PNC Financial Services Group Inc. cut its stake in shares of T. Rowe Price Group Inc (NASDAQ:TROW) by 37.1% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,719,052 shares of the asset manager’s stock after selling 1,012,184 shares during the period. PNC Financial Services Group Inc. owned 0.73% of T. Rowe Price Group worth $172,113,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Trustcore Financial Services LLC grew its holdings in T. Rowe Price Group by 353.8% during the first quarter. Trustcore Financial Services LLC now owns 295 shares of the asset manager’s stock worth $30,000 after acquiring an additional 230 shares during the period. Reilly Financial Advisors LLC boosted its position in T. Rowe Price Group by 66.3% during the 4th quarter. Reilly Financial Advisors LLC now owns 296 shares of the asset manager’s stock worth $27,000 after acquiring an additional 118 shares during the period. LFA Lugano Financial Advisors SA bought a new position in shares of T. Rowe Price Group in the 1st quarter valued at approximately $29,000. Ruggie Capital Group bought a new position in shares of T. Rowe Price Group in the 4th quarter valued at approximately $28,000. Finally, Spectrum Management Group Inc. raised its stake in shares of T. Rowe Price Group by 105.3% in the 1st quarter. Spectrum Management Group Inc. now owns 308 shares of the asset manager’s stock valued at $31,000 after acquiring an additional 158 shares in the last quarter. 69.35% of the stock is owned by hedge funds and other institutional investors.
TROW has been the topic of a number of research reports. BidaskClub upgraded T. Rowe Price Group from a “sell” rating to a “hold” rating in a research report on Tuesday, May 21st. Gabelli reiterated a “buy” rating on shares of T. Rowe Price Group in a report on Thursday, April 25th. Barclays increased their price target on T. Rowe Price Group from $90.00 to $95.00 and gave the company an “underweight” rating in a research report on Thursday, April 25th. Citigroup raised their price objective on T. Rowe Price Group from $98.00 to $108.00 and gave the company a “neutral” rating in a research report on Monday, April 15th. Finally, Bank of America set a $112.00 target price on T. Rowe Price Group and gave the stock a “buy” rating in a research note on Tuesday, April 9th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $106.75.
T. Rowe Price Group stock opened at $106.67 on Wednesday. T. Rowe Price Group Inc has a 12 month low of $84.59 and a 12 month high of $127.05. The company has a current ratio of 3.74, a quick ratio of 3.74 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $25.30 billion, a P/E ratio of 14.92, a PEG ratio of 1.56 and a beta of 1.05.
T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings data on Wednesday, April 24th. The asset manager reported $1.87 EPS for the quarter, beating the consensus estimate of $1.61 by $0.26. T. Rowe Price Group had a return on equity of 28.93% and a net margin of 35.05%. The business had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter in the prior year, the business earned $1.74 earnings per share. T. Rowe Price Group’s revenue for the quarter was down 2.1% on a year-over-year basis. On average, analysts predict that T. Rowe Price Group Inc will post 7.5 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be given a dividend of $0.76 per share. The ex-dividend date is Thursday, June 13th. This represents a $3.04 annualized dividend and a dividend yield of 2.85%. T. Rowe Price Group’s dividend payout ratio is currently 42.52%.
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T. Rowe Price Group 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.
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