DnB Asset Management AS lessened its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 53.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 49,420 shares of the asset manager's stock after selling 57,333 shares during the quarter. DnB Asset Management AS's holdings in T. Rowe Price Group were worth $5,589,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of T. Rowe Price Group by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 26,063,837 shares of the asset manager's stock worth $2,947,559,000 after acquiring an additional 135,203 shares in the last quarter. Charles Schwab Investment Management Inc. increased 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. Geode Capital Management LLC raised its position in T. Rowe Price Group by 0.5% in the third quarter. Geode Capital Management LLC now owns 5,515,198 shares of the asset manager's stock valued at $598,801,000 after purchasing an additional 25,481 shares during the period. Provident Trust Co. lifted its stake in shares of T. Rowe Price Group by 8.9% during the fourth quarter. Provident Trust Co. now owns 2,611,294 shares of the asset manager's stock worth $295,311,000 after purchasing an additional 213,566 shares in the last quarter. Finally, Fisher Asset Management LLC grew its stake in shares of T. Rowe Price Group by 0.5% in the fourth quarter. Fisher Asset Management LLC now owns 1,870,446 shares of the asset manager's stock valued at $211,529,000 after buying an additional 8,992 shares in the last quarter. 73.39% of the stock is owned by hedge funds and other institutional investors.
Insider Activity
In other news, Director Robert F. Maclellan sold 3,955 shares of the firm's stock in a transaction on Monday, March 31st. The stock was 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 of the company's stock, valued at $3,935,157.24. This trade represents a 8.43 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Arif Husain sold 4,112 shares of the stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $109.27, for a total transaction of $449,318.24. Following the completion of the sale, the vice president now directly owns 36,800 shares of the company's stock, valued at $4,021,136. This trade represents a 10.05 % 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.
T. Rowe Price Group Price Performance
Shares of NASDAQ TROW traded down $7.07 during midday trading on Thursday, hitting $86.83. 1,981,114 shares of the company's stock were exchanged, compared to its average volume of 1,371,235. The stock's 50 day moving average price is $103.36 and its 200-day moving average price is $110.62. The firm has a market cap of $19.30 billion, a P/E ratio of 9.47, a PEG ratio of 2.86 and a beta of 1.46. T. Rowe Price Group, Inc. has a twelve month low of $85.76 and a twelve month high of $125.81.
T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued its quarterly earnings results on Wednesday, February 5th. The asset manager reported $2.12 EPS for the quarter, missing analysts' consensus estimates of $2.20 by ($0.08). T. Rowe Price Group had a net margin of 29.61% and a return on equity of 20.83%. During the same period last year, the business earned $1.72 EPS. On average, analysts expect that T. Rowe Price Group, Inc. will post 9.29 EPS for the current fiscal year.
T. Rowe Price Group Increases Dividend
The business also recently declared 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. This represents a $5.08 dividend on an annualized basis and a dividend yield of 5.85%. This is an increase from T. Rowe Price Group's previous quarterly dividend of $1.24. The ex-dividend date was Friday, March 14th. T. Rowe Price Group's payout ratio is 55.46%.
Analyst Upgrades and Downgrades
A number of research firms have recently commented on TROW. Bank of America reduced their target price on shares of T. Rowe Price Group from $90.00 to $85.00 and set an "underperform" rating on the stock in a research report on Thursday. StockNews.com cut T. Rowe Price Group from a "buy" rating to a "hold" rating in a research note on Sunday, February 2nd. Wells Fargo & Company dropped their price objective on T. Rowe Price Group from $118.00 to $116.00 and set an "equal weight" rating on the stock in a report on Thursday, February 6th. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $113.00 target price (up from $111.00) on shares of T. Rowe Price Group in a research note on Thursday, February 6th. Finally, Barclays cut their price target on shares of T. Rowe Price Group from $113.00 to $105.00 and set an "underweight" rating on the stock in a report on Thursday, February 6th. Five investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $108.50.
Check Out Our Latest Research Report on TROW
About T. Rowe Price Group
(
Free Report)
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.
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