Nexus Investment Management ULC Reduces Position in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Nexus Investment Management ULC reduced its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 8.8% during the 4th quarter, Holdings Channel reports. The fund owned 3,740 shares of the asset manager’s stock after selling 360 shares during the period. Nexus Investment Management ULC’s holdings in T. Rowe Price Group were worth $423,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Principal Financial Group Inc. boosted its position in T. Rowe Price Group by 2.8% during the third quarter. Principal Financial Group Inc. now owns 275,978 shares of the asset manager’s stock worth $30,062,000 after acquiring an additional 7,503 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in shares of T. Rowe Price Group by 3.8% during the third quarter. Janus Henderson Group PLC now owns 29,989 shares of the asset manager’s stock worth $3,267,000 after purchasing an additional 1,100 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in shares of T. Rowe Price Group during the second quarter worth $15,907,000. Aigen Investment Management LP purchased a new stake in shares of T. Rowe Price Group in the third quarter valued at $516,000. Finally, Charles Schwab Investment Management Inc. increased its stake in T. Rowe Price Group by 3.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,840,807 shares of the asset manager’s stock valued at $745,169,000 after purchasing an additional 231,286 shares during the last quarter. 73.39% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at T. Rowe Price Group

In related news, VP Andrew Justin Mackenzi Thomson sold 4,047 shares of the stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $123.35, for a total value of $499,197.45. Following the completion of the transaction, the vice president now owns 119,577 shares of the company’s stock, valued at approximately $14,749,822.95. This represents a 3.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

TROW has been the topic of a number of research analyst reports. The Goldman Sachs Group decreased their price target on T. Rowe Price Group from $106.00 to $102.00 and set a “sell” rating on the stock in a research note on Thursday, October 3rd. Barclays decreased their target price on shares of T. Rowe Price Group from $115.00 to $113.00 and set an “underweight” rating on the stock in a research report on Friday. Morgan Stanley upped their price target on shares of T. Rowe Price Group from $129.00 to $132.00 and gave the stock an “equal weight” rating in a research report on Friday, December 20th. StockNews.com lowered shares of T. Rowe Price Group from a “buy” rating to a “hold” rating in a report on Friday. Finally, Wells Fargo & Company lowered their price objective on shares of T. Rowe Price Group from $124.00 to $118.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 14th. Four analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to MarketBeat.com, T. Rowe Price Group currently has an average rating of “Hold” and an average price target of $115.82.

T. Rowe Price Group Trading Up 1.0 %

NASDAQ:TROW opened at $113.21 on Friday. The firm’s fifty day simple moving average is $117.71 and its 200 day simple moving average is $112.85. T. Rowe Price Group, Inc. has a twelve month low of $100.49 and a twelve month high of $125.81. The firm has a market capitalization of $25.15 billion, a price-to-earnings ratio of 12.39, a PEG ratio of 1.42 and a beta of 1.43.

T. Rowe Price Group (NASDAQ:TROW) last posted its earnings results on Friday, November 1st. The asset manager reported $2.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.36 by $0.21. The business had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.84 billion. T. Rowe Price Group had a return on equity of 20.35% and a net margin of 30.35%. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter last year, the firm earned $2.17 earnings per share. On average, analysts predict that T. Rowe Price Group, Inc. will post 9.46 earnings per share for the current year.

T. Rowe Price Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 13th were given a dividend of $1.24 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $4.96 dividend on an annualized basis and a dividend yield of 4.38%. T. Rowe Price Group’s payout ratio is currently 54.27%.

About T. Rowe Price Group

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.