Rhumbline Advisers Sells 13,477 Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW)

Rhumbline Advisers lessened its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 2.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 458,875 shares of the asset manager's stock after selling 13,477 shares during the period. Rhumbline Advisers owned 0.21% of T. Rowe Price Group worth $52,913,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Lynx Investment Advisory acquired a new position in shares of T. Rowe Price Group during the 2nd quarter worth about $29,000. First United Bank & Trust acquired a new stake in T. Rowe Price Group in the 4th quarter worth $31,000. Family Firm Inc. acquired a new position in shares of T. Rowe Price Group during the second quarter valued at about $36,000. Versant Capital Management Inc lifted its stake in shares of T. Rowe Price Group by 660.5% in the second quarter. Versant Capital Management Inc now owns 327 shares of the asset manager's stock valued at $38,000 after buying an additional 284 shares during the period. Finally, EverSource Wealth Advisors LLC grew its position in T. Rowe Price Group by 93.6% during the first quarter. EverSource Wealth Advisors LLC now owns 331 shares of the asset manager's stock worth $40,000 after buying an additional 160 shares in the last quarter. Institutional investors and hedge funds own 73.39% of the company's stock.

T. Rowe Price Group Stock Performance

TROW traded down $0.50 during midday trading on Thursday, hitting $104.12. The company had a trading volume of 775,742 shares, compared to its average volume of 1,272,394. T. Rowe Price Group, Inc. has a twelve month low of $87.43 and a twelve month high of $122.27. The company has a market capitalization of $23.25 billion, a PE ratio of 12.43, a P/E/G ratio of 1.69 and a beta of 1.41. The firm's 50-day simple moving average is $111.17 and its 200-day simple moving average is $113.81.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued its quarterly earnings results on Friday, July 26th. The asset manager reported $2.26 earnings per share for the quarter, missing analysts' consensus estimates of $2.27 by ($0.01). The company had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.79 billion. T. Rowe Price Group had a net margin of 28.66% and a return on equity of 19.90%. The business's revenue for the quarter was up 7.6% on a year-over-year basis. During the same period in the prior year, the business earned $2.02 EPS. As a group, sell-side analysts anticipate that T. Rowe Price Group, Inc. will post 9 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be given a dividend of $1.24 per share. This represents a $4.96 annualized dividend and a dividend yield of 4.76%. The ex-dividend date of this dividend is Friday, September 13th. T. Rowe Price Group's payout ratio is 58.91%.

Wall Street Analyst Weigh In

A number of brokerages have commented on TROW. JPMorgan Chase & Co. raised their price objective on T. Rowe Price Group from $102.00 to $107.00 and gave the stock an "underweight" rating in a research report on Tuesday, July 23rd. Evercore ISI reduced their target price on T. Rowe Price Group from $115.00 to $108.00 and set an "in-line" rating for the company in a research report on Thursday. StockNews.com lowered shares of T. Rowe Price Group from a "buy" rating to a "hold" rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $120.00 price objective (down from $121.00) on shares of T. Rowe Price Group in a report on Monday, July 29th. Finally, TD Cowen decreased their price target on T. Rowe Price Group from $123.00 to $118.00 and set a "hold" rating on the stock in a research note on Monday, July 29th. Four equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $113.20.

Insider Transactions at T. Rowe Price Group

In other T. Rowe Price Group news, insider Jessica M. Hiebler sold 1,401 shares of the stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $115.85, for a total value of $162,305.85. Following the transaction, the insider now owns 14,198 shares of the company's stock, valued at $1,644,838.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Jessica M. Hiebler sold 1,401 shares of T. Rowe Price Group stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $115.85, for a total transaction of $162,305.85. Following the transaction, the insider now directly owns 14,198 shares of the company's stock, valued at $1,644,838.30. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Dorothy C. Sawyer sold 2,000 shares of the company's stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $117.00, for a total transaction of $234,000.00. Following the completion of the sale, the vice president now owns 34,710 shares of the company's stock, valued at approximately $4,061,070. The disclosure for this sale can be found here. 2.00% of the stock is owned by corporate insiders.

T. Rowe Price Group Company 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.