Sumitomo Mitsui Trust Group Inc. Reduces Stock Position in T. Rowe Price Group, Inc. $TROW

Sumitomo Mitsui Trust Group Inc. trimmed its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 2.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 609,677 shares of the asset manager’s stock after selling 14,340 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in T. Rowe Price Group were worth $54,956,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in TROW. TD Private Client Wealth LLC grew its position in shares of T. Rowe Price Group by 91.8% during the fourth quarter. TD Private Client Wealth LLC now owns 257 shares of the asset manager’s stock worth $26,000 after buying an additional 123 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. raised its holdings in T. Rowe Price Group by 540.9% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 282 shares of the asset manager’s stock valued at $29,000 after acquiring an additional 238 shares in the last quarter. Canton Hathaway LLC acquired a new stake in T. Rowe Price Group in the fourth quarter valued at $31,000. Sound Income Strategies LLC boosted its stake in T. Rowe Price Group by 170.3% during the 4th quarter. Sound Income Strategies LLC now owns 300 shares of the asset manager’s stock valued at $32,000 after acquiring an additional 189 shares during the last quarter. Finally, DV Equities LLC bought a new position in T. Rowe Price Group during the 4th quarter valued at $32,000. 73.39% of the stock is currently owned by hedge funds and other institutional investors.

T. Rowe Price Group Stock Up 1.3%

TROW stock traded up $1.50 during trading on Friday, hitting $118.55. 1,785,450 shares of the company’s stock traded hands, compared to its average volume of 2,199,676. The stock has a market capitalization of $25.40 billion, a price-to-earnings ratio of 12.71, a price-to-earnings-growth ratio of 5.98 and a beta of 1.47. T. Rowe Price Group, Inc. has a 52 week low of $85.22 and a 52 week high of $121.17. The stock has a fifty day moving average price of $107.60 and a two-hundred day moving average price of $100.88.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings results on Thursday, April 30th. The asset manager reported $2.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.37 by $0.15. T. Rowe Price Group had a net margin of 28.28% and a return on equity of 20.60%. The company had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.85 billion. During the same period last year, the firm posted $2.23 EPS. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. As a group, equities research analysts expect that T. Rowe Price Group, Inc. will post 9.89 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 29th. Investors of record on Monday, June 15th were paid a dividend of $1.30 per share. The ex-dividend date was Monday, June 15th. This represents a $5.20 annualized dividend and a yield of 4.4%. T. Rowe Price Group’s dividend payout ratio is 55.73%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on TROW. TD Cowen boosted their target price on shares of T. Rowe Price Group from $93.00 to $94.00 and gave the stock a “hold” rating in a research report on Friday, May 1st. The Goldman Sachs Group increased their price target on shares of T. Rowe Price Group from $90.00 to $92.00 and gave the stock a “sell” rating in a research report on Tuesday, June 30th. Zacks Research upgraded T. Rowe Price Group from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 13th. Jefferies Financial Group lowered their price objective on T. Rowe Price Group from $107.00 to $91.00 and set a “hold” rating for the company in a report on Wednesday, April 8th. Finally, Evercore set a $121.00 price objective on T. Rowe Price Group in a research note on Friday. Ten research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat, T. Rowe Price Group presently has an average rating of “Reduce” and an average price target of $101.83.

Insider Transactions at T. Rowe Price Group

In other T. Rowe Price Group news, VP Stephon A. Jackson sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $102.56, for a total value of $307,680.00. Following the transaction, the vice president owned 83,883 shares of the company’s stock, valued at $8,603,040.48. This trade represents a 3.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.60% of the stock is owned by corporate insiders.

T. Rowe Price Group Company 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.