Summit Securities Group LLC Makes New Investment in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Summit Securities Group LLC purchased a new stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 500 shares of the asset manager’s stock, valued at approximately $57,000.

A number of other hedge funds have also modified their holdings of TROW. Schroder Investment Management Group grew its holdings in T. Rowe Price Group by 49.4% during the 4th quarter. Schroder Investment Management Group now owns 221,579 shares of the asset manager’s stock valued at $25,229,000 after buying an additional 73,307 shares during the last quarter. Strategy Asset Managers LLC boosted its stake in shares of T. Rowe Price Group by 5.0% during the fourth quarter. Strategy Asset Managers LLC now owns 2,277 shares of the asset manager’s stock valued at $258,000 after acquiring an additional 108 shares during the last quarter. Allstate Corp purchased a new stake in T. Rowe Price Group during the 4th quarter worth about $748,000. Maridea Wealth Management LLC acquired a new position in T. Rowe Price Group in the 4th quarter valued at about $376,000. Finally, Level Four Advisory Services LLC lifted its holdings in T. Rowe Price Group by 5.6% in the 4th quarter. Level Four Advisory Services LLC now owns 97,943 shares of the asset manager’s stock valued at $11,076,000 after purchasing an additional 5,234 shares in the last quarter. 73.39% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, VP Arif Husain sold 4,112 shares of T. Rowe Price Group stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $109.27, for a total transaction of $449,318.24. Following the sale, the vice president now owns 36,800 shares in the company, valued at $4,021,136. This trade represents a 10.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on TROW. StockNews.com lowered shares of T. Rowe Price Group from a “buy” rating to a “hold” rating in a research report on Sunday, February 2nd. Barclays reduced their price target on T. Rowe Price Group from $113.00 to $105.00 and set an “underweight” rating on the stock in a research note on Thursday, February 6th. Morgan Stanley lowered their price objective on T. Rowe Price Group from $126.00 to $121.00 and set an “equal weight” rating for the company in a research report on Monday, February 24th. Wells Fargo & Company dropped their target price on T. Rowe Price Group from $118.00 to $116.00 and set an “equal weight” rating for the company in a research note on Thursday, February 6th. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $113.00 price target (up from $111.00) on shares of T. Rowe Price Group in a research note on Thursday, February 6th. Four equities research analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $114.09.

T. Rowe Price Group Stock Performance

Shares of NASDAQ:TROW opened at $91.57 on Monday. T. Rowe Price Group, Inc. has a 1 year low of $90.92 and a 1 year high of $125.81. The stock has a 50-day simple moving average of $104.61 and a 200-day simple moving average of $110.92. The stock has a market capitalization of $20.35 billion, a P/E ratio of 10.00, a PEG ratio of 2.86 and a beta of 1.46.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings data 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 return on equity of 20.83% and a net margin of 29.61%. During the same quarter last year, the business posted $1.72 earnings per share. Analysts predict that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current year.

T. Rowe Price Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were given a $1.27 dividend. The ex-dividend date of this dividend was Friday, March 14th. This is a positive change from T. Rowe Price Group’s previous quarterly dividend of $1.24. This represents a $5.08 annualized dividend and a yield of 5.55%. T. Rowe Price Group’s dividend payout ratio (DPR) is 55.46%.

T. Rowe Price Group Company 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.