Canandaigua National Bank & Trust Co. cut its stake in shares of T. Rowe Price (NASDAQ:TROW) by 14.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,113 shares of the asset manager’s stock after selling 1,749 shares during the quarter. Canandaigua National Bank & Trust Co.’s holdings in T. Rowe Price were worth $1,092,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Glen Harbor Capital Management LLC grew its holdings in shares of T. Rowe Price by 799.2% during the first quarter. Glen Harbor Capital Management LLC now owns 62,188 shares of the asset manager’s stock valued at $6,714,000 after buying an additional 55,272 shares during the last quarter. KAMES CAPITAL plc grew its holdings in shares of T. Rowe Price by 15.4% during the first quarter. KAMES CAPITAL plc now owns 1,085,955 shares of the asset manager’s stock valued at $117,162,000 after buying an additional 144,851 shares during the last quarter. Rockefeller Capital Management L.P. purchased a new stake in shares of T. Rowe Price during the first quarter valued at $255,000. Haverford Trust Co. purchased a new stake in shares of T. Rowe Price during the first quarter valued at $247,000. Finally, KCM Investment Advisors LLC grew its holdings in shares of T. Rowe Price by 15.7% during the first quarter. KCM Investment Advisors LLC now owns 3,403 shares of the asset manager’s stock valued at $367,000 after buying an additional 461 shares during the last quarter. 72.04% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages have recently weighed in on TROW. Jefferies Group raised shares of T. Rowe Price from a “neutral” rating to a “hold” rating in a report on Thursday, May 17th. Zacks Investment Research lowered shares of T. Rowe Price from a “buy” rating to a “hold” rating in a report on Monday, March 12th. Deutsche Bank raised shares of T. Rowe Price from a “hold” rating to a “buy” rating and dropped their price objective for the company from $121.00 to $114.00 in a report on Wednesday, May 16th. Credit Suisse Group raised shares of T. Rowe Price from a “neutral” rating to an “outperform” rating and set a $123.00 price objective on the stock in a report on Wednesday, May 16th. Finally, BidaskClub raised shares of T. Rowe Price from a “buy” rating to a “strong-buy” rating in a report on Tuesday, February 27th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $113.10.
NASDAQ:TROW opened at $121.94 on Tuesday. T. Rowe Price has a one year low of $67.62 and a one year high of $122.36. The firm has a market capitalization of $29.20 billion, a price-to-earnings ratio of 22.46, a price-to-earnings-growth ratio of 1.59 and a beta of 1.21.
T. Rowe Price (NASDAQ:TROW) last posted its quarterly earnings results on Wednesday, April 25th. The asset manager reported $1.74 EPS for the quarter, beating the consensus estimate of $1.65 by $0.09. T. Rowe Price had a net margin of 31.10% and a return on equity of 26.93%. The company had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same period in the prior year, the company earned $1.18 earnings per share. The firm’s revenue was up 17.3% on a year-over-year basis. equities research analysts anticipate that T. Rowe Price will post 7.01 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Friday, June 15th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.30%. The ex-dividend date is Thursday, June 14th. T. Rowe Price’s payout ratio is 51.57%.
T. Rowe Price declared that its Board of Directors has authorized a share repurchase program on Thursday, April 26th that permits the company to repurchase 10,000,000 shares. This repurchase authorization permits the asset manager to buy shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
About T. Rowe Price
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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