T. Rowe Price Group, Inc. (NASDAQ:TROW) Position Boosted by Bank of Nova Scotia

Bank of Nova Scotia increased its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 283.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 224,666 shares of the asset manager’s stock after buying an additional 166,083 shares during the quarter. Bank of Nova Scotia owned about 0.10% of T. Rowe Price Group worth $25,407,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Addison Advisors LLC boosted its stake in shares of T. Rowe Price Group by 67.4% during the 4th quarter. Addison Advisors LLC now owns 231 shares of the asset manager’s stock worth $26,000 after acquiring an additional 93 shares in the last quarter. Curio Wealth LLC bought a new stake in shares of T. Rowe Price Group during the 4th quarter worth $27,000. Y.D. More Investments Ltd boosted its stake in shares of T. Rowe Price Group by 124.0% during the 4th quarter. Y.D. More Investments Ltd now owns 280 shares of the asset manager’s stock worth $32,000 after acquiring an additional 155 shares in the last quarter. Stonebridge Financial Group LLC bought a new stake in shares of T. Rowe Price Group during the 4th quarter worth $32,000. Finally, Advantage Trust Co boosted its stake in shares of T. Rowe Price Group by 48.8% during the 4th quarter. Advantage Trust Co now owns 305 shares of the asset manager’s stock worth $34,000 after acquiring an additional 100 shares in the last quarter. 73.39% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on TROW. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $113.00 price objective (up from $111.00) on shares of T. Rowe Price Group in a research note on Thursday, February 6th. Bank of America reduced their price objective on T. Rowe Price Group from $90.00 to $85.00 and set an “underperform” rating for the company in a research note on Thursday, April 3rd. Wells Fargo & Company reduced their target price on T. Rowe Price Group from $116.00 to $98.00 and set an “equal weight” rating for the company in a report on Tuesday. StockNews.com lowered T. Rowe Price Group from a “buy” rating to a “hold” rating in a report on Sunday, February 2nd. Finally, Citigroup reduced their target price on T. Rowe Price Group from $120.00 to $100.00 and set a “neutral” rating for the company in a report on Monday, March 31st. Five equities research analysts have rated the stock with a sell rating and eight have given a hold rating to the company. According to MarketBeat, T. Rowe Price Group has a consensus rating of “Hold” and an average target price of $104.75.

T. Rowe Price Group Stock Performance

Shares of NASDAQ:TROW opened at $90.16 on Thursday. The company has a market cap of $20.04 billion, a P/E ratio of 9.84, a P/E/G ratio of 2.86 and a beta of 1.50. The stock’s 50-day moving average is $99.10 and its 200-day moving average is $109.45. T. Rowe Price Group, Inc. has a 52-week low of $77.85 and a 52-week high of $125.81.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings results on Wednesday, February 5th. The asset manager reported $2.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.20 by ($0.08). T. Rowe Price Group had a net margin of 29.61% and a return on equity of 20.83%. During the same period last year, the company earned $1.72 earnings per share. As a group, equities analysts predict that T. Rowe Price Group, Inc. will post 9.29 EPS for the current year.

T. Rowe Price Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were given a dividend of $1.27 per share. The ex-dividend date was Friday, March 14th. This is an increase from T. Rowe Price Group’s previous quarterly dividend of $1.24. This represents a $5.08 dividend on an annualized basis and a yield of 5.63%. T. Rowe Price Group’s dividend payout ratio (DPR) is 55.46%.

Insider Buying and Selling

In related news, 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 transaction of $362,119.80. Following the sale, the director now directly owns 42,979 shares of the company’s stock, valued at $3,935,157.24. This trade represents a 8.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Arif Husain sold 4,112 shares of T. Rowe Price Group stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $109.27, for a total value of $449,318.24. Following the sale, the vice president now directly owns 36,800 shares in the company, valued at approximately $4,021,136. This trade represents a 10.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.60% of the stock is owned by company insiders.

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.