Sumitomo Mitsui Trust Group Inc. Has $71.05 Million Stock Position in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Sumitomo Mitsui Trust Group Inc. lessened its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 5.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 628,288 shares of the asset manager’s stock after selling 35,775 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in T. Rowe Price Group were worth $71,053,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Iron Horse Wealth Management LLC raised its holdings in T. Rowe Price Group by 47.6% in the 4th quarter. Iron Horse Wealth Management LLC now owns 341 shares of the asset manager’s stock valued at $39,000 after acquiring an additional 110 shares in the last quarter. Adero Partners LLC bought a new stake in T. Rowe Price Group during the fourth quarter worth about $439,000. Meritage Portfolio Management acquired a new stake in T. Rowe Price Group during the fourth quarter worth about $2,670,000. Confluence Wealth Services Inc. increased its holdings in T. Rowe Price Group by 10.7% in the 4th quarter. Confluence Wealth Services Inc. now owns 10,811 shares of the asset manager’s stock valued at $1,226,000 after buying an additional 1,043 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in T. Rowe Price Group by 20.6% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 189,446 shares of the asset manager’s stock valued at $21,912,000 after buying an additional 32,378 shares during the period. 73.39% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other T. Rowe Price Group news, VP Andrew Justin Mackenzi Thomson sold 4,047 shares of the stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $123.35, for a total transaction of $499,197.45. Following the completion of the sale, the vice president now directly owns 119,577 shares in the company, valued at approximately $14,749,822.95. This trade represents a 3.27 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 2.00% of the stock is owned by insiders.

T. Rowe Price Group Price Performance

Shares of TROW opened at $110.14 on Monday. The business has a 50-day moving average of $115.78 and a 200-day moving average of $112.55. The company has a market capitalization of $24.47 billion, a price-to-earnings ratio of 12.02, a price-to-earnings-growth ratio of 1.70 and a beta of 1.44. T. Rowe Price Group, Inc. has a 1 year low of $100.49 and a 1 year high of $125.81.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings results on Wednesday, February 5th. The asset manager reported $2.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.20 by ($0.08). T. Rowe Price Group had a return on equity of 20.91% and a net margin of 29.61%. During the same quarter in the prior year, the business posted $1.72 EPS. As a group, sell-side analysts anticipate that T. Rowe Price Group, Inc. will post 9.36 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Barclays reduced their target price on T. Rowe Price Group from $113.00 to $105.00 and set an “underweight” rating on the stock in a report on Thursday. JPMorgan Chase & Co. lowered their price objective on shares of T. Rowe Price Group from $116.00 to $115.00 and set an “underweight” rating for the company in a research report on Monday, November 4th. StockNews.com downgraded shares of T. Rowe Price Group from a “buy” rating to a “hold” rating in a report on Sunday, February 2nd. Wells Fargo & Company cut their price objective on T. Rowe Price Group from $118.00 to $116.00 and set an “equal weight” rating on the stock in a report on Thursday. Finally, TD Cowen lowered their target price on T. Rowe Price Group from $120.00 to $116.00 and set a “hold” rating for the company in a report on Monday, November 4th. Four equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. According to data from MarketBeat, T. Rowe Price Group has an average rating of “Hold” and an average target price of $115.09.

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.