Bank of Nova Scotia Trims Stock Position in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Bank of Nova Scotia lessened its position in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 89.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 22,913 shares of the asset manager's stock after selling 201,753 shares during the quarter. Bank of Nova Scotia's holdings in T. Rowe Price Group were worth $2,105,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in TROW. Hexagon Capital Partners LLC raised its holdings in shares of T. Rowe Price Group by 44.8% in the first quarter. Hexagon Capital Partners LLC now owns 365 shares of the asset manager's stock worth $34,000 after buying an additional 113 shares during the last quarter. Wealthcare Capital Partners LLC increased its position in shares of T. Rowe Price Group by 1.2% in the 1st quarter. Wealthcare Capital Partners LLC now owns 9,429 shares of the asset manager's stock valued at $866,000 after acquiring an additional 115 shares during the period. Cullen Investment Group LTD. raised its stake in T. Rowe Price Group by 0.9% in the 1st quarter. Cullen Investment Group LTD. now owns 13,554 shares of the asset manager's stock worth $1,245,000 after acquiring an additional 117 shares during the last quarter. Federated Hermes Inc. raised its stake in T. Rowe Price Group by 6.7% in the 1st quarter. Federated Hermes Inc. now owns 2,112 shares of the asset manager's stock worth $194,000 after acquiring an additional 133 shares during the last quarter. Finally, Gen Wealth Partners Inc lifted its position in T. Rowe Price Group by 3.1% during the 4th quarter. Gen Wealth Partners Inc now owns 4,651 shares of the asset manager's stock worth $526,000 after acquiring an additional 139 shares during the period. 73.39% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, VP Dorothy C. Sawyer sold 2,000 shares of T. Rowe Price Group stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $95.43, for a total value of $190,860.00. Following the sale, the vice president directly owned 44,789 shares of the company's stock, valued at $4,274,214.27. The trade was a 4.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jessica M. Hiebler sold 968 shares of the business's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $96.98, for a total value of $93,876.64. Following the sale, the insider owned 13,611 shares of the company's stock, valued at $1,319,994.78. The trade was a 6.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company's stock.

T. Rowe Price Group Stock Performance

NASDAQ TROW traded down $1.36 during mid-day trading on Thursday, reaching $104.06. 1,192,032 shares of the stock were exchanged, compared to its average volume of 1,892,619. The company has a market capitalization of $22.86 billion, a P/E ratio of 11.63, a P/E/G ratio of 2.86 and a beta of 1.47. The business's 50 day moving average is $99.26 and its 200-day moving average is $98.20. T. Rowe Price Group, Inc. has a 1 year low of $77.85 and a 1 year high of $125.81.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued its quarterly earnings data on Friday, August 1st. The asset manager reported $2.24 earnings per share for the quarter, topping analysts' consensus estimates of $2.15 by $0.09. T. Rowe Price Group had a net margin of 28.72% and a return on equity of 19.77%. The business had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.72 billion. During the same quarter in the prior year, the firm posted $2.26 earnings per share. The company's revenue was down .6% compared to the same quarter last year. Equities analysts predict that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 13th were given a dividend of $1.27 per share. The ex-dividend date was Friday, June 13th. This represents a $5.08 dividend on an annualized basis and a yield of 4.9%. T. Rowe Price Group's dividend payout ratio is currently 56.76%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on TROW shares. Wells Fargo & Company increased their price objective on T. Rowe Price Group from $98.00 to $108.00 and gave the company an "equal weight" rating in a report on Friday, July 11th. Morgan Stanley upped their target price on T. Rowe Price Group from $112.00 to $116.00 and gave the company an "equal weight" rating in a research report on Monday. Evercore ISI raised their price target on shares of T. Rowe Price Group from $106.00 to $110.00 and gave the stock an "in-line" rating in a research report on Monday. Barclays restated an "underweight" rating and set a $95.00 price objective (up from $91.00) on shares of T. Rowe Price Group in a research note on Monday. Finally, Cowen reiterated a "hold" rating on shares of T. Rowe Price Group in a research note on Monday, May 5th. Four equities research analysts have rated the stock with a sell rating and nine have issued a hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $101.09.

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.