Cibc World Market Inc. Acquires New Holdings in T. Rowe Price Group, Inc. $TROW

Cibc World Market Inc. bought 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 disclosure with the Securities & Exchange Commission. The institutional investor bought 49,108 shares of the asset manager's stock, valued at approximately $5,583,000.

Several other hedge funds also recently bought and sold shares of TROW. BlackRock Inc. acquired a new position in shares of T. Rowe Price Group in the 2nd quarter worth approximately $2,728,119,000. State Street Corp boosted its position in shares of T. Rowe Price Group by 0.3% during the fourth quarter. State Street Corp now owns 14,159,797 shares of the asset manager's stock worth $1,449,680,000 after buying an additional 45,530 shares during the period. Goldman Sachs Group Inc. boosted its position in shares of T. Rowe Price Group by 332.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 8,770,071 shares of the asset manager's stock worth $897,880,000 after buying an additional 6,740,172 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of T. Rowe Price Group by 1.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 8,073,846 shares of the asset manager's stock valued at $826,600,000 after buying an additional 143,109 shares during the period. Finally, First Trust Advisors LP raised its holdings in shares of T. Rowe Price Group by 12.6% in the 1st quarter. First Trust Advisors LP now owns 3,694,171 shares of the asset manager's stock valued at $332,993,000 after buying an additional 413,317 shares during the period. Hedge funds and other institutional investors own 73.39% of the company's stock.

Wall Street Analyst Weigh In

TROW has been the subject of several research reports. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $115.00 target price (down from $120.00) on shares of T. Rowe Price Group in a research report on Monday, August 3rd. TD Cowen increased their price target on shares of T. Rowe Price Group from $107.00 to $108.00 and gave the stock a "hold" rating in a research report on Monday, August 3rd. Zacks Research lowered shares of T. Rowe Price Group from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 13th. Morgan Stanley set a $116.00 price objective on shares of T. Rowe Price Group in a report on Wednesday, July 29th. Finally, The Goldman Sachs Group upped their target price on shares of T. Rowe Price Group from $90.00 to $92.00 and gave the stock a "sell" rating in a research note on Tuesday, June 30th. Ten analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, T. Rowe Price Group currently has a consensus rating of "Reduce" and a consensus price target of $105.67.

T. Rowe Price Group Price Performance

TROW stock opened at $112.87 on Wednesday. The business's 50-day moving average is $114.10 and its two-hundred day moving average is $103.02. The firm has a market capitalization of $24.08 billion, a P/E ratio of 11.32, a P/E/G ratio of 3.72 and a beta of 1.47. T. Rowe Price Group, Inc. has a 1 year low of $85.22 and a 1 year high of $122.00.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last announced its quarterly earnings data on Friday, July 31st. The asset manager reported $2.57 EPS for the quarter, topping 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 the consensus estimate of $1.89 billion. During the same period in the previous year, the company posted $2.24 earnings per share. The business's revenue for the quarter was up 10.7% on a year-over-year basis. On average, analysts expect that T. Rowe Price Group, Inc. will post 10.15 EPS for the current year.

T. Rowe Price Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be paid a $1.30 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $5.20 dividend on an annualized basis and a yield of 4.6%. T. Rowe Price Group's payout ratio is currently 52.16%.

T. Rowe Price Group 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.

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