Cardinal Capital Management Boosts Position in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Cardinal Capital Management boosted its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 5.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 64,774 shares of the asset manager’s stock after buying an additional 3,357 shares during the quarter. Cardinal Capital Management’s holdings in T. Rowe Price Group were worth $5,951,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Addison Advisors LLC raised its position in 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 buying an additional 93 shares during the last quarter. Curio Wealth LLC purchased a new position in shares of T. Rowe Price Group during the 4th quarter valued at approximately $27,000. Advantage Trust Co increased its holdings 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 valued at $34,000 after purchasing an additional 100 shares in the last quarter. Ameriflex Group Inc. purchased a new position in shares of T. Rowe Price Group during the 4th quarter valued at approximately $42,000. Finally, Summit Securities Group LLC purchased a new position in shares of T. Rowe Price Group during the 4th quarter valued at approximately $57,000. 73.39% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at T. Rowe Price Group

In related news, insider Jessica M. Hiebler sold 968 shares of the company’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $96.98, for a total transaction of $93,876.64. Following the completion of the sale, the insider now owns 13,611 shares of the company’s stock, valued at approximately $1,319,994.78. This represents a 6.64% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert F. Maclellan sold 3,955 shares of the stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $91.56, for a total transaction of $362,119.80. Following the completion of the sale, the director now directly owns 42,979 shares of the company’s stock, valued at approximately $3,935,157.24. This trade represents a 8.43% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 6,923 shares of company stock valued at $646,856. Corporate insiders own 2.00% of the company’s stock.

T. Rowe Price Group Stock Up 1.8%

T. Rowe Price Group stock opened at $93.21 on Tuesday. The company has a fifty day simple moving average of $91.91 and a 200-day simple moving average of $102.07. The firm has a market capitalization of $20.54 billion, a price-to-earnings ratio of 10.18, a PEG ratio of 2.86 and a beta of 1.49. 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 announced 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. T. Rowe Price Group had a net margin of 29.61% and a return on equity of 20.83%. The company had revenue of $1.76 billion during the quarter, compared to analysts’ expectations of $1.80 billion. During the same quarter in the prior year, the company earned $2.38 EPS. T. Rowe Price Group’s revenue was up .8% compared to the same quarter last year. On average, research analysts anticipate that T. Rowe Price Group, Inc. will post 9.29 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 13th will be paid a dividend of $1.27 per share. The ex-dividend date is Friday, June 13th. This represents a $5.08 annualized dividend and a yield of 5.45%. T. Rowe Price Group’s dividend payout ratio is presently 57.60%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on TROW. Evercore ISI cut their target price on shares of T. Rowe Price Group from $104.00 to $80.00 and set an “in-line” rating for the company in a report on Friday, April 11th. Citigroup cut their target price on shares of T. Rowe Price Group from $100.00 to $95.00 and set a “neutral” rating for the company in a report on Monday, April 14th. Cowen restated a “hold” rating on shares of T. Rowe Price Group in a research report on Monday, May 5th. TD Cowen reduced their target price on T. Rowe Price Group from $112.00 to $89.00 and set a “hold” rating for the company in a research note on Wednesday, April 9th. Finally, Bank of America dropped 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 research note on Thursday, April 3rd. Four equities research analysts have rated the stock with a sell rating and nine have given a hold rating to the company. According to data from MarketBeat.com, T. Rowe Price Group currently has a consensus rating of “Hold” and a consensus price target of $94.09.

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.