Sit Investment Associates Inc. Sells 80,575 Shares of T. Rowe Price Group, Inc. (TROW)

Sit Investment Associates Inc. lowered its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 26.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 226,130 shares of the asset manager’s stock after selling 80,575 shares during the period. Sit Investment Associates Inc. owned 0.09% of T. Rowe Price Group worth $16,781,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the company. Daiwa Securities Group Inc. increased its stake in T. Rowe Price Group by 6.3% in the first quarter. Daiwa Securities Group Inc. now owns 6,750 shares of the asset manager’s stock valued at $460,000 after buying an additional 400 shares in the last quarter. Gabelli Funds LLC increased its stake in T. Rowe Price Group by 16.6% in the first quarter. Gabelli Funds LLC now owns 516,000 shares of the asset manager’s stock valued at $35,165,000 after buying an additional 73,400 shares in the last quarter. Rothschild Investment Corp IL increased its stake in T. Rowe Price Group by 42.0% in the first quarter. Rothschild Investment Corp IL now owns 5,750 shares of the asset manager’s stock valued at $392,000 after buying an additional 1,700 shares in the last quarter. British Columbia Investment Management Corp increased its stake in T. Rowe Price Group by 47.4% in the first quarter. British Columbia Investment Management Corp now owns 256,180 shares of the asset manager’s stock valued at $17,459,000 after buying an additional 82,409 shares in the last quarter. Finally, Confluence Investment Management LLC increased its stake in T. Rowe Price Group by 9.7% in the first quarter. Confluence Investment Management LLC now owns 162,924 shares of the asset manager’s stock valued at $11,103,000 after buying an additional 14,444 shares in the last quarter. Institutional investors and hedge funds own 71.26% of the company’s stock.

T. Rowe Price Group, Inc. (NASDAQ TROW) opened at 80.83 on Friday. T. Rowe Price Group, Inc. has a 52-week low of $62.97 and a 52-week high of $81.40. The firm has a market cap of $19.50 billion, a P/E ratio of 15.83 and a beta of 1.22. The company’s 50 day moving average is $74.84 and its 200-day moving average is $71.83.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings results on Tuesday, April 25th. The asset manager reported $1.18 EPS for the quarter, missing analysts’ consensus estimates of $1.20 by $0.02. T. Rowe Price Group had a return on equity of 24.24% and a net margin of 29.59%. The business had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.10 billion. During the same period in the previous year, the business earned $1.15 EPS. The business’s revenue was up 12.0% compared to the same quarter last year. On average, equities analysts predict that T. Rowe Price Group, Inc. will post $5.43 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 29th. Investors of record on Thursday, June 15th were paid a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 2.82%. The ex-dividend date of this dividend was Tuesday, June 13th. T. Rowe Price Group’s payout ratio is 44.88%.

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Several equities research analysts recently commented on TROW shares. Deutsche Bank AG reiterated a “hold” rating and set a $71.00 target price (down from $74.00) on shares of T. Rowe Price Group in a research report on Monday, May 1st. Jefferies Group LLC restated a “buy” rating and issued a $83.00 price target (down previously from $84.00) on shares of T. Rowe Price Group in a research report on Monday, April 17th. TheStreet downgraded shares of T. Rowe Price Group from a “b” rating to a “c+” rating in a research report on Tuesday, March 28th. BidaskClub upgraded shares of T. Rowe Price Group from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, June 14th. Finally, ValuEngine downgraded shares of T. Rowe Price Group from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $72.55.

T. Rowe Price Group Company Profile

T. Rowe Price Group, Inc is a financial services holding company. The Company provides global investment management services through its subsidiaries to investors across the world. The Company provides an array of Company sponsored the United States mutual funds, other sponsored pooled investment vehicles, sub advisory services, separate account management, recordkeeping, and related services to individuals, advisors, institutions, financial intermediaries and retirement plan sponsors.