AGF Investments Inc. Boosts Position in T. Rowe Price Group Inc (TROW)

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AGF Investments Inc. increased its position in shares of T. Rowe Price Group Inc (NASDAQ:TROW) by 131.4% in the second quarter, HoldingsChannel reports. The institutional investor owned 775,010 shares of the asset manager’s stock after buying an additional 440,157 shares during the period. T. Rowe Price Group comprises 0.9% of AGF Investments Inc.’s portfolio, making the stock its 29th biggest holding. AGF Investments Inc.’s holdings in T. Rowe Price Group were worth $89,971,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Sumitomo Mitsui Trust Holdings Inc. grew its stake in T. Rowe Price Group by 1.8% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 834,003 shares of the asset manager’s stock valued at $96,819,000 after purchasing an additional 14,425 shares in the last quarter. World Asset Management Inc grew its stake in T. Rowe Price Group by 11.8% in the second quarter. World Asset Management Inc now owns 18,884 shares of the asset manager’s stock valued at $2,192,000 after purchasing an additional 1,991 shares in the last quarter. Greenleaf Trust grew its stake in T. Rowe Price Group by 40.4% in the second quarter. Greenleaf Trust now owns 3,906 shares of the asset manager’s stock valued at $453,000 after purchasing an additional 1,123 shares in the last quarter. Teacher Retirement System of Texas grew its stake in T. Rowe Price Group by 22.6% in the first quarter. Teacher Retirement System of Texas now owns 132,593 shares of the asset manager’s stock valued at $14,316,000 after purchasing an additional 24,468 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its stake in T. Rowe Price Group by 6.9% in the first quarter. Russell Investments Group Ltd. now owns 130,154 shares of the asset manager’s stock valued at $14,008,000 after purchasing an additional 8,452 shares in the last quarter. Institutional investors and hedge funds own 70.32% of the company’s stock.

A number of research analysts have weighed in on TROW shares. Zacks Investment Research upgraded T. Rowe Price Group from a “hold” rating to a “buy” rating and set a $137.00 price target for the company in a research note on Thursday, July 19th. UBS Group cut their price objective on T. Rowe Price Group from $125.00 to $117.00 and set a “neutral” rating for the company in a research report on Thursday, May 24th. Jefferies Financial Group raised T. Rowe Price Group from a “neutral” rating to a “hold” rating in a research report on Thursday, May 17th. Credit Suisse Group raised T. Rowe Price Group from a “neutral” rating to an “outperform” rating and set a $123.00 price objective for the company in a research report on Wednesday, May 16th. Finally, Deutsche Bank raised T. Rowe Price Group from a “hold” rating to a “buy” rating and cut their price objective for the company from $121.00 to $114.00 in a research report on Wednesday, May 16th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $118.27.

TROW opened at $115.41 on Friday. T. Rowe Price Group Inc has a 12-month low of $81.61 and a 12-month high of $127.43. The company has a market capitalization of $28.28 billion, a PE ratio of 21.25, a price-to-earnings-growth ratio of 1.46 and a beta of 1.24.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings data on Wednesday, July 25th. The asset manager reported $1.87 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.76 by $0.11. The company had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.33 billion. T. Rowe Price Group had a return on equity of 28.49% and a net margin of 31.67%. The business’s revenue was up 13.4% on a year-over-year basis. During the same period last year, the firm posted $1.28 earnings per share. sell-side analysts anticipate that T. Rowe Price Group Inc will post 7.23 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Friday, September 14th will be issued a dividend of $0.70 per share. The ex-dividend date is Thursday, September 13th. This represents a $2.80 annualized dividend and a yield of 2.43%. T. Rowe Price Group’s payout ratio is currently 51.57%.

In related news, CEO William J. Stromberg sold 21,000 shares of T. Rowe Price Group stock in a transaction that occurred on Tuesday, June 12th. The stock was sold at an average price of $125.48, for a total transaction of $2,635,080.00. Following the completion of the sale, the chief executive officer now directly owns 539,020 shares of the company’s stock, valued at approximately $67,636,229.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Freeman A. Hrabowski III sold 4,500 shares of T. Rowe Price Group stock in a transaction that occurred on Thursday, July 26th. The stock was sold at an average price of $121.74, for a total value of $547,830.00. Following the sale, the director now directly owns 9,640 shares of the company’s stock, valued at $1,173,573.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 143,139 shares of company stock valued at $17,756,528. 3.10% of the stock is currently owned by 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.

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Institutional Ownership by Quarter for T. Rowe Price Group (NASDAQ:TROW)

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