abrdn plc Reduces Position in T. Rowe Price Group, Inc. (NASDAQ:TROW)

abrdn plc lessened its position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 39.8% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 122,127 shares of the asset manager’s stock after selling 80,585 shares during the quarter. abrdn plc owned about 0.05% of T. Rowe Price Group worth $13,152,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in TROW. OFI Invest Asset Management acquired a new stake in T. Rowe Price Group during the 3rd quarter worth approximately $25,000. Creative Financial Designs Inc. ADV lifted its position in T. Rowe Price Group by 83.5% during the 4th quarter. Creative Financial Designs Inc. ADV now owns 233 shares of the asset manager’s stock worth $25,000 after acquiring an additional 106 shares during the period. Park Place Capital Corp lifted its position in T. Rowe Price Group by 1,775.0% during the 4th quarter. Park Place Capital Corp now owns 300 shares of the asset manager’s stock worth $32,000 after acquiring an additional 284 shares during the period. Fortitude Family Office LLC acquired a new stake in T. Rowe Price Group during the 4th quarter worth approximately $33,000. Finally, NBC Securities Inc. acquired a new stake in T. Rowe Price Group during the 3rd quarter worth approximately $39,000. 73.39% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

TROW has been the subject of a number of recent research reports. JPMorgan Chase & Co. increased their price objective on T. Rowe Price Group from $94.00 to $103.00 and gave the stock an “underweight” rating in a research report on Tuesday, April 16th. StockNews.com cut T. Rowe Price Group from a “buy” rating to a “hold” rating in a report on Friday, February 9th. Wells Fargo & Company raised their price target on T. Rowe Price Group from $105.00 to $108.00 and gave the company an “underweight” rating in a report on Friday, February 9th. Citigroup raised their price target on T. Rowe Price Group from $110.00 to $125.00 and gave the company a “neutral” rating in a report on Friday, April 5th. Finally, Morgan Stanley raised their price target on T. Rowe Price Group from $114.00 to $125.00 and gave the company an “equal weight” rating in a report on Wednesday, April 17th. Four research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $112.67.

T. Rowe Price Group Stock Performance

Shares of TROW stock opened at $108.83 on Friday. The stock has a fifty day moving average price of $115.00 and a 200 day moving average price of $107.00. The stock has a market cap of $24.34 billion, a PE ratio of 14.02, a P/E/G ratio of 2.08 and a beta of 1.40. T. Rowe Price Group, Inc. has a 1 year low of $87.43 and a 1 year high of $132.76.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings data on Thursday, February 8th. The asset manager reported $1.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $0.12. The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.63 billion. T. Rowe Price Group had a return on equity of 18.41% and a net margin of 27.69%. T. Rowe Price Group’s revenue was up 6.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.74 earnings per share. As a group, equities research analysts predict that T. Rowe Price Group, Inc. will post 8.36 earnings per share for the current year.

T. Rowe Price Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were given a dividend of $1.24 per share. This is an increase from T. Rowe Price Group’s previous quarterly dividend of $1.22. The ex-dividend date was Thursday, March 14th. This represents a $4.96 annualized dividend and a yield of 4.56%. T. Rowe Price Group’s dividend payout ratio (DPR) is presently 63.92%.

Insiders Place Their Bets

In other T. Rowe Price Group news, Director Freeman A. Hrabowski III sold 8,740 shares of the firm’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $118.32, for a total transaction of $1,034,116.80. Following the completion of the transaction, the director now owns 21,073 shares of the company’s stock, valued at $2,493,357.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other T. Rowe Price Group news, Director Freeman A. Hrabowski III sold 8,740 shares of the firm’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $118.32, for a total transaction of $1,034,116.80. Following the completion of the transaction, the director now owns 21,073 shares of the company’s stock, valued at $2,493,357.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jessica M. Hiebler sold 1,138 shares of T. Rowe Price Group stock in a transaction on Friday, February 9th. The shares were sold at an average price of $107.13, for a total value of $121,913.94. Following the completion of the sale, the insider now directly owns 14,113 shares of the company’s stock, valued at approximately $1,511,925.69. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by company insiders.

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.