PNC Financial Services Group Inc. Sells 34,389 Shares of T. Rowe Price Group, Inc. $TROW

PNC Financial Services Group Inc. reduced its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 6.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 466,890 shares of the asset manager’s stock after selling 34,389 shares during the quarter. PNC Financial Services Group Inc. owned about 0.22% of T. Rowe Price Group worth $42,086,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Oregon Public Employees Retirement Fund boosted its stake in T. Rowe Price Group by 0.4% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 25,062 shares of the asset manager’s stock worth $2,259,000 after acquiring an additional 100 shares during the last quarter. MTM Investment Management LLC grew its holdings in T. Rowe Price Group by 3.5% during the fourth quarter. MTM Investment Management LLC now owns 3,167 shares of the asset manager’s stock valued at $324,000 after purchasing an additional 107 shares during the period. GenTrust LLC raised its holdings in T. Rowe Price Group by 5.5% in the fourth quarter. GenTrust LLC now owns 2,114 shares of the asset manager’s stock worth $216,000 after purchasing an additional 110 shares during the period. Fiduciary Trust Co raised its holdings in T. Rowe Price Group by 4.5% in the third quarter. Fiduciary Trust Co now owns 2,579 shares of the asset manager’s stock worth $265,000 after purchasing an additional 111 shares during the period. Finally, 1834 Investment Advisors Co. boosted its position in shares of T. Rowe Price Group by 0.3% during the fourth quarter. 1834 Investment Advisors Co. now owns 37,490 shares of the asset manager’s stock worth $3,838,000 after purchasing an additional 115 shares in the last quarter. 73.39% of the stock is owned by institutional investors.

Insider Activity

In related news, VP Stephon A. Jackson sold 3,000 shares of the stock in a transaction dated 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 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.60% of the company’s stock.

T. Rowe Price Group Trading Down 0.9%

TROW opened at $114.95 on Friday. The stock has a market capitalization of $24.63 billion, a P/E ratio of 12.32, a P/E/G ratio of 4.16 and a beta of 1.47. T. Rowe Price Group, Inc. has a 12 month low of $85.22 and a 12 month high of $121.17. The firm’s fifty day simple moving average is $109.89 and its 200 day simple moving average is $101.67.

T. Rowe Price Group (NASDAQ:TROW) last released its earnings results on Thursday, April 30th. The asset manager reported $2.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $1.85 billion. During the same quarter in the prior year, the company earned $2.23 EPS. The company’s revenue was up 5.3% on a year-over-year basis. On average, equities research analysts predict that T. Rowe Price Group, Inc. will post 10.12 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 29th. Stockholders of record on Monday, June 15th were given a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 4.5%. The ex-dividend date of this dividend was Monday, June 15th. T. Rowe Price Group’s dividend payout ratio is currently 55.73%.

Wall Street Analyst Weigh In

TROW has been the subject of a number of recent analyst reports. Jefferies Financial Group lowered 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 report on Wednesday, April 8th. The Goldman Sachs Group lifted 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. Keefe, Bruyette & Woods boosted their target price on T. Rowe Price Group from $107.00 to $120.00 and gave the company a “market perform” rating in a research note on Friday, July 10th. TD Cowen lowered their price target on T. Rowe Price Group from $108.00 to $107.00 and set a “hold” rating for the company in a report on Monday. Finally, BMO Capital Markets raised their price target on T. Rowe Price Group from $98.00 to $110.00 and gave the stock a “market perform” rating in a research report on Monday, May 4th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat.com, T. Rowe Price Group currently has an average rating of “Reduce” and a consensus target price of $104.50.

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.