Mackenzie Financial Corp Has $16.10 Million Position in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Mackenzie Financial Corp boosted its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 369.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 142,384 shares of the asset manager's stock after purchasing an additional 112,078 shares during the quarter. Mackenzie Financial Corp owned about 0.06% of T. Rowe Price Group worth $16,102,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in T. Rowe Price Group by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 26,063,837 shares of the asset manager's stock worth $2,947,559,000 after acquiring an additional 135,203 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of T. Rowe Price Group by 5.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,187,176 shares of the asset manager's stock worth $812,798,000 after purchasing an additional 346,369 shares during the period. Fayez Sarofim & Co raised its position in shares of T. Rowe Price Group by 7.6% during the fourth quarter. Fayez Sarofim & Co now owns 6,052,469 shares of the asset manager's stock valued at $684,474,000 after buying an additional 425,142 shares during the last quarter. Geode Capital Management LLC grew its position in T. Rowe Price Group by 2.1% during the fourth quarter. Geode Capital Management LLC now owns 5,631,429 shares of the asset manager's stock worth $635,260,000 after buying an additional 116,231 shares in the last quarter. Finally, Provident Trust Co. grew its position in T. Rowe Price Group by 8.9% during the fourth quarter. Provident Trust Co. now owns 2,611,294 shares of the asset manager's stock worth $295,311,000 after buying an additional 213,566 shares in the last quarter. Institutional investors and hedge funds own 73.39% of the company's stock.

Insiders Place Their Bets

In other news, insider Jessica M. Hiebler sold 968 shares of the company's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $96.98, for a total transaction of $93,876.64. Following the transaction, the insider now owns 13,611 shares of the company's stock, valued at $1,319,994.78. This represents a 6.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Robert F. Maclellan sold 3,955 shares of T. Rowe Price Group stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $91.56, for a total value of $362,119.80. Following the completion of the sale, the director now owns 42,979 shares of the company's stock, valued at approximately $3,935,157.24. The trade was a 8.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.00% of the company's stock.

Analysts Set New Price Targets

A number of analysts have commented on TROW shares. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $113.00 price objective (up previously from $111.00) on shares of T. Rowe Price Group in a research report on Thursday, February 6th. Citigroup reduced their target price on T. Rowe Price Group from $100.00 to $95.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Bank of America lowered their price target on shares of T. Rowe Price Group from $90.00 to $85.00 and set an "underperform" rating on the stock in a report on Thursday, April 3rd. Barclays raised their price objective on shares of T. Rowe Price Group from $85.00 to $90.00 and gave the stock an "underweight" rating in a report on Monday, May 5th. Finally, TD Cowen lowered their target price on shares of T. Rowe Price Group from $112.00 to $89.00 and set a "hold" rating on the stock in a research note on Wednesday, April 9th. Four equities research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $94.09.

T. Rowe Price Group Price Performance

Shares of NASDAQ:TROW traded down $0.98 during trading on Friday, reaching $93.33. The stock had a trading volume of 2,885,583 shares, compared to its average volume of 1,496,164. The stock has a market capitalization of $20.56 billion, a PE ratio of 10.19, a P/E/G ratio of 2.86 and a beta of 1.50. T. Rowe Price Group, Inc. has a 52 week low of $77.85 and a 52 week high of $125.81. The business's 50-day moving average price is $90.66 and its 200 day moving average price is $104.26.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued its quarterly earnings data on Friday, May 2nd. The asset manager reported $2.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.13 by $0.10. The firm had revenue of $1.76 billion during the quarter, compared to the consensus estimate of $1.80 billion. T. Rowe Price Group had a return on equity of 20.83% and a net margin of 29.61%. The business's revenue for the quarter was up .8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.38 EPS. Analysts forecast that T. Rowe Price Group, Inc. will post 9.29 EPS for the current year.

T. Rowe Price Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 13th will be given a dividend of $1.27 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $5.08 annualized dividend and a yield of 5.44%. T. Rowe Price Group's dividend payout ratio (DPR) is 57.60%.

T. Rowe Price Group Company Profile

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.