Canada Pension Plan Investment Board Takes $18.19 Million Position in T. Rowe Price Group, Inc. $TROW

Canada Pension Plan Investment Board bought a new stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) during the second quarter, HoldingsChannel.com reports. The institutional investor bought 160,010 shares of the asset manager’s stock, valued at approximately $18,192,000.

A number of other hedge funds have also recently made changes to their positions in TROW. Wealthcare Capital Partners LLC lifted its holdings in T. Rowe Price Group by 1.0% in the 2nd quarter. Wealthcare Capital Partners LLC now owns 9,565 shares of the asset manager’s stock worth $1,087,000 after purchasing an additional 93 shares in the last quarter. Kesler Norman & Wride LLC grew its holdings in T. Rowe Price Group by 0.6% during the 2nd quarter. Kesler Norman & Wride LLC now owns 15,914 shares of the asset manager’s stock valued at $1,809,000 after buying an additional 96 shares in the last quarter. MassMutual Private Wealth & Trust FSB grew its holdings in T. Rowe Price Group by 9.4% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 1,150 shares of the asset manager’s stock valued at $131,000 after buying an additional 99 shares in the last quarter. Oregon Public Employees Retirement Fund raised its position in shares of T. Rowe Price Group by 0.4% during the first quarter. Oregon Public Employees Retirement Fund now owns 25,062 shares of the asset manager’s stock valued at $2,259,000 after buying an additional 100 shares during the last quarter. Finally, Concorde Asset Management LLC raised its position in shares of T. Rowe Price Group by 3.9% during the first quarter. Concorde Asset Management LLC now owns 2,730 shares of the asset manager’s stock valued at $246,000 after buying an additional 102 shares during the last quarter. Institutional investors own 73.39% of the company’s stock.

Wall Street Analysts Forecast Growth

TROW has been the topic of several research analyst reports. TD Cowen boosted their target price on shares of T. Rowe Price Group from $107.00 to $108.00 and gave the stock a “hold” rating in a report on Monday, August 3rd. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $109.00 price target on shares of T. Rowe Price Group in a report on Monday, August 3rd. Morgan Stanley set a $116.00 price objective on shares of T. Rowe Price Group in a report on Wednesday, July 29th. Zacks Research lowered T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 13th. Finally, Evercore set a $118.00 target price on T. Rowe Price Group in a report on Monday, August 10th. Ten research analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, T. Rowe Price Group has an average rating of “Reduce” and a consensus target price of $105.67.

Insider Activity

In other news, VP Joshua B. Nelson sold 10,000 shares of T. Rowe Price Group stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $111.82, for a total value of $1,118,200.00. Following the completion of the transaction, the vice president owned 71,328 shares in the company, valued at approximately $7,975,896.96. The trade was a 12.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.60% of the stock is owned by insiders.

T. Rowe Price Group Stock Down 1.0%

T. Rowe Price Group stock opened at $111.24 on Friday. The company’s 50-day moving average price is $114.35 and its 200-day moving average price is $103.34. The company has a market cap of $23.73 billion, a PE ratio of 11.16, a price-to-earnings-growth ratio of 3.72 and a beta of 1.47. T. Rowe Price Group, Inc. has a twelve month low of $85.22 and a twelve month high of $122.00.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings results on Friday, July 31st. The asset manager reported $2.57 EPS for the quarter, beating analysts’ consensus estimates 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%. The firm’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter last year, the firm earned $2.24 EPS. As a group, sell-side analysts expect that T. Rowe Price Group, Inc. will post 10.15 earnings per share for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be paid a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 4.7%. The ex-dividend date of this dividend is Tuesday, September 15th. T. Rowe Price Group’s dividend payout ratio (DPR) is presently 52.16%.

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.