Desjardins Global Asset Management Inc. Boosts Stake in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Desjardins Global Asset Management Inc. raised its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 23.7% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,825 shares of the asset manager’s stock after purchasing an additional 350 shares during the quarter. Desjardins Global Asset Management Inc.’s holdings in T. Rowe Price Group were worth $197,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Imprint Wealth LLC raised its position in T. Rowe Price Group by 15.0% in the fourth quarter. Imprint Wealth LLC now owns 2,263 shares of the asset manager’s stock valued at $244,000 after purchasing an additional 295 shares during the period. Sippican Capital Advisors grew its stake in shares of T. Rowe Price Group by 5.7% in the fourth quarter. Sippican Capital Advisors now owns 17,295 shares of the asset manager’s stock valued at $1,862,000 after buying an additional 930 shares in the last quarter. Cullen Investment Group LTD. acquired a new stake in shares of T. Rowe Price Group in the fourth quarter valued at $953,000. Strs Ohio acquired a new stake in shares of T. Rowe Price Group in the fourth quarter valued at $1,112,000. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of T. Rowe Price Group by 5.8% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 656,709 shares of the asset manager’s stock valued at $70,721,000 after buying an additional 35,863 shares in the last quarter. Hedge funds and other institutional investors own 73.39% of the company’s stock.

T. Rowe Price Group Stock Performance

NASDAQ:TROW opened at $108.72 on Friday. The stock has a 50-day simple moving average of $114.67 and a 200-day simple moving average of $106.71. The stock has a market cap of $24.31 billion, a P/E ratio of 14.01, a P/E/G ratio of 2.15 and a beta of 1.40. T. Rowe Price Group, Inc. has a 1 year low of $87.43 and a 1 year high of $132.76.

T. Rowe Price Group (NASDAQ:TROW) last posted its earnings results on Thursday, February 8th. The asset manager reported $1.72 earnings per share for the quarter, beating the consensus estimate of $1.60 by $0.12. T. Rowe Price Group had a return on equity of 18.41% and a net margin of 27.69%. The business had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same period in the previous year, the business earned $1.74 EPS. The business’s quarterly revenue was up 6.5% on a year-over-year basis. On average, equities research analysts predict that T. Rowe Price Group, Inc. will post 8.13 EPS for the current year.

T. Rowe Price Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were issued a $1.24 dividend. This is an increase from T. Rowe Price Group’s previous quarterly dividend of $1.22. This represents a $4.96 annualized dividend and a dividend yield of 4.56%. The ex-dividend date of this dividend was Thursday, March 14th. T. Rowe Price Group’s payout ratio is presently 63.92%.

Wall Street Analyst Weigh In

Several research analysts recently commented on TROW shares. Keefe, Bruyette & Woods raised T. Rowe Price Group from an “underperform” rating to a “market perform” rating and boosted their target price for the stock from $106.00 to $120.00 in a research note on Thursday, April 11th. TD Cowen raised T. Rowe Price Group from a “sell” rating to a “hold” rating and boosted their target price for the stock from $92.00 to $114.00 in a research note on Monday, April 8th. Wells Fargo & Company boosted their target price on T. Rowe Price Group from $105.00 to $108.00 and gave the stock an “underweight” rating in a research note on Friday, February 9th. JPMorgan Chase & Co. boosted their target price on T. Rowe Price Group from $94.00 to $103.00 and gave the stock an “underweight” rating in a research note on Tuesday. Finally, Morgan Stanley boosted their target price on T. Rowe Price Group from $114.00 to $125.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Four equities research analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $112.67.

Insider Activity

In other news, Director Freeman A. Hrabowski III sold 8,740 shares of the business’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $118.32, for a total value of $1,034,116.80. Following the completion of the sale, the director now directly owns 21,073 shares of the company’s stock, valued at approximately $2,493,357.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Freeman A. Hrabowski III sold 8,740 shares of the business’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $118.32, for a total value of $1,034,116.80. Following the completion of the sale, the director now directly owns 21,073 shares of the company’s stock, valued at approximately $2,493,357.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jessica M. Hiebler sold 1,138 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $107.13, for a total value of $121,913.94. Following the sale, the insider now directly owns 14,113 shares of the company’s stock, valued at $1,511,925.69. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.

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.