CIBC Asset Management Inc Increases Stake in T. Rowe Price Group, Inc. $TROW

CIBC Asset Management Inc raised its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 55.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 55,829 shares of the asset manager’s stock after buying an additional 19,924 shares during the period. CIBC Asset Management Inc’s holdings in T. Rowe Price Group were worth $5,716,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Goldman Sachs Group Inc. boosted its position in shares of T. Rowe Price Group by 332.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 8,770,071 shares of the asset manager’s stock worth $897,880,000 after purchasing an additional 6,740,172 shares during the period. Kesler Norman & Wride LLC boosted its position in shares of T. Rowe Price Group by 24.7% in the fourth quarter. Kesler Norman & Wride LLC now owns 15,543 shares of the asset manager’s stock worth $1,591,000 after purchasing an additional 3,083 shares during the period. Peak Retirement Planning Inc. boosted its position in shares of T. Rowe Price Group by 23.9% in the fourth quarter. Peak Retirement Planning Inc. now owns 19,713 shares of the asset manager’s stock worth $2,018,000 after purchasing an additional 3,798 shares during the period. Natixis Advisors LLC boosted its position in shares of T. Rowe Price Group by 42.4% in the fourth quarter. Natixis Advisors LLC now owns 35,726 shares of the asset manager’s stock worth $3,658,000 after purchasing an additional 10,633 shares during the period. Finally, AXQ Capital LP bought a new position in shares of T. Rowe Price Group in the fourth quarter worth approximately $1,379,000. 73.39% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on TROW shares. Morgan Stanley set a $105.00 price target on shares of T. Rowe Price Group in a research report on Monday, April 27th. The Goldman Sachs Group upped their price target on shares of T. Rowe Price Group from $85.00 to $90.00 in a research report on Friday, May 1st. Weiss Ratings reiterated a “hold (c)” rating on shares of T. Rowe Price Group in a research report on Friday, May 8th. Jefferies Financial Group dropped their price target on shares of T. Rowe Price Group from $107.00 to $91.00 and set a “hold” rating for the company in a research report on Wednesday, April 8th. Finally, Barclays upped their target price on shares of T. Rowe Price Group from $87.00 to $89.00 and gave the stock an “underweight” rating in a research report on Friday, May 1st. Eleven analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and an average target price of $99.54.

T. Rowe Price Group Stock Performance

Shares of NASDAQ:TROW opened at $105.99 on Friday. The firm has a fifty day moving average price of $99.06 and a 200 day moving average price of $99.30. T. Rowe Price Group, Inc. has a fifty-two week low of $85.22 and a fifty-two week high of $118.22. The firm has a market cap of $22.71 billion, a price-to-earnings ratio of 11.36, a P/E/G ratio of 5.42 and a beta of 1.50.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings results on Thursday, April 30th. The asset manager reported $2.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.37 by $0.15. The company had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.85 billion. T. Rowe Price Group had a net margin of 28.28% and a return on equity of 20.60%. T. Rowe Price Group’s revenue was up 5.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.23 earnings per share. As a group, research analysts predict that T. Rowe Price Group, Inc. will post 9.63 earnings per share for the current year.

T. Rowe Price Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 29th. Investors of record on Monday, June 15th will be paid a dividend of $1.30 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $5.20 dividend on an annualized basis and a yield of 4.9%. T. Rowe Price Group’s dividend payout ratio is presently 55.73%.

Insider Transactions at T. Rowe Price Group

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

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.