PNC Financial Services Group Inc. Sells 58,825 Shares of T. Rowe Price Group, Inc. $TROW

PNC Financial Services Group Inc. cut its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 10.1% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 523,800 shares of the asset manager’s stock after selling 58,825 shares during the quarter. PNC Financial Services Group Inc.’s holdings in T. Rowe Price Group were worth $53,763,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Woodline Partners LP boosted its holdings in T. Rowe Price Group by 41.0% in the first quarter. Woodline Partners LP now owns 18,809 shares of the asset manager’s stock valued at $1,728,000 after acquiring an additional 5,467 shares during the last quarter. Focus Partners Wealth raised its holdings in T. Rowe Price Group by 10.6% during the 1st quarter. Focus Partners Wealth now owns 13,054 shares of the asset manager’s stock worth $1,199,000 after purchasing an additional 1,250 shares during the last quarter. Sequoia Financial Advisors LLC lifted its position in shares of T. Rowe Price Group by 7.1% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 6,140 shares of the asset manager’s stock worth $593,000 after purchasing an additional 409 shares during the period. TD Asset Management Inc lifted its position in shares of T. Rowe Price Group by 0.3% in the 2nd quarter. TD Asset Management Inc now owns 86,093 shares of the asset manager’s stock worth $8,308,000 after purchasing an additional 287 shares during the period. Finally, Nordea Investment Management AB boosted its stake in shares of T. Rowe Price Group by 8.0% in the 2nd quarter. Nordea Investment Management AB now owns 20,427 shares of the asset manager’s stock valued at $1,960,000 after purchasing an additional 1,512 shares during the last quarter. Institutional investors and hedge funds own 73.39% of the company’s stock.

T. Rowe Price Group Price Performance

TROW stock opened at $93.76 on Tuesday. The company’s 50-day moving average is $103.19 and its 200-day moving average is $103.97. The stock has a market capitalization of $20.46 billion, a PE ratio of 10.14, a price-to-earnings-growth ratio of 4.84 and a beta of 1.53. T. Rowe Price Group, Inc. has a 1 year low of $77.85 and a 1 year high of $118.22.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings results on Wednesday, February 4th. The asset manager reported $2.44 earnings per share for the quarter, missing analysts’ consensus estimates of $2.47 by ($0.03). The firm had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.92 billion. T. Rowe Price Group had a return on equity of 20.36% and a net margin of 28.53%.The firm’s quarterly revenue was up 6.0% compared to the same quarter last year. During the same period last year, the company posted $2.12 earnings per share. On average, analysts anticipate that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current fiscal year.

T. Rowe Price Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 30th. Investors of record on Monday, March 16th will be issued a $1.30 dividend. The ex-dividend date is Monday, March 16th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 5.5%. This is an increase from T. Rowe Price Group’s previous quarterly dividend of $1.27. T. Rowe Price Group’s dividend payout ratio (DPR) is 54.92%.

Insider Transactions at T. Rowe Price Group

In other T. Rowe Price Group news, VP Arif Husain sold 4,260 shares of the company’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $101.96, for a total transaction of $434,349.60. Following the transaction, the vice president owned 47,102 shares in the company, valued at approximately $4,802,519.92. This represents a 8.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 1.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Weiss Ratings reissued a “hold (c+)” rating on shares of T. Rowe Price Group in a research note on Monday, December 29th. Keefe, Bruyette & Woods decreased their price target on T. Rowe Price Group from $115.00 to $110.00 and set a “market perform” rating for the company in a report on Thursday, February 5th. Evercore lowered their price objective on T. Rowe Price Group from $116.00 to $106.00 and set an “in-line” rating for the company in a research report on Thursday, February 5th. The Goldman Sachs Group cut their target price on T. Rowe Price Group from $95.00 to $90.00 and set a “sell” rating on the stock in a research report on Thursday, February 5th. Finally, TD Cowen decreased their target price on T. Rowe Price Group from $109.00 to $97.00 and set a “hold” rating for the company in a research note on Thursday, February 5th. Twelve analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Reduce” and an average price target of $102.50.

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.