The Manufacturers Life Insurance Company Cuts Stock Position in T. Rowe Price Group, Inc. (NASDAQ:TROW)

The Manufacturers Life Insurance Company lessened its position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 4.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 232,874 shares of the asset manager’s stock after selling 11,931 shares during the period. The Manufacturers Life Insurance Company’s holdings in T. Rowe Price Group were worth $29,858,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. FinTrust Capital Advisors LLC lifted its position in shares of T. Rowe Price Group by 183.6% during the 2nd quarter. FinTrust Capital Advisors LLC now owns 207 shares of the asset manager’s stock valued at $26,000 after buying an additional 134 shares during the last quarter. Prestige Wealth Management Group LLC lifted its position in shares of T. Rowe Price Group by 76.8% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 297 shares of the asset manager’s stock valued at $38,000 after buying an additional 129 shares during the last quarter. Denali Advisors LLC purchased a new position in shares of T. Rowe Price Group during the 3rd quarter valued at $38,000. Parkside Financial Bank & Trust lifted its position in shares of T. Rowe Price Group by 35.3% during the 2nd quarter. Parkside Financial Bank & Trust now owns 337 shares of the asset manager’s stock valued at $42,000 after buying an additional 88 shares during the last quarter. Finally, Smithfield Trust Co. lifted its position in shares of T. Rowe Price Group by 80.0% during the 2nd quarter. Smithfield Trust Co. now owns 360 shares of the asset manager’s stock valued at $44,000 after buying an additional 160 shares during the last quarter. 68.06% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NASDAQ TROW opened at $137.46 on Friday. The firm has a market capitalization of $31.13 billion, a P/E ratio of 16.31, a P/E/G ratio of 1.64 and a beta of 1.15. The stock’s 50-day simple moving average is $138.88 and its two-hundred day simple moving average is $130.24. T. Rowe Price Group, Inc. has a twelve month low of $82.51 and a twelve month high of $148.88.

T. Rowe Price Group (NASDAQ:TROW) last announced its earnings results on Thursday, October 29th. The asset manager reported $2.55 earnings per share for the quarter, topping analysts’ consensus estimates of $2.53 by $0.02. The business had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.57 billion. T. Rowe Price Group had a return on equity of 29.65% and a net margin of 35.05%. The company’s quarterly revenue was up 11.9% compared to the same quarter last year. During the same period in the prior year, the company earned $2.13 EPS. On average, sell-side analysts expect that T. Rowe Price Group, Inc. will post 8.92 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 30th. Stockholders of record on Tuesday, December 15th will be given a dividend of $0.90 per share. The ex-dividend date of this dividend is Monday, December 14th. This represents a $3.60 annualized dividend and a dividend yield of 2.62%. T. Rowe Price Group’s dividend payout ratio (DPR) is presently 44.61%.

TROW has been the topic of a number of recent research reports. Credit Suisse Group increased their price objective on T. Rowe Price Group from $135.00 to $147.00 in a report on Thursday, July 30th. Citigroup increased their price objective on T. Rowe Price Group from $135.00 to $148.00 and gave the stock a “neutral” rating in a report on Tuesday, August 4th. Bank of America cut T. Rowe Price Group from a “buy” rating to a “neutral” rating and set a $154.00 price objective on the stock. in a report on Thursday. Zacks Investment Research cut T. Rowe Price Group from a “strong-buy” rating to a “hold” rating and set a $135.00 price objective on the stock. in a report on Tuesday, September 29th. Finally, Wells Fargo & Company increased their price objective on T. Rowe Price Group from $72.00 to $78.00 in a report on Thursday, July 30th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $124.67.

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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Institutional Ownership by Quarter for T. Rowe Price Group (NASDAQ:TROW)

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