Connor Clark & Lunn Investment Management Ltd. Takes Position in T. Rowe Price Group, Inc. $TROW

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) during the 2nd quarter, HoldingsChannel.com reports. The firm acquired 42,425 shares of the asset manager’s stock, valued at approximately $4,823,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Meiji Yasuda Asset Management Co Ltd. acquired a new position in T. Rowe Price Group in the 2nd quarter worth about $12,356,000. Twin Tree Management LP acquired a new stake in shares of T. Rowe Price Group during the second quarter valued at about $2,989,000. Clear Harbor Asset Management LLC bought a new stake in shares of T. Rowe Price Group during the second quarter worth about $370,000. Bank of Nova Scotia bought a new stake in shares of T. Rowe Price Group during the second quarter worth about $34,379,000. Finally, Kendall Capital Management bought a new stake in shares of T. Rowe Price Group during the second quarter worth about $227,000. Institutional investors own 73.39% of the company’s stock.

Insider Activity

In other news, VP Joshua B. Nelson sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $111.82, for a total value of $1,118,200.00. Following 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 is accessible through this link. Company insiders own 1.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. The Goldman Sachs Group raised their price objective on shares of T. Rowe Price Group from $90.00 to $92.00 and gave the company a “sell” rating in a report on Tuesday, June 30th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $109.00 target price on shares of T. Rowe Price Group in a report on Monday, August 3rd. Morgan Stanley set a $116.00 price target on shares of T. Rowe Price Group in a research report on Wednesday, July 29th. TD Cowen raised their price target on shares of T. Rowe Price Group from $107.00 to $108.00 and gave the company a “hold” rating in a research note on Monday, August 3rd. Finally, Evercore set a $118.00 price target on shares of T. Rowe Price Group in a research note on Monday, August 10th. Ten research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, T. Rowe Price Group currently has a consensus rating of “Reduce” and a consensus target price of $105.67.

T. Rowe Price Group Trading Down 0.2%

Shares of TROW stock opened at $112.36 on Friday. The stock has a market cap of $23.97 billion, a price-to-earnings ratio of 11.27, a PEG ratio of 3.73 and a beta of 1.47. The stock has a 50-day moving average of $114.28 and a 200-day moving average of $103.29. T. Rowe Price Group, Inc. has a 1-year low of $85.22 and a 1-year high of $122.00.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings data on Friday, July 31st. The asset manager reported $2.57 EPS for the quarter, topping analysts’ consensus estimates of $2.52 by $0.05. The company had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.89 billion. T. Rowe Price Group had a return on equity of 20.91% and a net margin of 29.26%.The firm’s quarterly revenue was up 10.7% on a year-over-year basis. During the same period in the previous year, the firm earned $2.24 earnings per share. Sell-side analysts forecast that T. Rowe Price Group, Inc. will post 10.15 earnings per share for the current year.

T. Rowe Price Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $1.30 per share. The ex-dividend date is Tuesday, September 15th. This represents a $5.20 annualized dividend and a yield of 4.6%. 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.