Legal & General Group Plc Sells 9,627 Shares of T. Rowe Price Group, Inc. $TROW

Legal & General Group Plc decreased its position in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 0.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,205,696 shares of the asset manager’s stock after selling 9,627 shares during the period. Legal & General Group Plc owned approximately 1.01% of T. Rowe Price Group worth $226,393,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Woodline Partners LP lifted its holdings in T. Rowe Price Group by 41.0% during the first quarter. Woodline Partners LP now owns 18,809 shares of the asset manager’s stock worth $1,728,000 after acquiring an additional 5,467 shares in the last quarter. Focus Partners Wealth raised its position in shares of T. Rowe Price Group by 10.6% during the first quarter. Focus Partners Wealth now owns 13,054 shares of the asset manager’s stock worth $1,199,000 after purchasing an additional 1,250 shares during the period. National Pension Service lifted its holdings in shares of T. Rowe Price Group by 0.6% during the 2nd quarter. National Pension Service now owns 402,918 shares of the asset manager’s stock valued at $38,882,000 after purchasing an additional 2,457 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp grew its position in shares of T. Rowe Price Group by 20.1% in the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 351,907 shares of the asset manager’s stock valued at $33,959,000 after purchasing an additional 58,800 shares during the period. Finally, Geode Capital Management LLC raised its holdings in T. Rowe Price Group by 3.4% during the 2nd quarter. Geode Capital Management LLC now owns 6,014,236 shares of the asset manager’s stock worth $578,059,000 after buying an additional 197,024 shares during the period. Institutional investors and hedge funds own 73.39% of the company’s stock.

T. Rowe Price Group Trading Down 1.6%

Shares of TROW opened at $87.91 on Friday. The stock has a market capitalization of $19.17 billion, a price-to-earnings ratio of 9.50, a PEG ratio of 3.74 and a beta of 1.54. T. Rowe Price Group, Inc. has a 12 month low of $77.85 and a 12 month high of $118.22. The firm has a fifty day simple moving average of $99.21 and a 200 day simple moving average of $102.34.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings results on Wednesday, February 4th. The asset manager reported $2.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.47 by ($0.03). T. Rowe Price Group had a net margin of 28.53% and a return on equity of 20.29%. The business had revenue of $1.93 billion during the quarter, compared to analyst estimates of $1.92 billion. During the same quarter in the previous year, the firm posted $2.12 earnings per share. The firm’s quarterly revenue was up 6.0% on a year-over-year basis. As a group, research analysts predict that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current fiscal year.

T. Rowe Price Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 30th. Investors of record on Monday, March 16th will be given a $1.30 dividend. This is an increase from T. Rowe Price Group’s previous quarterly dividend of $1.27. This represents a $5.20 dividend on an annualized basis and a dividend yield of 5.9%. The ex-dividend date of this dividend is Monday, March 16th. T. Rowe Price Group’s dividend payout ratio (DPR) is presently 54.92%.

Analysts Set New Price Targets

A number of brokerages have weighed in on TROW. BMO Capital Markets cut their price target on shares of T. Rowe Price Group from $110.00 to $104.00 and set a “market perform” rating on the stock in a research note on Thursday, February 12th. Bank of America raised their price objective on shares of T. Rowe Price Group from $85.00 to $86.00 in a report on Wednesday, January 14th. Argus raised shares of T. Rowe Price Group to a “hold” rating in a research report on Thursday, February 5th. Keefe, Bruyette & Woods reduced their target price on shares of T. Rowe Price Group from $115.00 to $110.00 and set a “market perform” rating for the company in a research note on Thursday, February 5th. Finally, Morgan Stanley lowered their target price on T. Rowe Price Group from $123.00 to $115.00 and set an “equal weight” rating for the company in a report on Tuesday, February 10th. Twelve investment analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Reduce” and an average price target of $101.69.

T. Rowe Price Group Profile

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland, founded by Thomas Rowe Price Jr. in 1937. The company provides a broad range of investment products and services for individual investors, financial intermediaries, retirement plan sponsors and institutional clients. Its offerings are built around active investment management and in-house research across equity, fixed income and multi-asset strategies, reflecting a long history as a research-driven asset manager.

The firm’s product lineup includes mutual funds, separate accounts, collective investment trusts, target-date and target-risk funds, and managed account solutions, as well as services for defined contribution and defined benefit retirement plans.