Prudential PLC Sells 1,320 Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW)

Prudential PLC lessened its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 12.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,483 shares of the asset manager’s stock after selling 1,320 shares during the quarter. Prudential PLC’s holdings in T. Rowe Price Group were worth $1,071,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in TROW. Fairfield Bush & CO. bought a new position in shares of T. Rowe Price Group during the first quarter valued at approximately $150,000. Roundview Capital LLC bought a new position in T. Rowe Price Group in the first quarter worth $2,092,000. Cibc World Market Inc. raised its holdings in T. Rowe Price Group by 75.9% in the first quarter. Cibc World Market Inc. now owns 27,065 shares of the asset manager’s stock worth $4,092,000 after purchasing an additional 11,675 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in T. Rowe Price Group by 5.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,158,038 shares of the asset manager’s stock worth $175,099,000 after purchasing an additional 60,580 shares in the last quarter. Finally, Sequoia Financial Advisors LLC raised its holdings in T. Rowe Price Group by 57.2% in the first quarter. Sequoia Financial Advisors LLC now owns 2,647 shares of the asset manager’s stock worth $400,000 after purchasing an additional 963 shares in the last quarter. Institutional investors own 75.85% of the company’s stock.

T. Rowe Price Group Price Performance

T. Rowe Price Group stock opened at $112.90 on Tuesday. T. Rowe Price Group, Inc. has a one year low of $93.53 and a one year high of $134.64. The stock has a market capitalization of $25.32 billion, a PE ratio of 16.83, a price-to-earnings-growth ratio of 3.44 and a beta of 1.32. The business’s fifty day moving average is $114.24 and its 200 day moving average is $111.40.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings data on Friday, July 28th. The asset manager reported $2.02 EPS for the quarter, beating the consensus estimate of $1.73 by $0.29. T. Rowe Price Group had a return on equity of 18.30% and a net margin of 24.73%. The company had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.60 billion. During the same period last year, the firm posted $1.79 earnings per share. T. Rowe Price Group’s revenue was up 6.4% compared to the same quarter last year. As a group, sell-side analysts expect that T. Rowe Price Group, Inc. will post 7.18 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 28th. Shareholders of record on Friday, September 15th will be issued a $1.22 dividend. This represents a $4.88 dividend on an annualized basis and a yield of 4.32%. The ex-dividend date is Thursday, September 14th. T. Rowe Price Group’s dividend payout ratio is 72.73%.

Insider Buying and Selling at T. Rowe Price Group

In other T. Rowe Price Group news, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of the stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $111.82, for a total value of $1,338,373.58. Following the transaction, the vice president now owns 129,436 shares of the company’s stock, valued at $14,473,533.52. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 2.10% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

TROW has been the subject of a number of research reports. Citigroup increased their price objective on T. Rowe Price Group from $98.00 to $100.00 and gave the stock a “sell” rating in a report on Friday, July 14th. Morgan Stanley increased their target price on T. Rowe Price Group from $108.00 to $118.00 and gave the stock an “equal weight” rating in a research note on Monday, July 31st. Wells Fargo & Company increased their target price on T. Rowe Price Group from $117.00 to $123.00 and gave the stock an “equal weight” rating in a research note on Monday, July 31st. StockNews.com started coverage on T. Rowe Price Group in a research note on Thursday, August 17th. They issued a “hold” rating on the stock. Finally, The Goldman Sachs Group increased their target price on T. Rowe Price Group from $89.50 to $100.00 and gave the stock a “sell” rating in a research note on Monday, July 31st. Six research analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. According to MarketBeat, T. Rowe Price Group currently has a consensus rating of “Hold” and a consensus target price of $96.73.

About T. Rowe Price Group

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.