Cypress Capital Group Sells 11,690 Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW)

Cypress Capital Group decreased its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 74.8% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,930 shares of the asset manager’s stock after selling 11,690 shares during the period. Cypress Capital Group’s holdings in T. Rowe Price Group were worth $453,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TROW. Fisher Asset Management LLC raised its stake in shares of T. Rowe Price Group by 6.7% during the 4th quarter. Fisher Asset Management LLC now owns 1,752,005 shares of the asset manager’s stock valued at $188,674,000 after purchasing an additional 109,653 shares during the period. Dimensional Fund Advisors LP grew its stake in T. Rowe Price Group by 21.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,352,683 shares of the asset manager’s stock valued at $145,685,000 after acquiring an additional 236,697 shares in the last quarter. First Trust Advisors LP increased its holdings in T. Rowe Price Group by 1.3% during the 4th quarter. First Trust Advisors LP now owns 1,173,858 shares of the asset manager’s stock worth $126,413,000 after acquiring an additional 15,504 shares during the period. Confluence Investment Management LLC bought a new position in T. Rowe Price Group in the 1st quarter valued at $130,386,000. Finally, UBS Group AG grew its position in shares of T. Rowe Price Group by 473.3% during the 4th quarter. UBS Group AG now owns 975,226 shares of the asset manager’s stock valued at $105,022,000 after purchasing an additional 805,106 shares in the last quarter. 73.39% of the stock is currently owned by hedge funds and other institutional investors.

T. Rowe Price Group Stock Performance

Shares of T. Rowe Price Group stock traded up $0.38 during midday trading on Monday, reaching $110.00. 131,034 shares of the company’s stock traded hands, compared to its average volume of 1,268,557. The stock has a 50 day moving average of $112.99 and a 200-day moving average of $113.92. T. Rowe Price Group, Inc. has a 12 month low of $87.43 and a 12 month high of $122.27. The company has a market cap of $24.49 billion, a PE ratio of 13.02, a price-to-earnings-growth ratio of 1.74 and a beta of 1.42.

T. Rowe Price Group (NASDAQ:TROW) last posted its earnings results on Friday, July 26th. The asset manager reported $2.26 EPS for the quarter, missing the consensus estimate of $2.27 by ($0.01). T. Rowe Price Group had a return on equity of 19.90% and a net margin of 28.66%. The company had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.79 billion. During the same period in the prior year, the business posted $2.02 earnings per share. The company’s revenue for the quarter was up 7.6% on a year-over-year basis. On average, equities analysts anticipate that T. Rowe Price Group, Inc. will post 9 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 Friday, September 27th. Investors of record on Friday, September 13th will be paid a $1.24 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $4.96 annualized dividend and a yield of 4.51%. T. Rowe Price Group’s payout ratio is 58.91%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on TROW shares. TD Cowen reduced their target price on T. Rowe Price Group from $123.00 to $118.00 and set a “hold” rating for the company in a research report on Monday, July 29th. JPMorgan Chase & Co. lifted their target price on shares of T. Rowe Price Group from $102.00 to $107.00 and gave the company an “underweight” rating in a research report on Tuesday, July 23rd. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of T. Rowe Price Group from $112.00 to $113.00 and gave the stock a “hold” rating in a report on Thursday, August 15th. Evercore ISI dropped their price target on T. Rowe Price Group from $110.00 to $107.00 and set an “in-line” rating for the company in a research note on Tuesday, April 30th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and issued a $120.00 target price (down previously from $121.00) on shares of T. Rowe Price Group in a research report on Monday, July 29th. Three investment analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $114.67.

Insiders Place Their Bets

In other T. Rowe Price Group news, VP Dorothy C. Sawyer sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $117.00, for a total transaction of $234,000.00. Following the completion of the transaction, the vice president now owns 34,710 shares of the company’s stock, valued at $4,061,070. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other T. Rowe Price Group news, insider Jessica M. Hiebler sold 1,401 shares of the firm’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $115.85, for a total value of $162,305.85. Following the transaction, the insider now directly owns 14,198 shares of the company’s stock, valued at $1,644,838.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Dorothy C. Sawyer sold 2,000 shares of the company’s stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $117.00, for a total transaction of $234,000.00. Following the sale, the vice president now directly owns 34,710 shares of the company’s stock, valued at approximately $4,061,070. The disclosure for this sale can be found here. 2.00% of the stock is owned by corporate insiders.

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.