Penobscot Investment Management Company Inc. Reduces Stake in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Penobscot Investment Management Company Inc. reduced its position in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 30.9% in the 1st quarter, HoldingsChannel.com reports. The firm owned 2,536 shares of the asset manager’s stock after selling 1,133 shares during the period. Penobscot Investment Management Company Inc.’s holdings in T. Rowe Price Group were worth $233,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of T. Rowe Price Group during the fourth quarter worth $117,704,000. Marshall Wace LLP acquired a new stake in shares of T. Rowe Price Group during the fourth quarter worth $63,284,000. Fayez Sarofim & Co boosted its holdings in shares of T. Rowe Price Group by 7.6% during the fourth quarter. Fayez Sarofim & Co now owns 6,052,469 shares of the asset manager’s stock worth $684,474,000 after purchasing an additional 425,142 shares during the last quarter. Amundi boosted its holdings in shares of T. Rowe Price Group by 30.1% during the fourth quarter. Amundi now owns 1,717,877 shares of the asset manager’s stock worth $194,064,000 after purchasing an additional 397,278 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of T. Rowe Price Group by 28.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,762,910 shares of the asset manager’s stock worth $199,367,000 after purchasing an additional 387,604 shares during the last quarter. 73.39% of the stock is owned by hedge funds and other institutional investors.

T. Rowe Price Group Trading Up 1.3%

TROW stock opened at $96.18 on Friday. The stock has a 50-day moving average price of $92.83 and a two-hundred day moving average price of $100.71. T. Rowe Price Group, Inc. has a 12-month low of $77.85 and a 12-month high of $125.81. The company has a market cap of $21.19 billion, a PE ratio of 10.90, a price-to-earnings-growth ratio of 3.08 and a beta of 1.49.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings data on Friday, May 2nd. The asset manager reported $2.23 EPS for the quarter, topping analysts’ consensus estimates of $2.13 by $0.10. The company had revenue of $1.76 billion for the quarter, compared to analysts’ expectations of $1.80 billion. T. Rowe Price Group had a return on equity of 20.17% and a net margin of 28.38%. The firm’s quarterly revenue was up .8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.38 earnings per share. Equities analysts forecast that T. Rowe Price Group, Inc. will post 9.29 EPS for the current fiscal year.

T. Rowe Price Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 13th will be paid a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a dividend yield of 5.28%. The ex-dividend date of this dividend is Friday, June 13th. T. Rowe Price Group’s dividend payout ratio is presently 57.60%.

Insiders Place Their Bets

In other T. Rowe Price Group news, Director Robert F. Maclellan sold 3,955 shares of the business’s stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $91.56, for a total transaction of $362,119.80. Following the transaction, the director now owns 42,979 shares in the company, valued at $3,935,157.24. The trade was a 8.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Dorothy C. Sawyer sold 2,000 shares of the business’s stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $95.43, for a total value of $190,860.00. Following the transaction, the vice president now owns 44,789 shares in the company, valued at approximately $4,274,214.27. This represents a 4.27% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 6,923 shares of company stock worth $646,856 over the last quarter. 2.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on TROW shares. Cowen restated a “hold” rating on shares of T. Rowe Price Group in a report on Monday, May 5th. Bank of America decreased their price objective on T. Rowe Price Group from $90.00 to $85.00 and set an “underperform” rating on the stock in a report on Thursday, April 3rd. Morgan Stanley raised their price objective on T. Rowe Price Group from $94.00 to $95.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 6th. TD Cowen reduced their target price on T. Rowe Price Group from $112.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, April 9th. Finally, Citigroup lowered their price target on T. Rowe Price Group from $100.00 to $95.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. Four equities research analysts have rated the stock with a sell rating and nine have issued a hold rating to the stock. Based on data from MarketBeat.com, T. Rowe Price Group presently has an average rating of “Hold” and an average target price of $94.09.

T. Rowe Price Group Company Profile

T. Rowe Price Group, Inc is a publicly owned investment manager. The firm provides its services to individuals, institutional investors, retirement plans, financial intermediaries, and institutions. It launches and manages equity and fixed income mutual funds. The firm invests in the public equity and fixed income markets across the globe.