Cullen Frost Bankers Inc. Reduces Stake in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Cullen Frost Bankers Inc. trimmed its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 1.9% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 26,927 shares of the asset manager’s stock after selling 525 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in T. Rowe Price Group were worth $2,900,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Clear Harbor Asset Management LLC grew its stake in T. Rowe Price Group by 3.2% during the 4th quarter. Clear Harbor Asset Management LLC now owns 3,240 shares of the asset manager’s stock worth $349,000 after buying an additional 100 shares during the last quarter. Caprock Group LLC increased its holdings in shares of T. Rowe Price Group by 4.7% in the 4th quarter. Caprock Group LLC now owns 2,251 shares of the asset manager’s stock valued at $242,000 after acquiring an additional 101 shares during the period. Roundview Capital LLC boosted its stake in T. Rowe Price Group by 0.5% during the 3rd quarter. Roundview Capital LLC now owns 22,279 shares of the asset manager’s stock worth $2,336,000 after purchasing an additional 105 shares during the period. Creative Financial Designs Inc. ADV increased its stake in T. Rowe Price Group by 83.5% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 233 shares of the asset manager’s stock valued at $25,000 after purchasing an additional 106 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich raised its holdings in shares of T. Rowe Price Group by 2.6% in the third quarter. Bank Julius Baer & Co. Ltd Zurich now owns 4,451 shares of the asset manager’s stock valued at $467,000 after buying an additional 114 shares during the last quarter. Institutional investors and hedge funds own 73.39% of the company’s stock.

T. Rowe Price Group Trading Up 0.2 %

TROW stock opened at $111.49 on Thursday. The company has a market cap of $24.90 billion, a price-to-earnings ratio of 13.24, a PEG ratio of 1.93 and a beta of 1.40. The firm has a 50 day moving average of $115.24 and a 200-day moving average of $107.68. T. Rowe Price Group, Inc. has a 12-month low of $87.43 and a 12-month high of $132.76.

T. Rowe Price Group (NASDAQ:TROW) last posted its earnings results on Friday, April 26th. The asset manager reported $2.38 EPS for the quarter, topping analysts’ consensus estimates of $2.04 by $0.34. T. Rowe Price Group had a return on equity of 19.70% and a net margin of 29.09%. The company had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.71 billion. During the same period in the previous year, the business earned $1.69 earnings per share. T. Rowe Price Group’s quarterly revenue was up 13.8% compared to the same quarter last year. Sell-side analysts forecast that T. Rowe Price Group, Inc. will post 8.75 earnings per share for the current fiscal year.

T. Rowe Price Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Friday, June 14th will be paid a $1.24 dividend. This represents a $4.96 dividend on an annualized basis and a yield of 4.45%. T. Rowe Price Group’s payout ratio is currently 58.91%.

Insider Activity

In other news, insider Jessica M. Hiebler sold 1,138 shares of T. Rowe Price Group stock in a transaction on Friday, February 9th. The stock was sold at an average price of $107.13, for a total value of $121,913.94. Following the completion of the sale, the insider now owns 14,113 shares of the company’s stock, valued at $1,511,925.69. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other T. Rowe Price Group news, insider Jessica M. Hiebler sold 1,138 shares of the stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $107.13, for a total transaction of $121,913.94. Following the transaction, the insider now owns 14,113 shares of the company’s stock, valued at $1,511,925.69. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Freeman A. Hrabowski III sold 8,740 shares of the business’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $118.32, for a total transaction of $1,034,116.80. Following the sale, the director now directly owns 21,073 shares of the company’s stock, valued at $2,493,357.36. The disclosure for this sale can be found here. Insiders have sold 12,921 shares of company stock worth $1,500,133 over the last three months. 2.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. UBS Group boosted their price target on T. Rowe Price Group from $100.00 to $109.00 and gave the company a “sell” rating in a research report on Friday, April 12th. Morgan Stanley increased their price target on T. Rowe Price Group from $114.00 to $125.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 17th. TD Cowen upgraded shares of T. Rowe Price Group from a “sell” rating to a “hold” rating and upped their price objective for the stock from $92.00 to $114.00 in a research report on Monday, April 8th. StockNews.com lowered shares of T. Rowe Price Group from a “buy” rating to a “hold” rating in a research note on Friday, February 9th. Finally, JPMorgan Chase & Co. raised their price objective on shares of T. Rowe Price Group from $94.00 to $103.00 and gave the company an “underweight” rating in a research report on Tuesday, April 16th. Four equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $112.10.

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.