Nexus Investment Management Inc. lessened its position in shares of T. Rowe Price Group Inc (NASDAQ:TROW) by 38.4% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 16,150 shares of the asset manager’s stock after selling 10,050 shares during the quarter. Nexus Investment Management Inc.’s holdings in T. Rowe Price Group were worth $1,695,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. Alpha Cubed Investments LLC acquired a new position in T. Rowe Price Group in the 3rd quarter valued at about $256,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in T. Rowe Price Group by 59.3% in the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 200,580 shares of the asset manager’s stock valued at $18,183,000 after purchasing an additional 74,687 shares during the last quarter. California Public Employees Retirement System grew its holdings in T. Rowe Price Group by 4.0% in the 3rd quarter. California Public Employees Retirement System now owns 630,687 shares of the asset manager’s stock valued at $57,172,000 after buying an additional 24,012 shares during the period. Reliance Trust Co. of Delaware purchased a new stake in T. Rowe Price Group in the 3rd quarter valued at about $304,000. Finally, Mackenzie Financial Corp purchased a new stake in T. Rowe Price Group in the 3rd quarter valued at about $28,685,000. 72.38% of the stock is owned by hedge funds and other institutional investors.
Shares of T. Rowe Price Group Inc (TROW) traded up $0.52 during trading hours on Thursday, hitting $112.27. The stock had a trading volume of 1,044,000 shares, compared to its average volume of 1,238,943. T. Rowe Price Group Inc has a 1-year low of $65.33 and a 1-year high of $112.70. The stock has a market cap of $27,000.00, a PE ratio of 18.37, a P/E/G ratio of 1.73 and a beta of 1.32.
The company also recently announced a quarterly dividend, which was paid on Thursday, December 28th. Stockholders of record on Thursday, December 14th were issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date was Wednesday, December 13th. T. Rowe Price Group’s payout ratio is currently 37.32%.
In other news, CFO Kenneth V. Moreland sold 14,419 shares of the business’s stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $97.07, for a total transaction of $1,399,652.33. Following the completion of the sale, the chief financial officer now owns 125,264 shares in the company, valued at approximately $12,159,376.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William J. Stromberg sold 30,000 shares of the business’s stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $97.09, for a total value of $2,912,700.00. Following the sale, the chief executive officer now owns 534,077 shares of the company’s stock, valued at approximately $51,853,535.93. The disclosure for this sale can be found here. Insiders have sold a total of 204,980 shares of company stock valued at $20,776,729 in the last quarter. Company insiders own 3.60% of the company’s stock.
TROW has been the subject of several recent analyst reports. Morgan Stanley upgraded T. Rowe Price Group from an “underweight” rating to an “equal” rating and lifted their price target for the company from $77.00 to $93.00 in a report on Thursday, October 5th. Zacks Investment Research upgraded T. Rowe Price Group from a “hold” rating to a “buy” rating and set a $98.00 price target for the company in a report on Tuesday, September 26th. Goldman Sachs Group upgraded T. Rowe Price Group from a “neutral” rating to a “buy” rating and lifted their price target for the company from $85.00 to $100.00 in a report on Thursday, September 28th. Jefferies Group restated a “buy” rating and issued a $104.00 price target (up previously from $96.00) on shares of T. Rowe Price Group in a report on Tuesday, October 10th. Finally, Barclays lifted their price target on T. Rowe Price Group from $79.00 to $84.00 and gave the company an “underweight” rating in a report on Friday, October 27th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $98.70.
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T. Rowe Price Group 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.
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