Prudential Financial Inc. Reduces Stake in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Prudential Financial Inc. cut its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 10.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 137,213 shares of the asset manager’s stock after selling 15,811 shares during the quarter. Prudential Financial Inc.’s holdings in T. Rowe Price Group were worth $15,517,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of TROW. Larson Financial Group LLC raised its holdings in shares of T. Rowe Price Group by 866.7% during the third quarter. Larson Financial Group LLC now owns 348 shares of the asset manager’s stock worth $38,000 after purchasing an additional 312 shares during the last quarter. Daiwa Securities Group Inc. grew its position in T. Rowe Price Group by 11.0% during the 3rd quarter. Daiwa Securities Group Inc. now owns 27,122 shares of the asset manager’s stock worth $2,954,000 after purchasing an additional 2,688 shares during the period. Private Trust Co. NA grew its position in T. Rowe Price Group by 33.2% during the 3rd quarter. Private Trust Co. NA now owns 3,819 shares of the asset manager’s stock worth $416,000 after purchasing an additional 952 shares during the period. Quantbot Technologies LP purchased a new position in shares of T. Rowe Price Group during the 3rd quarter valued at about $3,321,000. Finally, Brooklyn Investment Group acquired a new position in shares of T. Rowe Price Group in the 3rd quarter valued at about $43,000. 73.39% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at T. Rowe Price Group

In other news, VP Arif Husain sold 4,112 shares of the stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $109.27, for a total value of $449,318.24. Following the completion of the sale, the vice president now directly owns 36,800 shares in the company, valued at $4,021,136. This represents a 10.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

TROW has been the topic of several analyst reports. StockNews.com lowered T. Rowe Price Group from a “buy” rating to a “hold” rating in a report on Sunday, February 2nd. Morgan Stanley dropped their price objective on shares of T. Rowe Price Group from $126.00 to $121.00 and set an “equal weight” rating on the stock in a research note on Monday, February 24th. Barclays decreased their target price on shares of T. Rowe Price Group from $113.00 to $105.00 and set an “underweight” rating for the company in a research note on Thursday, February 6th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $113.00 price target (up previously from $111.00) on shares of T. Rowe Price Group in a research report on Thursday, February 6th. Finally, Wells Fargo & Company cut their price objective on shares of T. Rowe Price Group from $118.00 to $116.00 and set an “equal weight” rating for the company in a report on Thursday, February 6th. Four investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, T. Rowe Price Group currently has an average rating of “Hold” and an average price target of $114.09.

T. Rowe Price Group Stock Up 0.3 %

TROW stock opened at $94.70 on Friday. T. Rowe Price Group, Inc. has a 52 week low of $91.37 and a 52 week high of $125.81. The firm has a 50-day simple moving average of $105.04 and a 200-day simple moving average of $110.90. The stock has a market capitalization of $21.08 billion, a P/E ratio of 10.34, a P/E/G ratio of 2.86 and a beta of 1.46.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings data on Wednesday, February 5th. The asset manager reported $2.12 EPS for the quarter, missing the consensus estimate of $2.20 by ($0.08). T. Rowe Price Group had a return on equity of 20.83% and a net margin of 29.61%. During the same period in the previous year, the business earned $1.72 EPS. On average, analysts expect that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current year.

T. Rowe Price Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be paid a $1.27 dividend. This is an increase from T. Rowe Price Group’s previous quarterly dividend of $1.24. This represents a $5.08 annualized dividend and a yield of 5.36%. The ex-dividend date of this dividend is Friday, March 14th. T. Rowe Price Group’s dividend payout ratio is currently 55.46%.

About T. Rowe Price Group

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.