Connor Clark & Lunn Investment Management Ltd. Acquires 28,431 Shares of T. Rowe Price Group, Inc. $TROW

Key Points

• Connor Clark & Lunn raised its stake in T. Rowe Price by 12.1%, buying 28,431 shares to hold 262,947 shares worth about $26.99 million (roughly 0.12% of the company).
• T. Rowe Price increased its quarterly dividend to $1.30 (annualized $5.20), implying a ~5.9% yield; the record date is March 16 and the payment date is March 30.
• In the latest quarter T. Rowe Price reported EPS of $2.44, missing estimates by $0.03 while revenue rose 6% year‑over‑year, and analysts have trimmed price targets leading to a MarketBeat consensus rating of "Reduce" with a $101.69 target.

Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 12.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 262,947 shares of the asset manager's stock after buying an additional 28,431 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.12% of T. Rowe Price Group worth $26,989,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in TROW. Fidelis Capital Partners LLC acquired a new position in T. Rowe Price Group in the 3rd quarter valued at $540,000. Candriam S.C.A. grew its stake in T. Rowe Price Group by 20.4% during the second quarter. Candriam S.C.A. now owns 30,931 shares of the asset manager's stock worth $2,985,000 after buying an additional 5,236 shares in the last quarter. Greenspring Advisors LLC bought a new position in T. Rowe Price Group in the third quarter valued at approximately $1,583,000. First Citizens Bank & Trust Co. increased its stake in shares of T. Rowe Price Group by 141.9% in the 3rd quarter. First Citizens Bank & Trust Co. now owns 175,885 shares of the asset manager's stock valued at $18,053,000 after purchasing an additional 103,174 shares during the last quarter. Finally, Allen Wealth Management LLC lifted its position in shares of T. Rowe Price Group by 459.3% during the 3rd quarter. Allen Wealth Management LLC now owns 13,855 shares of the asset manager's stock worth $1,422,000 after buying an additional 11,378 shares during the last quarter. Institutional investors and hedge funds own 73.39% of the company's stock.

T. Rowe Price Group Trading Down 1.6%

Shares of TROW stock opened at $87.91 on Friday. The firm has a market capitalization of $19.17 billion, a price-to-earnings ratio of 9.50, a PEG ratio of 3.74 and a beta of 1.54. The business's 50-day moving average price is $99.21 and its 200-day moving average price is $102.34. T. Rowe Price Group, Inc. has a 12 month low of $77.85 and a 12 month high of $118.22.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued its quarterly earnings data on Wednesday, February 4th. The asset manager reported $2.44 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.47 by ($0.03). T. Rowe Price Group had a net margin of 28.53% and a return on equity of 20.29%. The business had revenue of $1.93 billion during the quarter, compared to the consensus estimate of $1.92 billion. During the same quarter last year, the business earned $2.12 EPS. The firm's quarterly revenue was up 6.0% compared to the same quarter last year. On average, sell-side analysts predict that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current fiscal year.

T. Rowe Price Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 30th. Shareholders of record on Monday, March 16th will be given a $1.30 dividend. This is an increase from T. Rowe Price Group's previous quarterly dividend of $1.27. The ex-dividend date is Monday, March 16th. This represents a $5.20 annualized dividend and a yield of 5.9%. T. Rowe Price Group's dividend payout ratio is currently 54.92%.

Analyst Ratings Changes

TROW has been the topic of a number of recent analyst reports. Weiss Ratings reiterated a "hold (c+)" rating on shares of T. Rowe Price Group in a research report on Monday, December 29th. The Goldman Sachs Group reduced their price target on shares of T. Rowe Price Group from $95.00 to $90.00 and set a "sell" rating on the stock in a research note on Thursday, February 5th. Zacks Research lowered shares of T. Rowe Price Group from a "strong-buy" rating to a "hold" rating in a report on Tuesday, December 9th. Keefe, Bruyette & Woods lowered their price objective on shares of T. Rowe Price Group from $115.00 to $110.00 and set a "market perform" rating for the company in a research report on Thursday, February 5th. Finally, Barclays set a $94.00 price objective on shares of T. Rowe Price Group in a research note on Thursday, February 5th. Twelve research analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Reduce" and a consensus target price of $101.69.

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.

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