Money Concepts Capital Corp Cuts Holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Money Concepts Capital Corp lowered its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 0.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,139 shares of the asset manager’s stock after selling 151 shares during the period. Money Concepts Capital Corp’s holdings in T. Rowe Price Group were worth $2,677,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in the company. Norges Bank acquired a new position in T. Rowe Price Group during the 4th quarter worth approximately $117,704,000. Marshall Wace LLP acquired a new position in shares of T. Rowe Price Group during the fourth quarter worth $63,284,000. Fayez Sarofim & Co increased its holdings in shares of T. Rowe Price Group by 7.6% in the 4th quarter. Fayez Sarofim & Co now owns 6,052,469 shares of the asset manager’s stock valued at $684,474,000 after acquiring an additional 425,142 shares during the last quarter. Amundi raised its holdings in T. Rowe Price Group by 30.1% during the fourth quarter. Amundi now owns 1,717,877 shares of the asset manager’s stock worth $194,064,000 after purchasing an additional 397,278 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in T. Rowe Price Group by 28.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,762,910 shares of the asset manager’s stock worth $199,367,000 after acquiring an additional 387,604 shares in the last quarter. 73.39% of the stock is currently owned by hedge funds and other institutional investors.

T. Rowe Price Group Trading Up 1.3%

TROW stock opened at $96.18 on Friday. T. Rowe Price Group, Inc. has a twelve month low of $77.85 and a twelve month high of $125.81. The company has a market capitalization of $21.19 billion, a P/E ratio of 10.90, a PEG ratio of 3.08 and a beta of 1.49. The firm has a 50 day simple moving average of $92.83 and a 200-day simple moving average of $100.71.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings results on Friday, May 2nd. The asset manager reported $2.23 earnings per share for the quarter, beating analysts’ consensus estimates of $2.13 by $0.10. The company had revenue of $1.76 billion for the quarter, compared to analysts’ expectations of $1.80 billion. T. Rowe Price Group had a return on equity of 20.17% and a net margin of 28.38%. The business’s revenue for the quarter was up .8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.38 earnings per share. On average, research analysts predict that T. Rowe Price Group, Inc. will post 9.29 EPS for the current year.

T. Rowe Price Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 13th will be given a $1.27 dividend. This represents a $5.08 annualized dividend and a dividend yield of 5.28%. The ex-dividend date is Friday, June 13th. T. Rowe Price Group’s dividend payout ratio (DPR) is currently 57.60%.

Analyst Ratings Changes

Several equities research analysts have recently commented on TROW shares. JPMorgan Chase & Co. cut their price target on T. Rowe Price Group from $110.00 to $90.00 and set an “underweight” rating for the company in a research note on Wednesday, April 16th. Cowen reissued a “hold” rating on shares of T. Rowe Price Group in a report on Monday, May 5th. Evercore ISI cut their price objective on T. Rowe Price Group from $104.00 to $80.00 and set an “in-line” rating for the company in a research report on Friday, April 11th. Barclays raised their price target on shares of T. Rowe Price Group from $85.00 to $90.00 and gave the stock an “underweight” rating in a research note on Monday, May 5th. Finally, Bank of America lowered their price objective on T. Rowe Price Group from $90.00 to $85.00 and set an “underperform” rating for the company in a research report on Thursday, April 3rd. Four equities research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the stock. Based on data from MarketBeat, T. Rowe Price Group presently has a consensus rating of “Hold” and an average target price of $94.09.

Insider Activity

In related news, insider Jessica M. Hiebler sold 968 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $96.98, for a total transaction of $93,876.64. Following the completion of the sale, the insider now owns 13,611 shares in the company, valued at $1,319,994.78. This represents a 6.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Robert F. Maclellan sold 3,955 shares of the stock in a transaction on Monday, March 31st. The shares were sold at an average price of $91.56, for a total transaction of $362,119.80. Following the completion of the sale, the director now directly owns 42,979 shares of the company’s stock, valued at approximately $3,935,157.24. This trade represents a 8.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 6,923 shares of company stock worth $646,856 over the last 90 days. 2.00% of the stock is owned by company 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.