T. Rowe Price Group, Inc. $TROW Shares Sold by L. Roy Papp & Associates LLP

L. Roy Papp & Associates LLP lessened its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 50.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 27,496 shares of the asset manager’s stock after selling 28,288 shares during the period. L. Roy Papp & Associates LLP’s holdings in T. Rowe Price Group were worth $3,126,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the stock. ABN Amro Investment Solutions raised its holdings in shares of T. Rowe Price Group by 72.9% in the second quarter. ABN Amro Investment Solutions now owns 12,678 shares of the asset manager’s stock worth $1,441,000 after buying an additional 5,345 shares during the last quarter. SBI Securities Co. Ltd. grew its holdings in shares of T. Rowe Price Group by 25.8% during the second quarter. SBI Securities Co. Ltd. now owns 2,566 shares of the asset manager’s stock valued at $292,000 after buying an additional 526 shares during the last quarter. Confluence Wealth Services Inc. increased its position in shares of T. Rowe Price Group by 42.9% in the 2nd quarter. Confluence Wealth Services Inc. now owns 20,281 shares of the asset manager’s stock valued at $2,306,000 after acquiring an additional 6,084 shares during the period. Exchange Traded Concepts LLC raised its stake in T. Rowe Price Group by 22.9% in the 2nd quarter. Exchange Traded Concepts LLC now owns 8,268 shares of the asset manager’s stock worth $940,000 after acquiring an additional 1,542 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in T. Rowe Price Group by 15.2% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 245,033 shares of the asset manager’s stock worth $27,858,000 after acquiring an additional 32,372 shares during the last quarter. Institutional investors and hedge funds own 73.39% of the company’s stock.

T. Rowe Price Group Trading Down 0.1%

Shares of TROW opened at $111.30 on Friday. T. Rowe Price Group, Inc. has a 12-month low of $85.22 and a 12-month high of $122.00. The firm has a market capitalization of $23.74 billion, a P/E ratio of 11.16, a P/E/G ratio of 4.34 and a beta of 1.47. The firm has a 50-day moving average price of $113.43 and a 200 day moving average price of $102.60.

T. Rowe Price Group (NASDAQ:TROW) last issued its earnings results on Friday, July 31st. The asset manager reported $2.57 EPS for the quarter, topping analysts’ consensus estimates of $2.52 by $0.05. The company had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.89 billion. T. Rowe Price Group had a net margin of 29.26% and a return on equity of 20.91%. T. Rowe Price Group’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.24 earnings per share. Equities research analysts predict that T. Rowe Price Group, Inc. will post 10.13 earnings per share for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 4.7%. The ex-dividend date of this dividend is Tuesday, September 15th. T. Rowe Price Group’s payout ratio is presently 52.16%.

Analyst Ratings Changes

A number of research firms recently commented on TROW. JPMorgan Chase & Co. decreased their target price on T. Rowe Price Group from $106.00 to $103.00 and set an “underweight” rating for the company in a report on Friday, April 24th. Morgan Stanley set a $116.00 target price on shares of T. Rowe Price Group in a research note on Wednesday, July 29th. The Goldman Sachs Group lifted their price target on shares of T. Rowe Price Group from $90.00 to $92.00 and gave the company a “sell” rating in a research note on Tuesday, June 30th. BMO Capital Markets lifted their price objective on T. Rowe Price Group from $110.00 to $120.00 and gave the stock a “market perform” rating in a report on Monday, August 3rd. Finally, Barclays dropped their target price on shares of T. Rowe Price Group from $108.00 to $103.00 and set an “underweight” rating for the company in a report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus price target of $105.67.

About T. Rowe Price Group

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.