T. Rowe Price Group, Inc. $TROW Shares Sold by Smithbridge Asset Management Inc. DE

Smithbridge Asset Management Inc. DE cut its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 93.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,500 shares of the asset manager’s stock after selling 69,396 shares during the period. Smithbridge Asset Management Inc. DE’s holdings in T. Rowe Price Group were worth $406,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in TROW. Argent Advisors Inc. increased its holdings in shares of T. Rowe Price Group by 19.2% in the first quarter. Argent Advisors Inc. now owns 12,364 shares of the asset manager’s stock valued at $1,114,000 after buying an additional 1,995 shares in the last quarter. USS Investment Management Ltd boosted its stake in shares of T. Rowe Price Group by 3.4% during the 1st quarter. USS Investment Management Ltd now owns 40,397 shares of the asset manager’s stock worth $3,642,000 after acquiring an additional 1,346 shares in the last quarter. IFM Investors Pty Ltd grew its holdings in shares of T. Rowe Price Group by 4.3% in the 1st quarter. IFM Investors Pty Ltd now owns 44,561 shares of the asset manager’s stock worth $4,017,000 after acquiring an additional 1,830 shares during the last quarter. Acorn Financial Advisory Services Inc. ADV acquired a new position in shares of T. Rowe Price Group in the 1st quarter worth $571,000. Finally, Capricorn Fund Managers Ltd acquired a new stake in shares of T. Rowe Price Group during the first quarter worth $7,524,000. 73.39% of the stock is owned by institutional investors and hedge funds.

Insider Activity at T. Rowe Price Group

In related news, VP Stephon A. Jackson sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $102.56, for a total transaction of $307,680.00. Following the completion of the sale, the vice president directly owned 83,883 shares in the company, valued at approximately $8,603,040.48. This trade represents a 3.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.60% of the company’s stock.

T. Rowe Price Group Trading Up 2.1%

NASDAQ:TROW opened at $118.55 on Friday. The firm has a market capitalization of $25.40 billion, a price-to-earnings ratio of 12.71, a PEG ratio of 5.90 and a beta of 1.47. T. Rowe Price Group, Inc. has a 1-year low of $85.22 and a 1-year high of $118.64. The business’s fifty day moving average price is $105.40 and its 200 day moving average price is $100.23.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings data on Thursday, April 30th. The asset manager reported $2.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.37 by $0.15. T. Rowe Price Group had a return on equity of 20.60% and a net margin of 28.28%.The firm had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.85 billion. During the same period in the prior year, the business earned $2.23 EPS. The business’s revenue for the quarter was up 5.3% on a year-over-year basis. Equities analysts forecast that T. Rowe Price Group, Inc. will post 9.69 earnings per share for the current year.

T. Rowe Price Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 29th. Stockholders of record on Monday, June 15th were given a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend was Monday, June 15th. T. Rowe Price Group’s dividend payout ratio is 55.73%.

Analyst Ratings Changes

TROW has been the subject of several analyst reports. JPMorgan Chase & Co. reduced their target price on T. Rowe Price Group from $106.00 to $103.00 and set an “underweight” rating for the company in a report on Friday, April 24th. TD Cowen lifted their price target 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. Keefe, Bruyette & Woods upped their price objective on shares of T. Rowe Price Group from $95.00 to $107.00 and gave the company a “market perform” rating in a research note on Friday, May 1st. Jefferies Financial Group reduced their price objective on shares of 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. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of T. Rowe Price Group in a research report on Friday, May 8th. Eleven research analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus target price of $100.54.

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.