Investment Management Corp of Ontario Sells 1,200 Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW)

Investment Management Corp of Ontario cut its position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 16.3% during the fourth quarter, HoldingsChannel.com reports. The firm owned 6,183 shares of the asset manager’s stock after selling 1,200 shares during the period. Investment Management Corp of Ontario’s holdings in T. Rowe Price Group were worth $699,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Barclays PLC grew its position in T. Rowe Price Group by 13.6% in the third quarter. Barclays PLC now owns 822,869 shares of the asset manager’s stock valued at $89,635,000 after acquiring an additional 98,448 shares during the period. Principal Financial Group Inc. grew its position in T. Rowe Price Group by 2.8% in the third quarter. Principal Financial Group Inc. now owns 275,978 shares of the asset manager’s stock valued at $30,062,000 after acquiring an additional 7,503 shares during the period. Czech National Bank grew its position in T. Rowe Price Group by 6.2% in the fourth quarter. Czech National Bank now owns 48,169 shares of the asset manager’s stock valued at $5,447,000 after acquiring an additional 2,824 shares during the period. Matrix Trust Co grew its position in T. Rowe Price Group by 7.4% in the fourth quarter. Matrix Trust Co now owns 14,767 shares of the asset manager’s stock valued at $1,670,000 after acquiring an additional 1,019 shares during the period. Finally, Brookstone Capital Management grew its position in T. Rowe Price Group by 16.4% in the fourth quarter. Brookstone Capital Management now owns 100,176 shares of the asset manager’s stock valued at $11,329,000 after acquiring an additional 14,087 shares during the period. 73.39% of the stock is currently owned by institutional investors.

T. Rowe Price Group Stock Up 4.7%

T. Rowe Price Group stock opened at $97.09 on Tuesday. The business’s 50-day simple moving average is $90.55 and its 200 day simple moving average is $106.12. The stock has a market cap of $21.39 billion, a price-to-earnings ratio of 10.60, a P/E/G ratio of 2.86 and a beta of 1.50. T. Rowe Price Group, Inc. has a 12-month low of $77.85 and a 12-month high of $125.81.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings results on Friday, May 2nd. The asset manager reported $2.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.13 by $0.10. The business had revenue of $1.76 billion for the quarter, compared to analysts’ expectations of $1.80 billion. T. Rowe Price Group had a return on equity of 20.83% and a net margin of 29.61%. The firm’s quarterly revenue was up .8% compared to the same quarter last year. During the same quarter last year, the business earned $2.38 earnings per share. As a group, sell-side analysts expect that T. Rowe Price Group, Inc. will post 9.29 EPS for the current year.

T. Rowe Price Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 13th will be issued a $1.27 dividend. This represents a $5.08 annualized dividend and a yield of 5.23%. The ex-dividend date is Friday, June 13th. T. Rowe Price Group’s dividend payout ratio is 57.60%.

Insider Activity at T. Rowe Price Group

In other T. Rowe Price Group news, Director Robert F. Maclellan sold 3,955 shares of the firm’s stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $91.56, for a total transaction of $362,119.80. Following the transaction, the director now owns 42,979 shares in the company, valued at approximately $3,935,157.24. This trade represents a 8.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.00% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Wells Fargo & Company lowered their price target on T. Rowe Price Group from $116.00 to $98.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 8th. Barclays upped their price target on T. Rowe Price Group from $85.00 to $90.00 and gave the company an “underweight” rating in a research report on Monday, May 5th. Citigroup reduced their price objective on T. Rowe Price Group from $100.00 to $95.00 and set a “neutral” rating on the stock in a research note on Monday, April 14th. Morgan Stanley boosted their price objective on T. Rowe Price Group from $94.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 6th. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $113.00 price objective (up previously from $111.00) on shares of T. Rowe Price Group in a research note on Thursday, February 6th. Four equities research analysts have rated the stock with a sell rating and nine have issued a hold rating to the stock. According to MarketBeat, T. Rowe Price Group currently has a consensus rating of “Hold” and a consensus price target of $94.09.

T. Rowe Price Group Company Profile

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.