T. Rowe Price Group, Inc. $TROW Shares Acquired by iA Global Asset Management Inc.

iA Global Asset Management Inc. boosted its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 560.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 17,564 shares of the asset manager’s stock after purchasing an additional 14,904 shares during the quarter. iA Global Asset Management Inc.’s holdings in T. Rowe Price Group were worth $1,803,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in TROW. Ridgewood Investments LLC increased its holdings in shares of T. Rowe Price Group by 4.9% in the 3rd quarter. Ridgewood Investments LLC now owns 20,414 shares of the asset manager’s stock worth $2,095,000 after acquiring an additional 957 shares during the period. Leelyn Smith LLC increased its stake in shares of T. Rowe Price Group by 6.1% in the third quarter. Leelyn Smith LLC now owns 24,868 shares of the asset manager’s stock valued at $2,552,000 after purchasing an additional 1,425 shares during the period. Avidian Wealth Enterprises LLC bought a new stake in shares of T. Rowe Price Group during the third quarter valued at approximately $203,000. Rakuten Investment Management Inc. acquired a new position in shares of T. Rowe Price Group during the third quarter worth approximately $2,124,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH grew its holdings in T. Rowe Price Group by 0.3% in the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 190,784 shares of the asset manager’s stock worth $19,582,000 after buying an additional 532 shares in the last quarter. 73.39% of the stock is owned by institutional investors and hedge funds.

T. Rowe Price Group Trading Down 1.4%

Shares of NASDAQ TROW opened at $105.63 on Friday. T. Rowe Price Group, Inc. has a twelve month low of $77.85 and a twelve month high of $118.32. The firm has a 50-day moving average of $103.93 and a two-hundred day moving average of $104.55. The company has a market capitalization of $23.05 billion, a price-to-earnings ratio of 11.51, a PEG ratio of 2.56 and a beta of 1.52.

T. Rowe Price Group (NASDAQ:TROW) last released its earnings results on Friday, October 31st. The asset manager reported $2.81 EPS for the quarter, topping analysts’ consensus estimates of $2.55 by $0.26. The business had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.88 billion. T. Rowe Price Group had a net margin of 28.89% and a return on equity of 19.95%. The business’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same period in the previous year, the firm earned $2.57 EPS. As a group, research analysts predict that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current year.

T. Rowe Price Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 30th. Stockholders of record on Monday, December 15th were paid a dividend of $1.27 per share. The ex-dividend date of this dividend was Monday, December 15th. This represents a $5.08 annualized dividend and a dividend yield of 4.8%. T. Rowe Price Group’s dividend payout ratio (DPR) is currently 55.34%.

Wall Street Analyst Weigh In

TROW has been the subject of a number of analyst reports. Morgan Stanley boosted their price target on T. Rowe Price Group from $126.00 to $128.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 17th. Weiss Ratings restated a “hold (c+)” rating on shares of T. Rowe Price Group in a research note on Monday, December 29th. JPMorgan Chase & Co. decreased their target price on shares of T. Rowe Price Group from $111.00 to $108.00 and set an “underweight” rating for the company in a research report on Tuesday, January 20th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of T. Rowe Price Group from $113.00 to $106.00 and set a “hold” rating on the stock in a research note on Wednesday, December 17th. Finally, TD Cowen reduced their price target on shares of T. Rowe Price Group from $112.00 to $109.00 and set a “hold” rating for the company in a research note on Wednesday, January 14th. Eleven equities research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $107.31.

Insider Activity

In other news, VP Arif Husain sold 4,260 shares of the business’s stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $101.96, for a total transaction of $434,349.60. Following the sale, the vice president directly owned 47,102 shares of the company’s stock, valued at $4,802,519.92. The trade was a 8.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.00% of the stock is owned by insiders.

T. Rowe Price Group Company 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.