T. Rowe Price Group, Inc. $TROW Stock Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lowered its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 9.6% in the third quarter, Holdings Channel.com reports. The fund owned 548,282 shares of the asset manager’s stock after selling 58,481 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in T. Rowe Price Group were worth $57,049,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of T. Rowe Price Group in the third quarter valued at about $28,962,000. Profund Advisors LLC lifted its position in T. Rowe Price Group by 10.6% during the third quarter. Profund Advisors LLC now owns 1,987 shares of the asset manager’s stock worth $207,000 after buying an additional 190 shares during the period. Cidel Asset Management Inc. lifted its holdings in shares of T. Rowe Price Group by 4.5% during the 3rd quarter. Cidel Asset Management Inc. now owns 4,066 shares of the asset manager’s stock worth $423,000 after acquiring an additional 174 shares during the period. Unison Advisors LLC boosted its holdings in shares of T. Rowe Price Group by 1.1% in the 3rd quarter. Unison Advisors LLC now owns 18,639 shares of the asset manager’s stock valued at $1,939,000 after purchasing an additional 201 shares during the last quarter. Finally, International Assets Investment Management LLC increased its holdings in shares of T. Rowe Price Group by 250.8% during the 3rd quarter. International Assets Investment Management LLC now owns 25,000 shares of the asset manager’s stock worth $2,601,000 after buying an additional 17,873 shares during the last quarter. Institutional investors and hedge funds own 73.39% of the company’s stock.

T. Rowe Price Group Trading Up 0.4%

TROW stock opened at $106.23 on Wednesday. The firm has a 50 day simple moving average of $105.42 and a 200-day simple moving average of $103.71. The company has a market capitalization of $22.66 billion, a P/E ratio of 10.74, a PEG ratio of 3.39 and a beta of 1.43. T. Rowe Price Group, Inc. has a twelve month low of $85.22 and a twelve month high of $122.00.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings results on Thursday, October 29th. The asset manager reported $2.86 EPS for the quarter, topping analysts’ consensus estimates of $2.63 by $0.23. The business had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.98 billion. T. Rowe Price Group had a return on equity of 20.63% and a net margin of 28.40%. The company’s revenue for the quarter was up 5.9% compared to the same quarter last year. During the same period last year, the firm earned $2.81 earnings per share. On average, research analysts predict that T. Rowe Price Group, Inc. will post 10.21 EPS for the current year.

T. Rowe Price Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th were given a $1.30 dividend. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $5.20 annualized dividend and a yield of 4.9%. T. Rowe Price Group’s dividend payout ratio (DPR) is currently 52.58%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. TD Cowen cut their price objective on T. Rowe Price Group from $109.00 to $96.00 and set a “hold” rating on the stock in a report on Friday, October 30th. UBS Group started coverage on shares of T. Rowe Price Group in a research report on Wednesday, October 7th. They set a “neutral” rating and a $107.00 target price for the company. Zacks Research lowered shares of T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 13th. JPMorgan Chase & Co. lifted their price target on shares of T. Rowe Price Group from $106.00 to $107.00 and gave the company an “underweight” rating in a research report on Friday, October 30th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $109.00 price objective on shares of T. Rowe Price Group in a research note on Monday, August 3rd. One investment analyst has rated the stock with a Buy rating, ten have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Reduce” and an average target price of $102.83.

Insider Transactions at T. Rowe Price Group

In other T. Rowe Price Group news, VP Joshua Nelson sold 10,000 shares of the company’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $111.82, for a total value of $1,118,200.00. Following the completion of the transaction, the vice president owned 71,328 shares in the company, valued at approximately $7,975,896.96. This represents a 12.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 1.60% of the company’s stock.

T. Rowe Price Group Company Profile

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland. Founded in 1937 by Thomas Rowe Price Jr., the company provides investment strategies and advisory services to individual investors, retirement plans, financial intermediaries, institutions and other clients.

The company offers a range of actively managed and multi-asset investment products, including mutual funds, exchange-traded funds, separately managed accounts and other portfolio solutions.