Mackenzie Financial Corp Sells 23,487 Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW)

Mackenzie Financial Corp cut its position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 49.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 24,460 shares of the asset manager’s stock after selling 23,487 shares during the period. Mackenzie Financial Corp’s holdings in T. Rowe Price Group were worth $2,634,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of TROW. Charles Schwab Investment Management Inc. boosted its holdings in T. Rowe Price Group by 2.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,900,101 shares of the asset manager’s stock valued at $513,874,000 after purchasing an additional 134,839 shares in the last quarter. Morgan Stanley lifted its position in shares of T. Rowe Price Group by 0.7% during the 3rd quarter. Morgan Stanley now owns 3,483,350 shares of the asset manager’s stock worth $365,299,000 after buying an additional 25,012 shares during the period. Northern Trust Corp boosted its stake in T. Rowe Price Group by 4.1% in the 3rd quarter. Northern Trust Corp now owns 2,356,132 shares of the asset manager’s stock valued at $247,088,000 after buying an additional 93,829 shares in the last quarter. Bank of New York Mellon Corp grew its position in T. Rowe Price Group by 2.0% in the third quarter. Bank of New York Mellon Corp now owns 2,271,065 shares of the asset manager’s stock valued at $238,167,000 after acquiring an additional 44,175 shares during the period. Finally, Invesco Ltd. raised its stake in T. Rowe Price Group by 7.6% during the third quarter. Invesco Ltd. now owns 1,684,057 shares of the asset manager’s stock worth $176,607,000 after acquiring an additional 119,305 shares in the last quarter. 73.39% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TROW has been the topic of several analyst reports. TD Cowen raised shares of T. Rowe Price Group from a “sell” rating to a “hold” rating and upped their target price for the stock from $92.00 to $114.00 in a report on Monday, April 8th. UBS Group raised their price objective on shares of T. Rowe Price Group from $100.00 to $109.00 and gave the stock a “sell” rating in a report on Friday, April 12th. Keefe, Bruyette & Woods raised T. Rowe Price Group from an “underperform” rating to a “market perform” rating and boosted their target price for the stock from $106.00 to $120.00 in a report on Thursday, April 11th. JPMorgan Chase & Co. raised their price target on T. Rowe Price Group from $94.00 to $103.00 and gave the company an “underweight” rating in a report on Tuesday, April 16th. Finally, Citigroup boosted their price objective on T. Rowe Price Group from $110.00 to $125.00 and gave the stock a “neutral” rating in a research note on Friday, April 5th. Four research analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $112.67.

T. Rowe Price Group Stock Performance

Shares of TROW opened at $111.50 on Tuesday. The business’s fifty day moving average price is $114.75 and its two-hundred day moving average price is $106.89. The firm has a market capitalization of $24.94 billion, a price-to-earnings ratio of 14.37, a PEG ratio of 2.04 and a beta of 1.40. T. Rowe Price Group, Inc. has a 52 week low of $87.43 and a 52 week high of $132.76.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings results on Thursday, February 8th. The asset manager reported $1.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.60 by $0.12. The business had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.63 billion. T. Rowe Price Group had a return on equity of 18.41% and a net margin of 27.69%. The firm’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter last year, the business earned $1.74 earnings per share. As a group, research analysts forecast that T. Rowe Price Group, Inc. will post 8.36 EPS for the current year.

T. Rowe Price Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were given a dividend of $1.24 per share. This is a boost from T. Rowe Price Group’s previous quarterly dividend of $1.22. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $4.96 annualized dividend and a dividend yield of 4.45%. T. Rowe Price Group’s payout ratio is currently 63.92%.

Insider Buying and Selling

In other T. Rowe Price Group news, insider Jessica M. Hiebler sold 1,138 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $107.13, for a total value of $121,913.94. Following the transaction, the insider now directly owns 14,113 shares of the company’s stock, valued at $1,511,925.69. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, insider Jessica M. Hiebler sold 1,138 shares of the company’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $107.13, for a total value of $121,913.94. Following the completion of the sale, the insider now owns 14,113 shares in the company, valued at $1,511,925.69. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Freeman A. Hrabowski III sold 8,740 shares of the firm’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $118.32, for a total value of $1,034,116.80. Following the transaction, the director now owns 21,073 shares in the company, valued at approximately $2,493,357.36. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by insiders.

T. Rowe Price Group 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.