Pictet Asset Management Holding SA Cuts Position in T. Rowe Price Group, Inc. $TROW

Pictet Asset Management Holding SA trimmed its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 41.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 190,772 shares of the asset manager’s stock after selling 137,673 shares during the period. Pictet Asset Management Holding SA’s holdings in T. Rowe Price Group were worth $17,195,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. TD Private Client Wealth LLC raised its stake in shares of T. Rowe Price Group by 91.8% in the 4th quarter. TD Private Client Wealth LLC now owns 257 shares of the asset manager’s stock valued at $26,000 after acquiring an additional 123 shares during the period. Thurston Springer Miller Herd & Titak Inc. boosted its position in T. Rowe Price Group by 540.9% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 282 shares of the asset manager’s stock worth $29,000 after purchasing an additional 238 shares during the period. Canton Hathaway LLC purchased a new stake in T. Rowe Price Group during the 4th quarter worth $31,000. Sound Income Strategies LLC increased its holdings in T. Rowe Price Group by 170.3% in the 4th quarter. Sound Income Strategies LLC now owns 300 shares of the asset manager’s stock valued at $32,000 after purchasing an additional 189 shares in the last quarter. Finally, DV Equities LLC acquired a new stake in T. Rowe Price Group in the 4th quarter valued at $32,000. 73.39% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

TROW has been the topic of a number of recent research reports. BMO Capital Markets boosted their price objective on T. Rowe Price Group from $98.00 to $110.00 and gave the stock a “market perform” rating in a research note on Monday, May 4th. TD Cowen increased their target price on T. Rowe Price Group from $93.00 to $94.00 and gave the company a “hold” rating in a research note on Friday, May 1st. Jefferies Financial Group reduced their price target on T. Rowe Price Group from $107.00 to $91.00 and set a “hold” rating on the stock in a research report on Wednesday, April 8th. JPMorgan Chase & Co. decreased their price target 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. Finally, Keefe, Bruyette & Woods increased their price objective on shares of T. Rowe Price Group from $95.00 to $107.00 and gave the company a “market perform” rating in a research report on Friday, May 1st. Eleven analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus target price of $100.54.

T. Rowe Price Group Stock Performance

Shares of NASDAQ TROW opened at $118.55 on Friday. T. Rowe Price Group, Inc. has a 1 year low of $85.22 and a 1 year high of $118.64. The stock’s 50-day simple moving average is $105.40 and its 200-day simple moving average is $100.23. The firm has a market cap of $25.40 billion, a price-to-earnings ratio of 12.71, a PEG ratio of 5.90 and a beta of 1.47.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings results on Thursday, April 30th. The asset manager reported $2.52 EPS for the quarter, beating analysts’ consensus estimates of $2.37 by $0.15. T. Rowe Price Group had a return on equity of 20.60% and a net margin of 28.28%.The firm had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.85 billion. During the same quarter in the prior year, the business posted $2.23 earnings per share. T. Rowe Price Group’s revenue for the quarter was up 5.3% on a year-over-year basis. As a group, research analysts predict that T. Rowe Price Group, Inc. will post 9.69 EPS for the current year.

T. Rowe Price Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 29th. Stockholders of record on Monday, June 15th were paid a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 4.4%. The ex-dividend date was Monday, June 15th. T. Rowe Price Group’s dividend payout ratio is 55.73%.

Insider Activity at T. Rowe Price Group

In other news, VP Stephon A. Jackson sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $102.56, for a total transaction of $307,680.00. Following the completion of the sale, the vice president owned 83,883 shares of the company’s stock, valued at approximately $8,603,040.48. This trade represents a 3.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.60% of the company’s stock.

T. Rowe Price Group Profile

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.