Sumitomo Mitsui Trust Group Inc. Sells 44,594 Shares of T. Rowe Price Group, Inc. $TROW

by · The Cerbat Gem

Sumitomo Mitsui Trust Group Inc. lessened its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW – Free Report) by 6.7% during the 4th quarter, HoldingsChannel reports. The fund owned 624,017 shares of the asset manager’s stock after selling 44,594 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in T. Rowe Price Group were worth $63,887,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Thurston Springer Miller Herd & Titak Inc. lifted its position in T. Rowe Price Group by 540.9% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 282 shares of the asset manager’s stock valued at $29,000 after purchasing an additional 238 shares in the last quarter. Root Financial Partners LLC purchased a new stake in T. Rowe Price Group in the third quarter worth about $30,000. Canton Hathaway LLC purchased a new stake in T. Rowe Price Group in the fourth quarter worth about $31,000. Sound Income Strategies LLC raised its stake in shares of T. Rowe Price Group by 170.3% in the fourth quarter. Sound Income Strategies LLC now owns 300 shares of the asset manager’s stock worth $32,000 after buying an additional 189 shares during the period. Finally, Salomon & Ludwin LLC raised its stake in shares of T. Rowe Price Group by 84.3% in the third quarter. Salomon & Ludwin LLC now owns 317 shares of the asset manager’s stock worth $33,000 after buying an additional 145 shares during the period. Institutional investors own 73.39% of the company’s stock.

Analyst Upgrades and Downgrades

TROW has been the subject of a number of recent research reports. Morgan Stanley cut their price objective on T. Rowe Price Group from $115.00 to $107.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 1st. JPMorgan Chase & Co. lowered their price target on shares of T. Rowe Price Group from $108.00 to $106.00 and set an “underweight” rating on the stock in a report on Thursday, February 5th. TD Cowen dropped their price target on shares of T. Rowe Price Group from $97.00 to $93.00 and set a “hold” rating for the company in a research report on Thursday, April 9th. Keefe, Bruyette & Woods reduced their price objective on shares of T. Rowe Price Group from $110.00 to $95.00 and set a “market perform” rating for the company in a research note on Wednesday, April 8th. Finally, BMO Capital Markets decreased their price objective on shares of T. Rowe Price Group from $104.00 to $98.00 and set a “market perform” rating on the stock in a research report on Friday, April 10th. Eleven analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average price target of $97.38.

Read Our Latest Stock Report on TROW

T. Rowe Price Group Trading Up 1.6%

NASDAQ:TROW opened at $95.84 on Wednesday. The stock has a 50-day moving average price of $91.74 and a 200 day moving average price of $99.60. The stock has a market capitalization of $20.86 billion, a P/E ratio of 10.36, a P/E/G ratio of 4.09 and a beta of 1.50. T. Rowe Price Group, Inc. has a 12-month low of $82.86 and a 12-month high of $118.22.

T. Rowe Price Group (NASDAQ:TROW – Get Free Report) last posted its quarterly earnings results on Wednesday, February 4th. The asset manager reported $2.44 EPS for the quarter, missing analysts’ consensus estimates of $2.47 by ($0.03). T. Rowe Price Group had a return on equity of 20.29% and a net margin of 28.53%.The business had revenue of $1.93 billion during the quarter, compared to analysts’ expectations of $1.92 billion. During the same period in the prior year, the firm posted $2.12 earnings per share. The firm’s revenue for the quarter was up 6.0% on a year-over-year basis. On average, research analysts predict 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 business also recently announced a quarterly dividend, which was paid on Monday, March 30th. Stockholders of record on Monday, March 16th were issued a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 5.4%. This is a boost from T. Rowe Price Group’s previous quarterly dividend of $1.27. The ex-dividend date of this dividend was Monday, March 16th. T. Rowe Price Group’s payout ratio is presently 56.22%.

T. Rowe Price Group 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.

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