Xact Kapitalforvaltning AB trimmed its stake in T. Rowe Price Group Inc (NASDAQ:TROW) by 17.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 89,090 shares of the asset manager’s stock after selling 18,442 shares during the quarter. Xact Kapitalforvaltning AB’s holdings in T. Rowe Price Group were worth $9,619,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in the stock. Guggenheim Capital LLC lifted its position in shares of T. Rowe Price Group by 17.5% during the fourth quarter. Guggenheim Capital LLC now owns 807,029 shares of the asset manager’s stock worth $84,680,000 after purchasing an additional 119,957 shares in the last quarter. Macquarie Group Ltd. lifted its position in shares of T. Rowe Price Group by 1.9% during the fourth quarter. Macquarie Group Ltd. now owns 48,009 shares of the asset manager’s stock worth $5,282,000 after purchasing an additional 883 shares in the last quarter. Carnegie Capital Asset Management LLC acquired a new position in shares of T. Rowe Price Group during the fourth quarter worth $6,141,000. MetLife Investment Advisors LLC acquired a new position in shares of T. Rowe Price Group during the fourth quarter worth $7,867,000. Finally, American International Group Inc. lifted its position in shares of T. Rowe Price Group by 5.4% during the fourth quarter. American International Group Inc. now owns 139,441 shares of the asset manager’s stock worth $14,632,000 after purchasing an additional 7,182 shares in the last quarter. Hedge funds and other institutional investors own 71.78% of the company’s stock.
TROW has been the topic of a number of recent research reports. Credit Suisse Group reissued a “neutral” rating and set a $123.00 target price (up from $121.00) on shares of T. Rowe Price Group in a research report on Thursday, February 22nd. Zacks Investment Research cut shares of T. Rowe Price Group from a “hold” rating to a “sell” rating in a research report on Thursday, April 12th. BidaskClub raised shares of T. Rowe Price Group from a “buy” rating to a “strong-buy” rating in a report on Tuesday, February 27th. Morgan Stanley set a $113.00 price target on shares of T. Rowe Price Group and gave the company a “hold” rating in a report on Thursday, February 22nd. Finally, TheStreet raised shares of T. Rowe Price Group from a “c+” rating to a “b+” rating in a report on Monday, March 5th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $113.10.
Shares of NASDAQ:TROW opened at $122.93 on Wednesday. The firm has a market cap of $29.95 billion, a price-to-earnings ratio of 22.64, a price-to-earnings-growth ratio of 1.58 and a beta of 1.22. T. Rowe Price Group Inc has a 1-year low of $72.44 and a 1-year high of $127.43.
T. Rowe Price Group (NASDAQ:TROW) last issued its earnings results on Wednesday, April 25th. The asset manager reported $1.74 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.65 by $0.09. The company had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.28 billion. T. Rowe Price Group had a net margin of 31.10% and a return on equity of 26.93%. The firm’s revenue was up 17.3% compared to the same quarter last year. During the same period in the prior year, the company earned $1.18 earnings per share. sell-side analysts anticipate that T. Rowe Price Group Inc will post 7.05 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Friday, June 15th will be issued a dividend of $0.70 per share. The ex-dividend date of this dividend is Thursday, June 14th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.28%. T. Rowe Price Group’s dividend payout ratio (DPR) is 51.57%.
T. Rowe Price Group declared that its board has approved a stock repurchase program on Thursday, April 26th that permits the company to buyback 10,000,000 shares. This buyback authorization permits the asset manager to buy shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.
In other T. Rowe Price Group news, Director Robert F. Maclellan sold 5,000 shares of the stock in a transaction on Wednesday, May 30th. The shares were sold at an average price of $122.58, for a total transaction of $612,900.00. Following the sale, the director now directly owns 13,769 shares of the company’s stock, valued at $1,687,804.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Edward A. Wiese sold 40,000 shares of the company’s stock in a transaction dated Thursday, June 14th. The stock was sold at an average price of $123.75, for a total transaction of $4,950,000.00. Following the transaction, the vice president now owns 132,219 shares of the company’s stock, valued at approximately $16,362,101.25. The disclosure for this sale can be found here. Insiders have sold 102,000 shares of company stock worth $12,746,220 over the last three months. 3.10% 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.
Want to see what other hedge funds are holding TROW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for T. Rowe Price Group Inc (NASDAQ:TROW).
Receive News & Ratings for T. Rowe Price Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for T. Rowe Price Group and related companies with MarketBeat.com's FREE daily email newsletter.