Bank of America Corp DE Sells 560,426 Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW)

Bank of America Corp DE lessened its position in T. Rowe Price Group, Inc. (NASDAQ:TROWGet Rating) by 20.5% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,174,989 shares of the asset manager’s stock after selling 560,426 shares during the period. Bank of America Corp DE owned approximately 0.96% of T. Rowe Price Group worth $328,836,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the company. Norges Bank bought a new stake in T. Rowe Price Group in the 4th quarter valued at $387,395,000. American Century Companies Inc. raised its stake in shares of T. Rowe Price Group by 74.6% in the 1st quarter. American Century Companies Inc. now owns 2,376,088 shares of the asset manager’s stock valued at $359,241,000 after purchasing an additional 1,014,981 shares during the period. BlackRock Inc. lifted its holdings in shares of T. Rowe Price Group by 4.8% in the first quarter. BlackRock Inc. now owns 19,713,986 shares of the asset manager’s stock valued at $2,980,558,000 after purchasing an additional 904,707 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of T. Rowe Price Group by 10.5% in the first quarter. JPMorgan Chase & Co. now owns 9,442,430 shares of the asset manager’s stock valued at $1,427,600,000 after purchasing an additional 900,933 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of T. Rowe Price Group by 34.7% in the first quarter. Bank of New York Mellon Corp now owns 2,847,235 shares of the asset manager’s stock valued at $430,474,000 after purchasing an additional 734,155 shares in the last quarter. Institutional investors own 74.94% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on TROW shares. Morgan Stanley cut their price target on T. Rowe Price Group from $124.00 to $123.00 and set an “equal weight” rating on the stock in a report on Friday, July 29th. JPMorgan Chase & Co. cut their price target on T. Rowe Price Group from $117.00 to $94.00 and set an “underweight” rating on the stock in a report on Monday, July 18th. BMO Capital Markets dropped their target price on T. Rowe Price Group from $135.00 to $115.00 in a report on Monday, August 1st. TheStreet downgraded T. Rowe Price Group from a “b-” rating to a “c” rating in a research report on Wednesday, July 13th. Finally, The Goldman Sachs Group lowered their price target on T. Rowe Price Group from $118.00 to $100.00 and set a “sell” rating on the stock in a research report on Wednesday, June 29th. Five research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $132.30.

T. Rowe Price Group Trading Up 3.4 %

Shares of TROW stock opened at $113.92 on Tuesday. The stock has a market cap of $25.71 billion, a P/E ratio of 11.00, a price-to-earnings-growth ratio of 2.26 and a beta of 1.29. The stock has a 50 day simple moving average of $121.64 and a 200 day simple moving average of $127.25. T. Rowe Price Group, Inc. has a 1 year low of $104.72 and a 1 year high of $223.36.

T. Rowe Price Group (NASDAQ:TROWGet Rating) last issued its quarterly earnings results on Thursday, July 28th. The asset manager reported $1.79 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.64 by ($0.85). The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.68 billion. T. Rowe Price Group had a net margin of 33.26% and a return on equity of 28.18%. The company’s quarterly revenue was down 20.4% on a year-over-year basis. During the same quarter last year, the firm posted $3.31 earnings per share. Analysts forecast that T. Rowe Price Group, Inc. will post 8.24 EPS for the current year.

T. Rowe Price Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Thursday, September 15th will be paid a $1.20 dividend. This represents a $4.80 annualized dividend and a dividend yield of 4.21%. The ex-dividend date is Wednesday, September 14th. T. Rowe Price Group’s dividend payout ratio (DPR) is currently 46.33%.

Insider Activity at T. Rowe Price Group

In other T. Rowe Price Group news, VP Andrew Justin Mackenzi Thomson sold 11,891 shares of the company’s stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $126.91, for a total transaction of $1,509,086.81. Following the completion of the sale, the vice president now directly owns 136,410 shares in the company, valued at $17,311,793.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other T. Rowe Price Group news, VP Andrew Justin Mackenzi Thomson sold 11,891 shares of the company’s stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $126.91, for a total transaction of $1,509,086.81. Following the completion of the sale, the vice president now directly owns 136,410 shares in the company, valued at $17,311,793.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jessica M. Hiebler sold 959 shares of T. Rowe Price Group stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $124.57, for a total value of $119,462.63. Following the sale, the insider now directly owns 12,183 shares in the company, valued at $1,517,636.31. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by corporate insiders.

T. Rowe Price Group Company Profile

(Get Rating)

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.

Further Reading

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Institutional Ownership by Quarter for T. Rowe Price Group (NASDAQ:TROW)

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