Congress Asset Management Co. Lowers Stake in T. Rowe Price Group, Inc. $TROW

Congress Asset Management Co. cut its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 6.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 124,912 shares of the asset manager’s stock after selling 7,966 shares during the quarter. Congress Asset Management Co. owned about 0.06% of T. Rowe Price Group worth $12,788,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. TD Waterhouse Canada Inc. boosted its stake in shares of T. Rowe Price Group by 66.7% during the second quarter. TD Waterhouse Canada Inc. now owns 250 shares of the asset manager’s stock worth $25,000 after buying an additional 100 shares during the period. Root Financial Partners LLC acquired a new position in T. Rowe Price Group in the 3rd quarter valued at about $30,000. Salomon & Ludwin LLC increased its position in T. Rowe Price Group by 84.3% in the 3rd quarter. Salomon & Ludwin LLC now owns 317 shares of the asset manager’s stock valued at $33,000 after acquiring an additional 145 shares during the period. Vermillion & White Wealth Management Group LLC raised its stake in T. Rowe Price Group by 120.0% during the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 319 shares of the asset manager’s stock valued at $31,000 after acquiring an additional 174 shares during the last quarter. Finally, Quent Capital LLC purchased a new stake in T. Rowe Price Group during the 3rd quarter valued at approximately $39,000. 73.39% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on TROW shares. Barclays set a $94.00 price objective on T. Rowe Price Group in a research report on Thursday, February 5th. The Goldman Sachs Group cut their price target on 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. JPMorgan Chase & Co. decreased their price target on T. Rowe Price Group from $108.00 to $106.00 and set an “underweight” rating for the company in a report on Thursday, February 5th. Keefe, Bruyette & Woods lowered their price objective on shares of T. Rowe Price Group from $115.00 to $110.00 and set a “market perform” rating on the stock in a research report on Thursday, February 5th. Finally, Evercore dropped their price objective on shares of T. Rowe Price Group from $106.00 to $99.00 in a research note on Friday, March 6th. Twelve 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, T. Rowe Price Group currently has a consensus rating of “Reduce” and an average target price of $101.69.

T. Rowe Price Group Trading Up 0.9%

Shares of TROW opened at $88.80 on Wednesday. The stock’s 50 day moving average is $96.21 and its two-hundred day moving average is $101.12. T. Rowe Price Group, Inc. has a twelve month low of $77.85 and a twelve month high of $118.22. The firm has a market capitalization of $19.32 billion, a PE ratio of 9.60, a P/E/G ratio of 3.68 and a beta of 1.54.

T. Rowe Price Group (NASDAQ:TROW) last issued its earnings results on Wednesday, February 4th. The asset manager reported $2.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.47 by ($0.03). The business had revenue of $1.93 billion for the quarter, compared to analysts’ expectations of $1.92 billion. T. Rowe Price Group had a return on equity of 20.29% and a net margin of 28.53%.The business’s quarterly revenue was up 6.0% on a year-over-year basis. During the same period last year, the company posted $2.12 earnings per share. On average, sell-side analysts predict that T. Rowe Price Group, Inc. will post 9.29 EPS for the current year.

T. Rowe Price Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 30th. Shareholders of record on Monday, March 16th will be given a $1.30 dividend. The ex-dividend date is Monday, March 16th. This is a positive change from T. Rowe Price Group’s previous quarterly dividend of $1.27. This represents a $5.20 annualized dividend and a yield of 5.9%. T. Rowe Price Group’s dividend payout ratio (DPR) is currently 56.22%.

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.