Northeast Investment Management Cuts Stake in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Northeast Investment Management cut its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 0.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 81,479 shares of the asset manager’s stock after selling 670 shares during the period. Northeast Investment Management’s holdings in T. Rowe Price Group were worth $9,395,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Fisher Asset Management LLC raised its stake in T. Rowe Price Group by 6.7% in the 4th quarter. Fisher Asset Management LLC now owns 1,752,005 shares of the asset manager’s stock worth $188,674,000 after acquiring an additional 109,653 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of T. Rowe Price Group by 21.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,352,683 shares of the asset manager’s stock worth $145,685,000 after purchasing an additional 236,697 shares during the period. First Trust Advisors LP lifted its holdings in shares of T. Rowe Price Group by 1.3% during the fourth quarter. First Trust Advisors LP now owns 1,173,858 shares of the asset manager’s stock worth $126,413,000 after purchasing an additional 15,504 shares during the period. Confluence Investment Management LLC purchased a new stake in T. Rowe Price Group in the first quarter valued at approximately $130,386,000. Finally, UBS Group AG increased its holdings in T. Rowe Price Group by 473.3% in the 4th quarter. UBS Group AG now owns 975,226 shares of the asset manager’s stock worth $105,022,000 after buying an additional 805,106 shares during the period. Hedge funds and other institutional investors own 73.39% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on TROW. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of T. Rowe Price Group from $112.00 to $113.00 and gave the company a “hold” rating in a research note on Thursday, August 15th. StockNews.com downgraded shares of T. Rowe Price Group from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. JPMorgan Chase & Co. increased their price target on T. Rowe Price Group from $102.00 to $107.00 and gave the stock an “underweight” rating in a research report on Tuesday, July 23rd. Evercore ISI decreased their price objective on T. Rowe Price Group from $110.00 to $107.00 and set an “in-line” rating for the company in a report on Tuesday, April 30th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and issued a $120.00 target price (down previously from $121.00) on shares of T. Rowe Price Group in a research note on Monday, July 29th. Four investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $113.10.

Insider Activity at T. Rowe Price Group

In other news, insider Jessica M. Hiebler sold 1,401 shares of T. Rowe Price Group stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $115.85, for a total value of $162,305.85. Following the sale, the insider now owns 14,198 shares of the company’s stock, valued at $1,644,838.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other T. Rowe Price Group news, insider Jessica M. Hiebler sold 1,401 shares of the firm’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $115.85, for a total transaction of $162,305.85. Following the completion of the transaction, the insider now directly owns 14,198 shares in the company, valued at approximately $1,644,838.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Dorothy C. Sawyer sold 2,000 shares of the stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $117.00, for a total transaction of $234,000.00. Following the completion of the sale, the vice president now owns 34,710 shares in the company, valued at $4,061,070. The disclosure for this sale can be found here. 2.00% of the stock is owned by insiders.

T. Rowe Price Group Price Performance

Shares of TROW traded down $0.39 during midday trading on Wednesday, reaching $107.51. The stock had a trading volume of 750,973 shares, compared to its average volume of 1,267,486. The company has a market cap of $23.93 billion, a price-to-earnings ratio of 12.77, a PEG ratio of 1.74 and a beta of 1.42. The company’s fifty day simple moving average is $112.64 and its two-hundred day simple moving average is $113.94. T. Rowe Price Group, Inc. has a 1-year low of $87.43 and a 1-year high of $122.27.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings results on Friday, July 26th. The asset manager reported $2.26 EPS for the quarter, missing the consensus estimate of $2.27 by ($0.01). The company had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.79 billion. T. Rowe Price Group had a net margin of 28.66% and a return on equity of 19.90%. The business’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.02 earnings per share. On average, sell-side analysts forecast that T. Rowe Price Group, Inc. will post 9 earnings per share for the current year.

T. Rowe Price Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be issued a $1.24 dividend. The ex-dividend date is Friday, September 13th. This represents a $4.96 dividend on an annualized basis and a dividend yield of 4.61%. T. Rowe Price Group’s payout ratio is 58.91%.

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.