T. Rowe Price Group, Inc. $TROW Shares Sold by Korea Investment CORP

by · The Markets Daily

Korea Investment CORP reduced its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW – Free Report) by 39.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 70,606 shares of the asset manager’s stock after selling 46,700 shares during the period. Korea Investment CORP’s holdings in T. Rowe Price Group were worth $7,247,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of T. Rowe Price Group by 0.5% in the 2nd quarter. Vanguard Group Inc. now owns 26,416,718 shares of the asset manager’s stock valued at $2,549,213,000 after purchasing an additional 130,325 shares in the last quarter. State Street Corp grew its stake in T. Rowe Price Group by 1.5% in the second quarter. State Street Corp now owns 14,510,271 shares of the asset manager’s stock worth $1,400,241,000 after purchasing an additional 211,647 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in T. Rowe Price Group by 1.8% in the second quarter. Charles Schwab Investment Management Inc. now owns 7,846,636 shares of the asset manager’s stock valued at $757,200,000 after buying an additional 140,385 shares during the last quarter. Geode Capital Management LLC increased its holdings in T. Rowe Price Group by 3.4% in the second quarter. Geode Capital Management LLC now owns 6,014,236 shares of the asset manager’s stock valued at $578,059,000 after buying an additional 197,024 shares during the last quarter. Finally, Invesco Ltd. raised its stake in T. Rowe Price Group by 0.3% during the second quarter. Invesco Ltd. now owns 3,444,720 shares of the asset manager’s stock valued at $332,415,000 after buying an additional 11,036 shares in the last quarter. Institutional investors own 73.39% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on TROW. Deutsche Bank Aktiengesellschaft decreased their target price on T. Rowe Price Group from $106.00 to $100.00 and set a “hold” rating for the company in a research report on Thursday, February 5th. Zacks Research lowered T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 9th. Barclays set a $94.00 price objective on T. Rowe Price Group in a research note on Thursday, February 5th. The Goldman Sachs Group lowered their target price on shares of T. Rowe Price Group from $95.00 to $90.00 and set a “sell” rating for the company in a research note on Thursday, February 5th. Finally, Morgan Stanley dropped their target price on shares of T. Rowe Price Group from $123.00 to $115.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 10th. Twelve investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus target price of $101.69.

View Our Latest Analysis on T. Rowe Price Group

T. Rowe Price Group Price Performance

Shares of NASDAQ TROW opened at $87.91 on Friday. The firm has a market capitalization of $19.17 billion, a PE ratio of 9.50, a P/E/G ratio of 3.74 and a beta of 1.54. T. Rowe Price Group, Inc. has a 1-year low of $77.85 and a 1-year high of $118.22. The business’s fifty day moving average price is $99.21 and its two-hundred day moving average price is $102.34.

T. Rowe Price Group (NASDAQ:TROW – Get Free Report) last announced its quarterly earnings results on Wednesday, February 4th. The asset manager reported $2.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.47 by ($0.03). T. Rowe Price Group had a net margin of 28.53% and a return on equity of 20.29%. The firm had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.92 billion. During the same period last year, the firm posted $2.12 EPS. The business’s revenue was up 6.0% compared to the same quarter last year. Equities research analysts expect that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current fiscal year.

T. Rowe Price Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 30th. Shareholders of record on Monday, March 16th will be paid a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a yield of 5.9%. The ex-dividend date of this dividend is Monday, March 16th. This is a positive change from T. Rowe Price Group’s previous quarterly dividend of $1.27. T. Rowe Price Group’s dividend payout ratio (DPR) is presently 54.92%.

T. Rowe Price Group Company Profile

(Free Report)

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.

Further Reading

Want to see what other hedge funds are holding TROW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for T. Rowe Price Group, Inc. (NASDAQ:TROW – Free Report).