State of New Jersey Common Pension Fund D Sells 4,596 Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW)

State of New Jersey Common Pension Fund D lessened its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 3.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 121,890 shares of the asset manager’s stock after selling 4,596 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in T. Rowe Price Group were worth $13,126,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in TROW. OFI Invest Asset Management purchased a new stake in T. Rowe Price Group during the 3rd quarter valued at approximately $25,000. Creative Financial Designs Inc. ADV grew its stake in T. Rowe Price Group by 83.5% during the fourth quarter. Creative Financial Designs Inc. ADV now owns 233 shares of the asset manager’s stock valued at $25,000 after acquiring an additional 106 shares in the last quarter. Park Place Capital Corp increased its holdings in T. Rowe Price Group by 1,775.0% in the 4th quarter. Park Place Capital Corp now owns 300 shares of the asset manager’s stock valued at $32,000 after acquiring an additional 284 shares during the last quarter. Fortitude Family Office LLC purchased a new stake in T. Rowe Price Group in the 4th quarter worth $33,000. Finally, NBC Securities Inc. purchased a new stake in T. Rowe Price Group in the 3rd quarter worth $39,000. 73.39% of the stock is owned by hedge funds and other institutional investors.

T. Rowe Price Group Trading Down 2.0 %

Shares of TROW stock traded down $2.23 during trading hours on Thursday, reaching $108.83. 2,161,391 shares of the stock were exchanged, compared to its average volume of 1,424,685. The firm has a market capitalization of $24.34 billion, a price-to-earnings ratio of 14.02, a price-to-earnings-growth ratio of 2.10 and a beta of 1.40. T. Rowe Price Group, Inc. has a 12-month low of $87.43 and a 12-month high of $132.76. The company’s 50-day moving average price is $114.98 and its 200-day moving average price is $106.98.

T. Rowe Price Group (NASDAQ:TROW) last announced its earnings results on Thursday, February 8th. The asset manager reported $1.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.60 by $0.12. T. Rowe Price Group had a return on equity of 18.41% and a net margin of 27.69%. The business had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the previous year, the business earned $1.74 earnings per share. The company’s revenue for the quarter was up 6.5% compared to the same quarter last year. On average, sell-side analysts expect that T. Rowe Price Group, Inc. will post 8.36 EPS for the current year.

T. Rowe Price Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were given a $1.24 dividend. This represents a $4.96 annualized dividend and a yield of 4.56%. The ex-dividend date was Thursday, March 14th. This is an increase from T. Rowe Price Group’s previous quarterly dividend of $1.22. T. Rowe Price Group’s dividend payout ratio is 63.92%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on TROW. UBS Group lifted their target price on T. Rowe Price Group from $100.00 to $109.00 and gave the stock a “sell” rating in a report on Friday, April 12th. Wells Fargo & Company lifted their price objective on T. Rowe Price Group from $105.00 to $108.00 and gave the stock an “underweight” rating in a research note on Friday, February 9th. Morgan Stanley increased their target price on T. Rowe Price Group from $114.00 to $125.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 17th. TD Cowen raised shares of T. Rowe Price Group from a “sell” rating to a “hold” rating and upped their price target for the company from $92.00 to $114.00 in a research note on Monday, April 8th. Finally, Citigroup increased their price objective on shares of T. Rowe Price Group from $110.00 to $125.00 and gave the company a “neutral” rating in a research report on Friday, April 5th. Four investment analysts have rated the stock with a sell rating and six have given a hold rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $112.67.

Insiders Place Their Bets

In related news, Director Freeman A. Hrabowski III sold 8,740 shares of T. Rowe Price Group stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $118.32, for a total transaction of $1,034,116.80. Following the completion of the sale, the director now owns 21,073 shares in the company, valued at approximately $2,493,357.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Freeman A. Hrabowski III sold 8,740 shares of the stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $118.32, for a total value of $1,034,116.80. Following the transaction, the director now owns 21,073 shares of the company’s stock, valued at $2,493,357.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Jessica M. Hiebler sold 1,138 shares of the stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $107.13, for a total value of $121,913.94. Following the completion of the transaction, the insider now directly owns 14,113 shares in the company, valued at approximately $1,511,925.69. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

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.