Cardinal Capital Management Boosts Holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Cardinal Capital Management grew its position in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 5.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 64,774 shares of the asset manager’s stock after buying an additional 3,357 shares during the period. Cardinal Capital Management’s holdings in T. Rowe Price Group were worth $5,951,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Glenview Trust co boosted its position in shares of T. Rowe Price Group by 2.2% during the 4th quarter. Glenview Trust co now owns 4,318 shares of the asset manager’s stock worth $488,000 after purchasing an additional 92 shares during the period. Addison Advisors LLC boosted its position in shares of T. Rowe Price Group by 67.4% during the 4th quarter. Addison Advisors LLC now owns 231 shares of the asset manager’s stock worth $26,000 after purchasing an additional 93 shares during the period. Advantage Trust Co boosted its position in shares of T. Rowe Price Group by 48.8% during the 4th quarter. Advantage Trust Co now owns 305 shares of the asset manager’s stock worth $34,000 after purchasing an additional 100 shares during the period. Valeo Financial Advisors LLC lifted its holdings in T. Rowe Price Group by 3.5% during the 4th quarter. Valeo Financial Advisors LLC now owns 2,996 shares of the asset manager’s stock worth $339,000 after buying an additional 102 shares in the last quarter. Finally, Strategy Asset Managers LLC lifted its holdings in T. Rowe Price Group by 5.0% during the 4th quarter. Strategy Asset Managers LLC now owns 2,277 shares of the asset manager’s stock worth $258,000 after buying an additional 108 shares in the last quarter. Hedge funds and other institutional investors own 73.39% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on TROW. Morgan Stanley increased their target price on shares of T. Rowe Price Group from $94.00 to $95.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 6th. TD Cowen reduced their target price on shares of T. Rowe Price Group from $112.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, April 9th. Bank of America reduced their target price on shares of T. Rowe Price Group from $90.00 to $85.00 and set an “underperform” rating on the stock in a report on Thursday, April 3rd. Wells Fargo & Company reduced their target price on shares of T. Rowe Price Group from $116.00 to $98.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 8th. Finally, JPMorgan Chase & Co. reduced their target price on shares of T. Rowe Price Group from $110.00 to $90.00 and set an “underweight” rating on the stock in a report on Wednesday, April 16th. Four research analysts have rated the stock with a sell rating and nine have issued a hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $94.09.

Insider Buying and Selling

In other news, Director Robert F. Maclellan sold 3,955 shares of the stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $91.56, for a total value of $362,119.80. Following the completion of the sale, the director now directly owns 42,979 shares of the company’s stock, valued at approximately $3,935,157.24. This represents a 8.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Dorothy C. Sawyer sold 2,000 shares of the stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $95.43, for a total value of $190,860.00. Following the completion of the sale, the vice president now directly owns 44,789 shares of the company’s stock, valued at $4,274,214.27. The trade was a 4.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 6,923 shares of company stock worth $646,856 in the last ninety days. 2.00% of the stock is owned by corporate insiders.

T. Rowe Price Group Trading Up 1.8%

Shares of TROW opened at $93.21 on Tuesday. T. Rowe Price Group, Inc. has a twelve month low of $77.85 and a twelve month high of $125.81. The firm’s fifty day simple moving average is $91.91 and its 200-day simple moving average is $102.07. The firm has a market capitalization of $20.54 billion, a price-to-earnings ratio of 10.18, a PEG ratio of 2.86 and a beta of 1.49.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings data on Friday, May 2nd. The asset manager reported $2.23 earnings per share for the quarter, beating analysts’ consensus estimates of $2.13 by $0.10. T. Rowe Price Group had a net margin of 29.61% and a return on equity of 20.83%. The business had revenue of $1.76 billion for the quarter, compared to analyst estimates of $1.80 billion. During the same period last year, the business earned $2.38 EPS. The company’s revenue was up .8% on a year-over-year basis. On average, analysts predict that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current fiscal year.

T. Rowe Price Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 13th will be paid a dividend of $1.27 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $5.08 annualized dividend and a yield of 5.45%. T. Rowe Price Group’s dividend payout ratio is currently 57.60%.

About T. Rowe Price Group

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.