Guinness Asset Management LTD Trims Stock Holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW)

by · The Cerbat Gem

Guinness Asset Management LTD lowered its position in T. Rowe Price Group, Inc. (NASDAQ:TROW – Free Report) by 10.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,273 shares of the asset manager’s stock after selling 259 shares during the quarter. Guinness Asset Management LTD’s holdings in T. Rowe Price Group were worth $248,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TROW. Studio Investment Management LLC raised its stake in shares of T. Rowe Price Group by 19.9% during the fourth quarter. Studio Investment Management LLC now owns 16,772 shares of the asset manager’s stock worth $1,806,000 after purchasing an additional 2,778 shares during the last quarter. V Square Quantitative Management LLC raised its stake in shares of T. Rowe Price Group by 31.5% during the fourth quarter. V Square Quantitative Management LLC now owns 4,142 shares of the asset manager’s stock worth $446,000 after purchasing an additional 992 shares during the last quarter. Scarborough Advisors LLC purchased a new stake in shares of T. Rowe Price Group during the fourth quarter worth approximately $47,000. Virtu Financial LLC purchased a new stake in shares of T. Rowe Price Group during the fourth quarter worth approximately $558,000. Finally, Tortoise Investment Management LLC raised its stake in shares of T. Rowe Price Group by 4.4% during the fourth quarter. Tortoise Investment Management LLC now owns 2,944 shares of the asset manager’s stock worth $317,000 after purchasing an additional 125 shares during the last quarter. Hedge funds and other institutional investors own 73.39% of the company’s stock.

T. Rowe Price Group Stock Up 0.9 %

Shares of TROW traded up $0.98 during trading hours on Friday, reaching $108.98. 1,072,497 shares of the company traded hands, compared to its average volume of 1,252,860. The stock has a market capitalization of $24.26 billion, a PE ratio of 12.87, a price-to-earnings-growth ratio of 1.78 and a beta of 1.41. T. Rowe Price Group, Inc. has a fifty-two week low of $87.43 and a fifty-two week high of $122.27. The stock has a fifty day simple moving average of $106.75 and a 200 day simple moving average of $112.35.

T. Rowe Price Group (NASDAQ:TROW – Get Free Report) last posted its quarterly earnings data on Friday, July 26th. The asset manager reported $2.26 EPS for the quarter, missing analysts’ consensus estimates of $2.27 by ($0.01). The company had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.79 billion. T. Rowe Price Group had a net margin of 28.66% and a return on equity of 19.90%. The firm’s revenue was up 7.6% on a year-over-year basis. During the same period in the previous year, the business earned $2.02 EPS. Research analysts predict that T. Rowe Price Group, Inc. will post 9.02 EPS for the current fiscal year.

T. Rowe Price Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were paid a $1.24 dividend. This represents a $4.96 dividend on an annualized basis and a yield of 4.55%. The ex-dividend date of this dividend was Friday, September 13th. T. Rowe Price Group’s payout ratio is 58.56%.

Insiders Place Their Bets

In other news, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of T. Rowe Price Group stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $102.83, for a total value of $1,230,772.27. Following the transaction, the vice president now directly owns 123,624 shares of the company’s stock, valued at $12,712,255.92. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, insider Jessica M. Hiebler sold 484 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $104.73, for a total transaction of $50,689.32. Following the sale, the insider now directly owns 13,939 shares in the company, valued at approximately $1,459,831.47. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of T. Rowe Price Group stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $102.83, for a total value of $1,230,772.27. Following the sale, the vice president now owns 123,624 shares in the company, valued at $12,712,255.92. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have recently commented on TROW. Keefe, Bruyette & Woods restated a “market perform” rating and set a $120.00 price target (down previously from $121.00) on shares of T. Rowe Price Group in a research note on Monday, July 29th. TD Cowen cut their price objective on T. Rowe Price Group from $123.00 to $118.00 and set a “hold” rating for the company in a research report on Monday, July 29th. JPMorgan Chase & Co. increased their price objective on T. Rowe Price Group from $102.00 to $107.00 and gave the stock an “underweight” rating in a research report on Tuesday, July 23rd. StockNews.com cut T. Rowe Price Group from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Finally, Wells Fargo & Company increased their price objective on T. Rowe Price Group from $109.00 to $112.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Four analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $112.64.

Read Our Latest Analysis on TROW

About T. Rowe Price Group

(Free Report)

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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