Bank of New York Mellon Corp Trims Holdings in T. Rowe Price Group, Inc. $TROW

Bank of New York Mellon Corp decreased its position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 4.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,475,187 shares of the asset manager’s stock after selling 61,961 shares during the quarter. Bank of New York Mellon Corp owned 0.68% of T. Rowe Price Group worth $132,973,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Goldman Sachs Group Inc. raised its position in T. Rowe Price Group by 332.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 8,770,071 shares of the asset manager’s stock worth $897,880,000 after buying an additional 6,740,172 shares during the last quarter. First Trust Advisors LP increased its stake in shares of T. Rowe Price Group by 126.5% in the fourth quarter. First Trust Advisors LP now owns 3,280,854 shares of the asset manager’s stock worth $335,894,000 after acquiring an additional 1,832,231 shares during the period. Norges Bank purchased a new position in shares of T. Rowe Price Group during the fourth quarter worth $128,283,000. PFA Pension Forsikringsaktieselskab purchased a new position in shares of T. Rowe Price Group during the fourth quarter worth $61,073,000. Finally, Caisse de depot et placement du Quebec lifted its position in T. Rowe Price Group by 81.0% during the third quarter. Caisse de depot et placement du Quebec now owns 1,306,922 shares of the asset manager’s stock valued at $134,142,000 after purchasing an additional 584,949 shares during the period. Hedge funds and other institutional investors own 73.39% of the company’s stock.

T. Rowe Price Group Price Performance

TROW opened at $117.35 on Monday. The firm’s fifty day simple moving average is $108.85 and its two-hundred day simple moving average is $101.30. T. Rowe Price Group, Inc. has a 52-week low of $85.22 and a 52-week high of $121.17. The company has a market cap of $25.14 billion, a price-to-earnings ratio of 12.58, a PEG ratio of 4.23 and a beta of 1.47.

T. Rowe Price Group (NASDAQ:TROW) last released its earnings results on Thursday, April 30th. The asset manager reported $2.52 EPS for the quarter, topping analysts’ consensus estimates of $2.37 by $0.15. T. Rowe Price Group had a net margin of 28.28% and a return on equity of 20.60%. The business had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.85 billion. During the same quarter in the previous year, the company earned $2.23 earnings per share. The company’s quarterly revenue was up 5.3% on a year-over-year basis. On average, research analysts forecast that T. Rowe Price Group, Inc. will post 10.07 EPS for the current year.

T. Rowe Price Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 29th. Shareholders of record on Monday, June 15th were paid a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 4.4%. The ex-dividend date was Monday, June 15th. T. Rowe Price Group’s payout ratio is 55.73%.

Insider Buying and Selling

In other T. Rowe Price Group news, VP Stephon A. Jackson sold 3,000 shares of the stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $102.56, for a total transaction of $307,680.00. Following the completion of the transaction, the vice president owned 83,883 shares of the company’s stock, valued at $8,603,040.48. This represents a 3.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.60% of the company’s stock.

Wall Street Analysts Forecast Growth

TROW has been the topic of several recent research reports. Zacks Research raised shares of T. Rowe Price Group from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 15th. Jefferies Financial Group reduced their price objective on T. Rowe Price Group from $107.00 to $91.00 and set a “hold” rating for the company in a research note on Wednesday, April 8th. Barclays boosted their price objective on T. Rowe Price Group from $89.00 to $108.00 and gave the company an “underweight” rating in a report on Tuesday, July 14th. TD Cowen upped their target price on T. Rowe Price Group from $93.00 to $94.00 and gave the stock a “hold” rating in a research note on Friday, May 1st. Finally, The Goldman Sachs Group raised their target price on T. Rowe Price Group from $90.00 to $92.00 and gave the stock a “sell” rating in a report on Tuesday, June 30th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, T. Rowe Price Group presently has an average rating of “Reduce” and an average target price of $103.42.

About T. Rowe Price Group

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.