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

Bank of Nova Scotia lowered its position in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 11.0% during the 1st quarter, HoldingsChannel reports. The fund owned 283,017 shares of the asset manager’s stock after selling 34,839 shares during the period. Bank of Nova Scotia’s holdings in T. Rowe Price Group were worth $25,511,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. State Street Corp boosted its stake in shares of T. Rowe Price Group by 0.3% during the 4th quarter. State Street Corp now owns 14,159,797 shares of the asset manager’s stock worth $1,449,680,000 after purchasing an additional 45,530 shares during the period. Goldman Sachs Group Inc. raised its position in T. Rowe Price Group by 332.0% in the 4th 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. Charles Schwab Investment Management Inc. lifted its stake in T. Rowe Price Group by 1.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 8,073,846 shares of the asset manager’s stock worth $826,600,000 after purchasing an additional 143,109 shares during the last quarter. First Trust Advisors LP lifted its stake in T. Rowe Price Group by 12.6% in the first quarter. First Trust Advisors LP now owns 3,694,171 shares of the asset manager’s stock worth $332,993,000 after purchasing an additional 413,317 shares during the last quarter. Finally, Invesco Ltd. boosted its position in shares of T. Rowe Price Group by 3.9% during the fourth quarter. Invesco Ltd. now owns 3,520,858 shares of the asset manager’s stock valued at $360,465,000 after buying an additional 131,438 shares during the period. Institutional investors own 73.39% of the company’s stock.

T. Rowe Price Group Stock Performance

Shares of NASDAQ:TROW opened at $116.50 on Friday. The firm’s 50 day simple moving average is $110.18 and its 200-day simple moving average is $101.77. T. Rowe Price Group, Inc. has a one year low of $85.22 and a one year high of $121.17. The firm has a market cap of $24.96 billion, a PE ratio of 12.49, a price-to-earnings-growth ratio of 4.18 and a beta of 1.47.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings data on Thursday, April 30th. The asset manager reported $2.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.37 by $0.15. The company had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.85 billion. T. Rowe Price Group had a return on equity of 20.60% and a net margin of 28.28%.T. Rowe Price Group’s revenue was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.23 earnings per share. Equities research analysts predict that T. Rowe Price Group, Inc. will post 10.12 EPS for the current fiscal year.

T. Rowe Price Group Announces Dividend

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

Insider Activity

In other news, VP Stephon A. Jackson sold 3,000 shares of the stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $102.56, for a total transaction of $307,680.00. Following the transaction, the vice president owned 83,883 shares of the company’s stock, valued at approximately $8,603,040.48. This represents a 3.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on TROW shares. TD Cowen cut their target price on T. Rowe Price Group from $108.00 to $107.00 and set a “hold” rating on the stock in a research note on Monday, July 20th. Jefferies Financial Group dropped their price objective on T. Rowe Price Group from $107.00 to $91.00 and set a “hold” rating for the company in a report on Wednesday, April 8th. Evercore set a $121.00 price objective on T. Rowe Price Group in a research report on Friday, July 10th. JPMorgan Chase & Co. reduced 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 note on Friday, April 24th. Finally, BMO Capital Markets lifted their target price on T. Rowe Price Group from $98.00 to $110.00 and gave the stock a “market perform” rating in a research report on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and an average target price of $104.50.

T. Rowe Price Group Profile

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.