.20 by ($0.08). T. Rowe Price Group had a return on equity of 20.83% and a net margin of 29.61%. During the same quarter in the previous year, the company posted $1.72 EPS. As a group, analysts predict that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current year.

T. Rowe Price Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were given a dividend of $1.27 per share. The ex-dividend date was Friday, March 14th. This represents a $5.08 dividend on an annualized basis and a yield of 5.80%. This is an increase from T. Rowe Price Group's previous quarterly dividend of $1.24. T. Rowe Price Group's dividend payout ratio is presently 55.46%.

Wall Street Analyst Weigh In

TROW has been the subject of several research reports. The Goldman Sachs Group dropped their price objective on shares of T. Rowe Price Group from $89.00 to $80.00 and set a "sell" rating for the company in a research note on Monday. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $113.00 price target (up previously from $111.00) on shares of T. Rowe Price Group in a report on Thursday, February 6th. Bank of America lowered their price objective on T. Rowe Price Group from $90.00 to $85.00 and set an "underperform" rating on the stock in a research note on Thursday, April 3rd. StockNews.com downgraded T. Rowe Price Group from a "buy" rating to a "hold" rating in a research note on Sunday, February 2nd. Finally, Citigroup dropped their price objective on shares of T. Rowe Price Group from $100.00 to $95.00 and set a "neutral" rating for the company in a report on Monday. Four investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $100.09.

T. Rowe Price Group Profile

T. Rowe Price Group, Inc is a publicly owned investment manager. The firm provides its services to individuals, institutional investors, retirement plans, financial intermediaries, and institutions. It launches and manages equity and fixed income mutual funds. The firm invests in the public equity and fixed income markets across the globe.