Bank of New York Mellon Corp Sells 48,803 Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW)

Bank of New York Mellon Corp lowered its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 2.8% in the fourth quarter, HoldingsChannel reports. The firm owned 1,690,329 shares of the asset manager’s stock after selling 48,803 shares during the period. Bank of New York Mellon Corp’s holdings in T. Rowe Price Group were worth $191,159,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the business. Addison Advisors LLC lifted its position in shares of T. Rowe Price Group by 67.4% in the fourth quarter. Addison Advisors LLC now owns 231 shares of the asset manager’s stock valued at $26,000 after buying an additional 93 shares during the last quarter. Y.D. More Investments Ltd lifted its holdings in T. Rowe Price Group by 124.0% during the 4th quarter. Y.D. More Investments Ltd now owns 280 shares of the asset manager’s stock valued at $32,000 after purchasing an additional 155 shares during the last quarter. Stonebridge Financial Group LLC acquired a new stake in T. Rowe Price Group during the 4th quarter valued at $32,000. Advantage Trust Co boosted its position in T. Rowe Price Group by 48.8% during the fourth quarter. Advantage Trust Co now owns 305 shares of the asset manager’s stock worth $34,000 after purchasing an additional 100 shares during the period. Finally, True Wealth Design LLC acquired a new position in shares of T. Rowe Price Group in the third quarter valued at $37,000. Institutional investors and hedge funds own 73.39% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on TROW. Morgan Stanley reduced their target price on shares of T. Rowe Price Group from $126.00 to $121.00 and set an “equal weight” rating for the company in a report on Monday. TD Cowen reduced their price objective on T. Rowe Price Group from $120.00 to $116.00 and set a “hold” rating for the company in a report on Monday, November 4th. Barclays lowered their target price on T. Rowe Price Group from $113.00 to $105.00 and set an “underweight” rating on the stock in a research note on Thursday, February 6th. JPMorgan Chase & Co. dropped their price target on T. Rowe Price Group from $116.00 to $115.00 and set an “underweight” rating for the company in a report on Monday, November 4th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $113.00 price objective (up from $111.00) on shares of T. Rowe Price Group in a report on Thursday, February 6th. Four investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $114.09.

Insider Activity at T. Rowe Price Group

In other news, VP Arif Husain sold 4,112 shares of the business’s stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $109.27, for a total transaction of $449,318.24. Following the completion of the transaction, the vice president now owns 36,800 shares of the company’s stock, valued at approximately $4,021,136. The trade was a 10.05 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Andrew Justin Mackenzi Thomson sold 4,047 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $123.35, for a total value of $499,197.45. Following the completion of the sale, the vice president now directly owns 119,577 shares in the company, valued at $14,749,822.95. This trade represents a 3.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by insiders.

T. Rowe Price Group Stock Performance

NASDAQ:TROW opened at $103.73 on Friday. The company has a market cap of $23.09 billion, a price-to-earnings ratio of 11.32, a PEG ratio of 2.86 and a beta of 1.44. T. Rowe Price Group, Inc. has a fifty-two week low of $100.49 and a fifty-two week high of $125.81. The stock has a fifty day moving average price of $111.96 and a 200-day moving average price of $112.32.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings data on Wednesday, February 5th. The asset manager reported $2.12 earnings per share for the quarter, missing the consensus estimate of $2.20 by ($0.08). T. Rowe Price Group had a return on equity of 20.83% and a net margin of 29.61%. During the same quarter in the prior year, the firm posted $1.72 EPS. Research analysts predict that T. Rowe Price Group, Inc. will post 9.29 EPS for the current fiscal year.

T. Rowe Price Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be given a dividend of $1.27 per share. This is a positive change from T. Rowe Price Group’s previous quarterly dividend of $1.24. The ex-dividend date of this dividend is Friday, March 14th. This represents a $5.08 annualized dividend and a dividend yield of 4.90%. T. Rowe Price Group’s dividend payout ratio (DPR) is currently 55.46%.

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.