T. Rowe Price Group, Inc. (NASDAQ:TROW) Shares Sold by Penobscot Investment Management Company Inc.

Penobscot Investment Management Company Inc. trimmed its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 7.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,669 shares of the asset manager’s stock after selling 300 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in T. Rowe Price Group were worth $415,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of TROW. Larson Financial Group LLC lifted its holdings in shares of T. Rowe Price Group by 866.7% in the 3rd quarter. Larson Financial Group LLC now owns 348 shares of the asset manager’s stock worth $38,000 after acquiring an additional 312 shares during the last quarter. Daiwa Securities Group Inc. raised its position in T. Rowe Price Group by 11.0% in the third quarter. Daiwa Securities Group Inc. now owns 27,122 shares of the asset manager’s stock valued at $2,954,000 after purchasing an additional 2,688 shares during the period. Private Trust Co. NA lifted its stake in T. Rowe Price Group by 33.2% during the third quarter. Private Trust Co. NA now owns 3,819 shares of the asset manager’s stock worth $416,000 after purchasing an additional 952 shares in the last quarter. Bank of Montreal Can boosted its position in shares of T. Rowe Price Group by 5.5% during the third quarter. Bank of Montreal Can now owns 686,086 shares of the asset manager’s stock worth $75,133,000 after buying an additional 35,922 shares during the period. Finally, D.A. Davidson & CO. grew its stake in shares of T. Rowe Price Group by 4.6% in the third quarter. D.A. Davidson & CO. now owns 107,484 shares of the asset manager’s stock valued at $11,708,000 after buying an additional 4,695 shares in the last quarter. 73.39% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on TROW shares. Wells Fargo & Company decreased their target price on T. Rowe Price Group from $118.00 to $116.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 6th. Barclays lowered their price objective on shares of T. Rowe Price Group from $113.00 to $105.00 and set an “underweight” rating for the company in a research note on Thursday, February 6th. StockNews.com downgraded shares of T. Rowe Price Group from a “buy” rating to a “hold” rating in a research note on Sunday, February 2nd. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $113.00 price target (up previously from $111.00) on shares of T. Rowe Price Group in a research report on Thursday, February 6th. Finally, Morgan Stanley cut their price objective on T. Rowe Price Group from $126.00 to $121.00 and set an “equal weight” rating on the stock in a research report on Monday, February 24th. Four research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. Based on data from MarketBeat, T. Rowe Price Group has a consensus rating of “Hold” and a consensus target price of $114.09.

Insiders Place Their Bets

In related news, VP Arif Husain sold 4,112 shares of the company’s stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $109.27, for a total value of $449,318.24. Following the completion of the sale, the vice president now directly owns 36,800 shares of the company’s stock, valued at $4,021,136. This represents a 10.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.00% of the company’s stock.

T. Rowe Price Group Stock Performance

NASDAQ:TROW opened at $94.44 on Thursday. T. Rowe Price Group, Inc. has a 1 year low of $91.37 and a 1 year high of $125.81. The stock has a market cap of $21.03 billion, a P/E ratio of 10.31, a P/E/G ratio of 2.86 and a beta of 1.46. The stock has a 50-day simple moving average of $105.39 and a 200-day simple moving average of $111.02.

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

T. Rowe Price Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be issued 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 5.38%. T. Rowe Price Group’s dividend payout ratio (DPR) is presently 55.46%.

About T. Rowe Price Group

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.