Cibc World Market Inc. Boosts Stake in T. Rowe Price Group, Inc. $TROW

Cibc World Market Inc. grew its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 28.2% in the 4th quarter, HoldingsChannel.com reports. The firm owned 34,857 shares of the asset manager’s stock after purchasing an additional 7,668 shares during the quarter. Cibc World Market Inc.’s holdings in T. Rowe Price Group were worth $3,569,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. TD Private Client Wealth LLC lifted its holdings in shares of T. Rowe Price Group by 91.8% during the 4th quarter. TD Private Client Wealth LLC now owns 257 shares of the asset manager’s stock valued at $26,000 after purchasing an additional 123 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. lifted its holdings in shares of 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 valued at $29,000 after purchasing an additional 238 shares during the last quarter. Canton Hathaway LLC purchased a new stake in shares of T. Rowe Price Group during the 4th quarter valued at $31,000. Sound Income Strategies LLC lifted its holdings in shares of T. Rowe Price Group by 170.3% during 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 during the last quarter. Finally, TD Waterhouse Canada Inc. lifted its holdings in shares of T. Rowe Price Group by 92.0% during the 4th quarter. TD Waterhouse Canada Inc. now owns 386 shares of the asset manager’s stock valued at $40,000 after purchasing an additional 185 shares during the last quarter. Hedge funds and other institutional investors own 73.39% of the company’s stock.

Analyst Upgrades and Downgrades

TROW has been the subject of a number of research analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of T. Rowe Price Group in a research note on Friday, May 8th. BMO Capital Markets raised their target price 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. Morgan Stanley set a $105.00 target price on T. Rowe Price Group in a research note on Monday, April 27th. Keefe, Bruyette & Woods raised their target price on T. Rowe Price Group from $95.00 to $107.00 and gave the stock a “market perform” rating in a research note on Friday, May 1st. Finally, Evercore raised their target price on T. Rowe Price Group from $106.00 to $111.00 in a research note on Monday. Eleven investment analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus target price of $100.08.

Insiders Place Their Bets

In related news, VP Stephon A. Jackson sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $102.56, for a total value of $307,680.00. Following the transaction, the vice president directly 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.60% of the company’s stock.

T. Rowe Price Group Stock Down 0.5%

NASDAQ:TROW opened at $105.45 on Tuesday. T. Rowe Price Group, Inc. has a 52 week low of $85.22 and a 52 week high of $118.22. The stock has a market capitalization of $22.59 billion, a PE ratio of 11.30, a price-to-earnings-growth ratio of 5.42 and a beta of 1.50. The stock’s 50-day moving average price is $99.37 and its 200-day moving average price is $99.37.

T. Rowe Price Group (NASDAQ:TROW) last posted its 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 for the quarter, compared to analysts’ expectations of $1.85 billion. During the same period last year, the firm earned $2.23 EPS. The company’s quarterly revenue was up 5.3% on a year-over-year basis. Sell-side analysts expect that T. Rowe Price Group, Inc. will post 9.63 earnings per share for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 29th. Stockholders of record on Monday, June 15th will be given a dividend of $1.30 per share. The ex-dividend date is Monday, June 15th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.9%. T. Rowe Price Group’s dividend payout ratio (DPR) is 55.73%.

About T. Rowe Price Group

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.