Connor Clark & Lunn Investment Management Ltd. Sells 26,615 Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW)

Connor Clark & Lunn Investment Management Ltd. decreased its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 45.6% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 31,732 shares of the asset manager’s stock after selling 26,615 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in T. Rowe Price Group were worth $3,457,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. Iron Horse Wealth Management LLC raised its position in shares of T. Rowe Price Group by 90.9% in the third quarter. Iron Horse Wealth Management LLC now owns 231 shares of the asset manager’s stock valued at $25,000 after purchasing an additional 110 shares during the period. Lynx Investment Advisory bought a new stake in T. Rowe Price Group during the 2nd quarter worth approximately $29,000. Hexagon Capital Partners LLC increased its holdings in T. Rowe Price Group by 54.7% during the 3rd quarter. Hexagon Capital Partners LLC now owns 294 shares of the asset manager’s stock worth $32,000 after acquiring an additional 104 shares during the period. Family Firm Inc. bought a new stake in T. Rowe Price Group during the 2nd quarter worth approximately $36,000. Finally, Versant Capital Management Inc increased its holdings in T. Rowe Price Group by 660.5% during the 2nd quarter. Versant Capital Management Inc now owns 327 shares of the asset manager’s stock worth $38,000 after acquiring an additional 284 shares during the period. Institutional investors own 73.39% of the company’s stock.

Insider Buying and Selling

In related news, insider Jessica M. Hiebler sold 484 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $104.73, for a total transaction of $50,689.32. Following the sale, the insider now directly owns 13,939 shares of the company’s stock, valued at approximately $1,459,831.47. This represents a 3.36 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of the stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $102.83, for a total transaction of $1,230,772.27. Following the sale, the vice president now directly owns 123,624 shares in the company, valued at $12,712,255.92. This trade represents a 8.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

TROW has been the subject of a number of research reports. Evercore ISI boosted their price target on shares of T. Rowe Price Group from $112.00 to $113.00 and gave the stock an “in-line” rating in a research note on Thursday, November 7th. Morgan Stanley boosted their price target on shares of T. Rowe Price Group from $127.00 to $129.00 and gave the stock an “equal weight” rating in a research note on Monday, November 4th. Wells Fargo & Company upped their price objective on shares of T. Rowe Price Group from $109.00 to $112.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 9th. StockNews.com cut shares of T. Rowe Price Group from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and set a $120.00 price target (down previously from $121.00) on shares of T. Rowe Price Group in a research report on Monday, July 29th. Four equities research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $115.55.

T. Rowe Price Group Stock Up 1.4 %

Shares of TROW opened at $119.84 on Monday. T. Rowe Price Group, Inc. has a twelve month low of $96.48 and a twelve month high of $122.27. The stock has a market capitalization of $26.62 billion, a P/E ratio of 13.11, a PEG ratio of 1.68 and a beta of 1.41. The firm has a fifty day simple moving average of $112.20 and a two-hundred day simple moving average of $112.44.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings data on Friday, November 1st. The asset manager reported $2.57 EPS for the quarter, topping the consensus estimate of $2.36 by $0.21. T. Rowe Price Group had a net margin of 30.35% and a return on equity of 20.35%. The business had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.84 billion. During the same period in the prior year, the business earned $2.17 EPS. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. Sell-side analysts expect that T. Rowe Price Group, Inc. will post 9.33 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be paid a $1.24 dividend. The ex-dividend date is Friday, December 13th. This represents a $4.96 annualized dividend and a dividend yield of 4.14%. T. Rowe Price Group’s payout ratio is 54.27%.

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.