Bank of New York Mellon Corp Reduces Position in T. Rowe Price Group, Inc. $TROW

Bank of New York Mellon Corp trimmed its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 4.0% in the first quarter, Holdings Channel.com reports. The institutional investor owned 1,475,187 shares of the asset manager’s stock after selling 61,961 shares during the quarter. Bank of New York Mellon Corp’s holdings in T. Rowe Price Group were worth $132,973,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of TROW. Woodline Partners LP lifted its stake in T. Rowe Price Group by 41.0% in the 1st quarter. Woodline Partners LP now owns 18,809 shares of the asset manager’s stock worth $1,728,000 after purchasing an additional 5,467 shares in the last quarter. Focus Partners Wealth increased its holdings in shares of T. Rowe Price Group by 10.6% in the first quarter. Focus Partners Wealth now owns 13,054 shares of the asset manager’s stock valued at $1,199,000 after purchasing an additional 1,250 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in T. Rowe Price Group by 44.8% during the second quarter. EverSource Wealth Advisors LLC now owns 1,546 shares of the asset manager’s stock worth $149,000 after buying an additional 478 shares in the last quarter. Jump Financial LLC purchased a new position in T. Rowe Price Group during the second quarter worth approximately $931,000. Finally, Daiwa Securities Group Inc. boosted its stake in T. Rowe Price Group by 5.4% during the second quarter. Daiwa Securities Group Inc. now owns 33,245 shares of the asset manager’s stock worth $3,208,000 after buying an additional 1,703 shares during the last quarter. 73.39% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, VP Stephon A. Jackson sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $102.56, for a total transaction of $307,680.00. Following the completion of the sale, the vice president directly owned 83,883 shares of the company’s stock, valued at approximately $8,603,040.48. This trade represents a 3.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Morgan Stanley upped their target price on T. Rowe Price Group from $105.00 to $109.00 and gave the company an “equal weight” rating in a report on Friday, June 26th. Evercore set a $121.00 price target on T. Rowe Price Group in a report on Friday, July 10th. JPMorgan Chase & Co. lowered their price target on shares of T. Rowe Price Group from $106.00 to $103.00 and set an “underweight” rating on the stock in a research report on Friday, April 24th. Weiss Ratings raised shares of T. Rowe Price Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, July 2nd. Finally, TD Cowen raised their price objective 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. One analyst has rated the stock with a Strong Buy rating, nine have issued a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $103.42.

T. Rowe Price Group Stock Performance

Shares of T. Rowe Price Group stock opened at $117.35 on Monday. The firm has a market capitalization of $25.14 billion, a price-to-earnings ratio of 12.58, a PEG ratio of 4.23 and a beta of 1.47. T. Rowe Price Group, Inc. has a fifty-two week low of $85.22 and a fifty-two week high of $121.17. The stock has a 50 day moving average of $108.85 and a 200 day moving average of $101.30.

T. Rowe Price Group (NASDAQ:TROW) last posted its earnings results on Thursday, April 30th. The asset manager reported $2.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.37 by $0.15. T. Rowe Price Group had a return on equity of 20.60% and a net margin of 28.28%.The company had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.85 billion. During the same quarter last year, the firm earned $2.23 earnings per share. The firm’s quarterly revenue was up 5.3% compared to the same quarter last year. Analysts forecast that T. Rowe Price Group, Inc. will post 10.07 EPS for the current year.

T. Rowe Price Group Dividend Announcement

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

About T. Rowe Price Group

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.