T. Rowe Price Group, Inc. $TROW Stake Lessened by Rafferty Asset Management LLC

Rafferty Asset Management LLC lessened its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 6.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 75,040 shares of the asset manager’s stock after selling 4,898 shares during the period. Rafferty Asset Management LLC’s holdings in T. Rowe Price Group were worth $6,894,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Exchange Traded Concepts LLC boosted its holdings in T. Rowe Price Group by 27.9% in the first quarter. Exchange Traded Concepts LLC now owns 971 shares of the asset manager’s stock worth $89,000 after purchasing an additional 212 shares during the period. Wealthfront Advisers LLC boosted its holdings in T. Rowe Price Group by 109.2% in the first quarter. Wealthfront Advisers LLC now owns 69,326 shares of the asset manager’s stock worth $6,369,000 after purchasing an additional 36,190 shares during the period. Mather Group LLC. boosted its holdings in T. Rowe Price Group by 11.9% in the first quarter. Mather Group LLC. now owns 135,571 shares of the asset manager’s stock worth $12,455,000 after purchasing an additional 14,371 shares during the period. GAMMA Investing LLC boosted its holdings in T. Rowe Price Group by 9,555.5% in the first quarter. GAMMA Investing LLC now owns 333,212 shares of the asset manager’s stock worth $30,612,000 after purchasing an additional 329,761 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in T. Rowe Price Group by 12.8% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 213,769 shares of the asset manager’s stock worth $19,575,000 after purchasing an additional 24,323 shares during the period. Institutional investors own 73.39% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on TROW. Morgan Stanley lifted their price objective on shares of T. Rowe Price Group from $112.00 to $116.00 and gave the stock an “equal weight” rating in a report on Monday, August 4th. Evercore ISI lifted their price objective on shares of T. Rowe Price Group from $106.00 to $110.00 and gave the stock an “in-line” rating in a report on Monday, August 4th. JPMorgan Chase & Co. boosted their price target on shares of T. Rowe Price Group from $98.00 to $102.00 and gave the company an “underweight” rating in a report on Monday, August 4th. Keefe, Bruyette & Woods boosted their price target on shares of T. Rowe Price Group from $110.00 to $112.00 and gave the company a “market perform” rating in a report on Monday, August 4th. Finally, Barclays reissued an “underweight” rating and set a $95.00 price target (up previously from $91.00) on shares of T. Rowe Price Group in a report on Monday, August 4th. Eight analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Reduce” and an average price target of $101.09.

Insiders Place Their Bets

In related news, VP Dorothy C. Sawyer sold 2,000 shares of the company’s stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $95.43, for a total value of $190,860.00. Following the completion of the sale, the vice president owned 44,789 shares of the company’s stock, valued at $4,274,214.27. This represents a 4.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.00% of the stock is owned by insiders.

T. Rowe Price Group Stock Performance

Shares of TROW opened at $108.28 on Friday. The company has a market cap of $23.79 billion, a price-to-earnings ratio of 12.10, a price-to-earnings-growth ratio of 2.85 and a beta of 1.47. The firm has a fifty day moving average of $103.41 and a 200-day moving average of $97.55. T. Rowe Price Group, Inc. has a 1 year low of $77.85 and a 1 year high of $125.81.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings data on Friday, August 1st. The asset manager reported $2.24 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.09. The business had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.72 billion. T. Rowe Price Group had a net margin of 28.72% and a return on equity of 19.77%. The company’s quarterly revenue was down .6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.26 earnings per share. Analysts predict that T. Rowe Price Group, Inc. will post 9.29 EPS for the current year.

T. Rowe Price Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be issued a $1.27 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $5.08 annualized dividend and a yield of 4.7%. T. Rowe Price Group’s dividend payout ratio is presently 56.76%.

T. Rowe Price Group 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.