CIBC World Markets Inc. reduced its position in shares of T. Rowe Price Group Inc (NASDAQ:TROW) by 75.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,150 shares of the asset manager’s stock after selling 9,770 shares during the period. CIBC World Markets Inc.’s holdings in T. Rowe Price Group were worth $344,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Townsend & Associates Inc bought a new position in shares of T. Rowe Price Group during the third quarter valued at about $135,000. Focused Wealth Management Inc bought a new position in shares of T. Rowe Price Group during the second quarter valued at about $139,000. Daiwa SB Investments Ltd. bought a new position in shares of T. Rowe Price Group during the third quarter valued at about $202,000. Calton & Associates Inc. purchased a new stake in T. Rowe Price Group during the third quarter worth about $202,000. Finally, United Capital Management of KS Inc. purchased a new stake in T. Rowe Price Group during the third quarter worth about $204,000. 71.57% of the stock is currently owned by institutional investors.
A number of research firms recently issued reports on TROW. Zacks Investment Research downgraded shares of T. Rowe Price Group from a “buy” rating to a “hold” rating in a report on Friday, August 10th. Deutsche Bank decreased their price objective on shares of T. Rowe Price Group from $136.00 to $135.00 and set a “buy” rating for the company in a report on Thursday, August 16th. BidaskClub downgraded shares of T. Rowe Price Group from a “sell” rating to a “strong sell” rating in a report on Saturday, September 1st. UBS Group decreased their price objective on shares of T. Rowe Price Group from $127.00 to $121.00 and set a “neutral” rating for the company in a report on Monday, October 8th. Finally, Morgan Stanley raised their price objective on shares of T. Rowe Price Group from $116.00 to $118.00 and gave the stock a “hold” rating in a report on Tuesday, October 9th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $108.00.
T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings data on Thursday, October 25th. The asset manager reported $2.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.93 by $0.37. T. Rowe Price Group had a net margin of 33.98% and a return on equity of 29.52%. The business had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter last year, the company posted $1.56 earnings per share. As a group, analysts forecast that T. Rowe Price Group Inc will post 7.38 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Friday, December 14th will be paid a $0.70 dividend. The ex-dividend date is Thursday, December 13th. This represents a $2.80 annualized dividend and a dividend yield of 3.00%. T. Rowe Price Group’s payout ratio is 51.57%.
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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.
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