Franklin Resources Inc. Sells 21,766 Shares of T. Rowe Price Group, Inc. $TROW

Franklin Resources Inc. cut its position in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 4.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 491,629 shares of the asset manager’s stock after selling 21,766 shares during the quarter. Franklin Resources Inc.’s holdings in T. Rowe Price Group were worth $47,442,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of TROW. Candriam S.C.A. raised its position in shares of T. Rowe Price Group by 20.4% in the 2nd quarter. Candriam S.C.A. now owns 30,931 shares of the asset manager’s stock valued at $2,985,000 after buying an additional 5,236 shares in the last quarter. PARK CIRCLE Co lifted its holdings in shares of T. Rowe Price Group by 20.2% in the first quarter. PARK CIRCLE Co now owns 64,345 shares of the asset manager’s stock worth $5,911,000 after acquiring an additional 10,800 shares during the last quarter. Level Four Advisory Services LLC grew its holdings in shares of T. Rowe Price Group by 4.2% during the 1st quarter. Level Four Advisory Services LLC now owns 102,084 shares of the asset manager’s stock valued at $9,379,000 after purchasing an additional 4,141 shares during the last quarter. Kestra Investment Management LLC lifted its stake in T. Rowe Price Group by 268.4% in the 1st quarter. Kestra Investment Management LLC now owns 35,402 shares of the asset manager’s stock valued at $3,252,000 after purchasing an additional 25,793 shares during the last quarter. Finally, Sei Investments Co. grew its stake in shares of T. Rowe Price Group by 1.8% during the first quarter. Sei Investments Co. now owns 254,294 shares of the asset manager’s stock worth $23,362,000 after buying an additional 4,500 shares during the last quarter. 73.39% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at T. Rowe Price Group

In other T. Rowe Price Group news, Director Robert F. Maclellan sold 3,090 shares of the company’s stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $105.01, for a total transaction of $324,480.90. Following the sale, the director directly owned 47,335 shares of the company’s stock, valued at $4,970,648.35. This represents a 6.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on TROW. Evercore ISI increased their target price on T. Rowe Price Group from $115.00 to $118.00 and gave the company an “in-line” rating in a research report on Thursday, October 9th. Morgan Stanley boosted their price objective on shares of T. Rowe Price Group from $125.00 to $126.00 and gave the stock an “equal weight” rating in a research note on Monday, October 27th. Citigroup upped their price target on T. Rowe Price Group from $105.00 to $107.00 in a research report on Monday, November 3rd. Jefferies Financial Group boosted their price target on shares of T. Rowe Price Group from $104.00 to $106.00 and gave the stock a “hold” rating in a research report on Tuesday, October 7th. Finally, Bank of America boosted their target price on shares of T. Rowe Price Group from $91.00 to $97.00 and gave the company an “underperform” rating in a report on Thursday, October 2nd. One analyst has rated the stock with a Strong Buy rating, eleven have given a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $109.00.

T. Rowe Price Group Price Performance

TROW opened at $101.13 on Wednesday. T. Rowe Price Group, Inc. has a fifty-two week low of $77.85 and a fifty-two week high of $125.81. The firm has a market capitalization of $22.07 billion, a P/E ratio of 11.30, a PEG ratio of 5.61 and a beta of 1.51. The company’s 50-day moving average is $103.03 and its 200 day moving average is $101.78.

T. Rowe Price Group (NASDAQ:TROW) last released its earnings results on Friday, October 31st. The asset manager reported $2.81 earnings per share (EPS) for the quarter, beating the consensus estimate 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 return on equity of 19.77% and a net margin of 28.72%.T. Rowe Price Group’s quarterly revenue was up 6.0% on a year-over-year basis. During the same period in the prior year, the company posted $2.57 earnings per share. On average, equities research analysts expect that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current year.

T. Rowe Price Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 30th. Shareholders of record on Monday, December 15th will be paid a $1.27 dividend. The ex-dividend date is Monday, December 15th. This represents a $5.08 annualized dividend and a dividend yield of 5.0%. T. Rowe Price Group’s payout ratio is presently 55.34%.

About T. Rowe Price Group

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.