Bank of Nova Scotia Sells 34,839 Shares of T. Rowe Price Group, Inc. $TROW

Bank of Nova Scotia lowered its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 11.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 283,017 shares of the asset manager’s stock after selling 34,839 shares during the quarter. Bank of Nova Scotia owned approximately 0.13% of T. Rowe Price Group worth $25,511,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in TROW. Sei Investments Co. raised its position in shares of T. Rowe Price Group by 116.5% during the first quarter. Sei Investments Co. now owns 187,440 shares of the asset manager’s stock valued at $16,892,000 after buying an additional 100,851 shares during the last quarter. Keynote Financial Services LLC lifted its holdings in shares of T. Rowe Price Group by 11.2% in the first quarter. Keynote Financial Services LLC now owns 3,575 shares of the asset manager’s stock worth $322,000 after buying an additional 361 shares in the last quarter. Lido Advisors LLC boosted its position in shares of T. Rowe Price Group by 19.8% during the first quarter. Lido Advisors LLC now owns 6,860 shares of the asset manager’s stock worth $619,000 after acquiring an additional 1,136 shares during the last quarter. Cetera Investment Advisers boosted its position in shares of T. Rowe Price Group by 15.4% during the first quarter. Cetera Investment Advisers now owns 61,369 shares of the asset manager’s stock worth $5,532,000 after acquiring an additional 8,167 shares during the last quarter. Finally, Arvest Bank Trust Division grew its stake in T. Rowe Price Group by 3.2% during the first quarter. Arvest Bank Trust Division now owns 12,499 shares of the asset manager’s stock valued at $1,127,000 after acquiring an additional 385 shares in the last quarter. Institutional investors own 73.39% of the company’s stock.

Insider Transactions at T. Rowe Price Group

In other news, VP Stephon A. Jackson sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $102.56, for a total value of $307,680.00. Following the completion of the sale, the vice president directly owned 83,883 shares of the company’s stock, valued at $8,603,040.48. This trade represents a 3.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.60% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on TROW. Morgan Stanley lifted their price target on shares of T. Rowe Price Group from $105.00 to $109.00 and gave the company an “equal weight” rating in a report on Friday, June 26th. TD Cowen cut their price objective on T. Rowe Price Group from $108.00 to $107.00 and set a “hold” rating for the company in a research report on Monday, July 20th. Keefe, Bruyette & Woods lifted their target price on T. Rowe Price Group from $107.00 to $120.00 and gave the stock a “market perform” rating in a report on Friday, July 10th. JPMorgan Chase & Co. decreased their target price on T. Rowe Price Group from $106.00 to $103.00 and set an “underweight” rating on the stock in a research report on Friday, April 24th. Finally, Weiss Ratings raised T. Rowe Price Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, July 2nd. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus target price of $104.50.

T. Rowe Price Group Stock Up 1.3%

T. Rowe Price Group stock opened at $116.50 on Friday. T. Rowe Price Group, Inc. has a 52-week low of $85.22 and a 52-week high of $121.17. The firm’s fifty day moving average is $110.18 and its 200 day moving average is $101.77. The company has a market cap of $24.96 billion, a price-to-earnings ratio of 12.49, a PEG ratio of 4.18 and a beta of 1.47.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings data on Thursday, April 30th. The asset manager reported $2.52 EPS for the quarter, topping analysts’ consensus estimates of $2.37 by $0.15. The business had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.85 billion. T. Rowe Price Group had a net margin of 28.28% and a return on equity of 20.60%. The business’s revenue was up 5.3% on a year-over-year basis. During the same period last year, the company posted $2.23 EPS. On average, equities research analysts anticipate that T. Rowe Price Group, Inc. will post 10.12 earnings per share for the current fiscal year.

T. Rowe Price Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 29th. Shareholders of record on Monday, June 15th were given a dividend of $1.30 per share. The ex-dividend date was Monday, June 15th. This represents a $5.20 dividend on an annualized basis and a yield of 4.5%. T. Rowe Price Group’s dividend payout ratio is 55.73%.

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.