Bank of Nova Scotia Takes Position in T. Rowe Price Group, Inc. $TROW

Key Points

• Bank of Nova Scotia acquired 302,391 shares of T. Rowe Price Group in the second quarter, worth approximately $34.4 million and representing a 0.14% stake.
• T. Rowe Price reported stronger-than-expected quarterly results, with EPS of $2.57 and revenue of $1.91 billion, up 10.7% year over year.
• The company declared a quarterly dividend of $1.30 per share, or $5.20 annually, implying a 4.7% yield; analysts remain cautious, with a consensus “Reduce” rating and an average price target of $105.67.

Bank of Nova Scotia purchased a new stake in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 302,391 shares of the asset manager's stock, valued at approximately $34,379,000. Bank of Nova Scotia owned 0.14% of T. Rowe Price Group as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. TD Private Client Wealth LLC lifted its holdings in T. Rowe Price Group by 91.8% during the fourth quarter. TD Private Client Wealth LLC now owns 257 shares of the asset manager's stock valued at $26,000 after purchasing an additional 123 shares in the last quarter. DV Equities LLC acquired a new stake in shares of T. Rowe Price Group in the fourth quarter valued at about $32,000. Motiv8 Investments LLC purchased a new stake in shares of T. Rowe Price Group during the fourth quarter worth about $35,000. Bank & Trust Co raised its position in shares of T. Rowe Price Group by 52.4% during the 2nd quarter. Bank & Trust Co now owns 314 shares of the asset manager's stock worth $36,000 after purchasing an additional 108 shares during the last quarter. Finally, Keating Financial Advisory Services Inc. purchased a new position in T. Rowe Price Group in the 2nd quarter valued at about $39,000. Hedge funds and other institutional investors own 73.39% of the company's stock.

T. Rowe Price Group Price Performance

TROW opened at $111.51 on Monday. The company's 50 day simple moving average is $113.94 and its two-hundred day simple moving average is $102.84. T. Rowe Price Group, Inc. has a 1-year low of $85.22 and a 1-year high of $122.00. The firm has a market capitalization of $23.79 billion, a price-to-earnings ratio of 11.18, a price-to-earnings-growth ratio of 3.70 and a beta of 1.47.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last posted its quarterly earnings results on Friday, July 31st. The asset manager reported $2.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.52 by $0.05. T. Rowe Price Group had a return on equity of 20.91% and a net margin of 29.26%.The business had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.89 billion. During the same period in the prior year, the business earned $2.24 earnings per share. The business's revenue was up 10.7% compared to the same quarter last year. On average, equities analysts anticipate that T. Rowe Price Group, Inc. will post 10.14 earnings per share for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be issued a $1.30 dividend. This represents a $5.20 annualized dividend and a yield of 4.7%. The ex-dividend date is Tuesday, September 15th. T. Rowe Price Group's dividend payout ratio is presently 52.16%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on TROW. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $115.00 price objective (down from $120.00) on shares of T. Rowe Price Group in a report on Monday, August 3rd. Weiss Ratings raised T. Rowe Price Group from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, July 2nd. TD Cowen raised their target price on T. Rowe Price Group from $107.00 to $108.00 and gave the company a "hold" rating in a research report on Monday, August 3rd. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $109.00 price target on shares of T. Rowe Price Group in a research report on Monday, August 3rd. Finally, Evercore set a $118.00 price objective on T. Rowe Price Group in a report on Monday, August 10th. Ten research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Reduce" and an average target price of $105.67.

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.

Want to see what other hedge funds are holding TROW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source