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

The Manufacturers Life Insurance Company lowered its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 4.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. 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 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Acadian Asset Management LLC lifted its position in shares of T. Rowe Price Group by 7.9% during the 3rd quarter. Acadian Asset Management LLC now owns 4,629 shares of the asset manager’s stock valued at $593,000 after buying an additional 337 shares during the last quarter. CI Investments Inc. purchased a new position in shares of T. Rowe Price Group during the 3rd quarter valued at $306,000. Madison Wealth Management lifted its position in shares of T. Rowe Price Group by 3.0% during the 3rd quarter. Madison Wealth Management now owns 6,450 shares of the asset manager’s stock valued at $827,000 after buying an additional 190 shares during the last quarter. Jackson Creek Investment Advisors LLC purchased a new position in shares of T. Rowe Price Group during the 3rd quarter valued at $738,000. Finally, Victory Capital Management Inc. lifted its position in shares of T. Rowe Price Group by 18.4% during the 3rd quarter. Victory Capital Management Inc. now owns 447,859 shares of the asset manager’s stock valued at $57,424,000 after buying an additional 69,715 shares during the last quarter. 68.06% of the stock is currently owned by institutional investors and hedge funds.

TROW has been the topic of a number of recent research reports. Citigroup upped their price target on T. Rowe Price Group from $135.00 to $148.00 and gave the company a “neutral” rating in a research report on Tuesday, August 4th. Deutsche Bank Aktiengesellschaft increased their price objective on T. Rowe Price Group from $145.00 to $150.00 in a report on Wednesday, November 11th. 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. Morgan Stanley dropped their price objective on T. Rowe Price Group from $160.00 to $152.00 and set an “equal weight” rating on the stock in a report on Friday, October 30th. Finally, 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. 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.

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 firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 30th. Shareholders of record on Tuesday, December 15th will be paid a $0.90 dividend. The ex-dividend date is Monday, December 14th. This represents a $3.60 dividend on an annualized basis and a yield of 2.62%. T. Rowe Price Group’s dividend payout ratio is currently 44.61%.

T. Rowe Price Group Company 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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