Cibc World Market Inc. Purchases Shares of 49,108 T. Rowe Price Group, Inc. $TROW

Cibc World Market Inc. purchased a new stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 49,108 shares of the asset manager’s stock, valued at approximately $5,583,000.

A number of other institutional investors also recently bought and sold shares of TROW. TD Private Client Wealth LLC boosted its holdings in T. Rowe Price Group by 91.8% in the fourth 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 in the last quarter. DV Equities LLC acquired a new stake in T. Rowe Price Group during the fourth quarter worth approximately $32,000. Bank & Trust Co lifted its position in shares of T. Rowe Price Group by 52.4% during the 2nd quarter. Bank & Trust Co now owns 314 shares of the asset manager’s stock worth $36,000 after buying an additional 108 shares during the last quarter. Motiv8 Investments LLC purchased a new stake in shares of T. Rowe Price Group during the 4th quarter worth approximately $35,000. Finally, Keating Financial Advisory Services Inc. acquired a new position in shares of T. Rowe Price Group in the 2nd quarter valued at $39,000. 73.39% of the stock is owned by hedge funds and other institutional investors.

T. Rowe Price Group Trading Up 0.5%

Shares of TROW opened at $112.87 on Wednesday. The company’s 50 day simple moving average is $114.10 and its 200-day simple moving average is $103.02. The firm has a market cap of $24.08 billion, a PE ratio of 11.32, a price-to-earnings-growth ratio of 3.72 and a beta of 1.47. T. Rowe Price Group, Inc. has a 12-month low of $85.22 and a 12-month high of $122.00.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings results on Friday, July 31st. The asset manager reported $2.57 EPS for the quarter, beating the consensus estimate of $2.52 by $0.05. The firm had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.89 billion. T. Rowe Price Group had a net margin of 29.26% and a return on equity of 20.91%. T. Rowe Price Group’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.24 EPS. As a group, equities research analysts forecast that T. Rowe Price Group, Inc. will post 10.15 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be issued a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date of this dividend is Tuesday, September 15th. T. Rowe Price Group’s dividend payout ratio is presently 52.16%.

Analysts Set New Price Targets

A number of research analysts recently commented on TROW shares. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $115.00 target price (down from $120.00) on shares of T. Rowe Price Group in a research report on Monday, August 3rd. Evercore set a $118.00 price target on shares of T. Rowe Price Group in a research report on Monday, August 10th. Weiss Ratings upgraded shares of T. Rowe Price Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, July 2nd. TD Cowen raised their price objective on T. Rowe Price Group from $107.00 to $108.00 and gave the stock a “hold” rating in a report on Monday, August 3rd. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $109.00 target price on shares of T. Rowe Price Group in a research report on Monday, August 3rd. Ten equities research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat.com, T. Rowe Price Group has an average rating of “Reduce” and an average target price of $105.67.

T. Rowe Price Group Company Profile

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.