QRG Capital Management Inc. Lowers Stake in T. Rowe Price Group, Inc. $TROW

QRG Capital Management Inc. lessened its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 49.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,791 shares of the asset manager’s stock after selling 16,726 shares during the period. QRG Capital Management Inc.’s holdings in T. Rowe Price Group were worth $1,723,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. First Trust Advisors LP increased its position in shares of T. Rowe Price Group by 137.7% during the second quarter. First Trust Advisors LP now owns 3,441,458 shares of the asset manager’s stock worth $332,101,000 after acquiring an additional 1,993,920 shares during the period. Norges Bank bought a new stake in T. Rowe Price Group during the 2nd quarter valued at $82,756,000. ARGA Investment Management LP raised its position in T. Rowe Price Group by 3,807.3% during the 2nd quarter. ARGA Investment Management LP now owns 477,161 shares of the asset manager’s stock valued at $46,046,000 after purchasing an additional 464,949 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of T. Rowe Price Group in the 2nd quarter worth $37,722,000. Finally, ProShare Advisors LLC grew its position in shares of T. Rowe Price Group by 21.7% during the 2nd quarter. ProShare Advisors LLC now owns 1,887,935 shares of the asset manager’s stock worth $182,186,000 after buying an additional 337,112 shares in the last quarter. 73.39% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of T. Rowe Price Group from $113.00 to $106.00 and set a “hold” rating for the company in a research note on Wednesday, December 17th. JPMorgan Chase & Co. upped their price target on shares of T. Rowe Price Group from $109.00 to $111.00 and gave the stock an “underweight” rating in a research report on Monday, November 3rd. Jefferies Financial Group increased their price objective on shares of T. Rowe Price Group from $104.00 to $106.00 and gave the company a “hold” rating in a research note on Tuesday, October 7th. Keefe, Bruyette & Woods reduced their price objective on shares of T. Rowe Price Group from $117.00 to $115.00 and set a “market perform” rating for the company in a research note on Tuesday, December 16th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of T. Rowe Price Group in a research report on Monday, December 29th. Twelve equities research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat, T. Rowe Price Group has an average rating of “Reduce” and an average target price of $107.54.

Insider Buying and Selling

In other T. Rowe Price Group news, VP Arif Husain sold 4,260 shares of the stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $101.96, for a total transaction of $434,349.60. Following the sale, the vice president directly owned 47,102 shares of the company’s stock, valued at approximately $4,802,519.92. This trade represents a 8.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.60% of the company’s stock.

T. Rowe Price Group Stock Down 0.8%

T. Rowe Price Group stock opened at $106.49 on Tuesday. The stock has a 50-day moving average price of $103.76 and a 200 day moving average price of $104.41. The company has a market capitalization of $23.24 billion, a price-to-earnings ratio of 11.60, a price-to-earnings-growth ratio of 2.57 and a beta of 1.52. T. Rowe Price Group, Inc. has a 52 week low of $77.85 and a 52 week high of $118.32.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings results on Friday, October 31st. The asset manager reported $2.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.55 by $0.26. The company had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.88 billion. T. Rowe Price Group had a net margin of 28.89% and a return on equity of 19.95%. T. Rowe Price Group’s revenue for the quarter was up 6.0% compared to the same quarter last year. During the same period last year, the firm posted $2.57 EPS. Research analysts anticipate that T. Rowe Price Group, Inc. will post 9.29 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 30th. Investors of record on Monday, December 15th were given a dividend of $1.27 per share. The ex-dividend date was Monday, December 15th. This represents a $5.08 dividend on an annualized basis and a yield of 4.8%. T. Rowe Price Group’s payout ratio is currently 55.34%.

T. Rowe Price Group Profile

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.