SummitTX Capital L.P. Lowers Stake in T. Rowe Price Group, Inc. $TROW

SummitTX Capital L.P. cut its position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 68.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 12,200 shares of the asset manager’s stock after selling 26,175 shares during the quarter. SummitTX Capital L.P.’s holdings in T. Rowe Price Group were worth $1,100,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. State Street Corp grew its holdings in shares of T. Rowe Price Group by 0.3% during the 4th quarter. State Street Corp now owns 14,159,797 shares of the asset manager’s stock worth $1,449,680,000 after purchasing an additional 45,530 shares during the period. Goldman Sachs Group Inc. increased its position in T. Rowe Price Group by 332.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 8,770,071 shares of the asset manager’s stock worth $897,880,000 after purchasing an additional 6,740,172 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in T. Rowe Price Group by 1.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 8,073,846 shares of the asset manager’s stock valued at $826,600,000 after buying an additional 143,109 shares during the period. First Trust Advisors LP raised its holdings in T. Rowe Price Group by 12.6% in the first quarter. First Trust Advisors LP now owns 3,694,171 shares of the asset manager’s stock valued at $332,993,000 after buying an additional 413,317 shares during the period. Finally, Invesco Ltd. lifted its position in T. Rowe Price Group by 3.9% during the fourth quarter. Invesco Ltd. now owns 3,520,858 shares of the asset manager’s stock valued at $360,465,000 after buying an additional 131,438 shares in the last quarter. 73.39% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at T. Rowe Price Group

In other news, VP Stephon A. Jackson sold 3,000 shares of T. Rowe Price Group stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $102.56, for a total transaction of $307,680.00. Following the sale, the vice president directly owned 83,883 shares of the company’s stock, valued at approximately $8,603,040.48. The trade was a 3.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.60% of the stock is owned by corporate insiders.

T. Rowe Price Group Trading Down 2.3%

TROW opened at $118.87 on Thursday. The company has a fifty day simple moving average of $111.26 and a 200 day simple moving average of $101.99. The firm has a market cap of $25.47 billion, a price-to-earnings ratio of 12.74, a PEG ratio of 4.36 and a beta of 1.47. T. Rowe Price Group, Inc. has a twelve month low of $85.22 and a twelve month high of $122.00.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings results on Thursday, April 30th. The asset manager reported $2.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.37 by $0.15. T. Rowe Price Group had a net margin of 28.28% and a return on equity of 20.60%. The firm had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.85 billion. During the same quarter in the previous year, the firm posted $2.23 EPS. The firm’s quarterly revenue was up 5.3% on a year-over-year basis. On average, analysts forecast that T. Rowe Price Group, Inc. will post 10.12 earnings per share for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 29th. Stockholders of record on Monday, June 15th were paid a dividend of $1.30 per share. The ex-dividend date was Monday, June 15th. This represents a $5.20 annualized dividend and a dividend yield of 4.4%. T. Rowe Price Group’s dividend payout ratio (DPR) is currently 55.73%.

Analysts Set New Price Targets

TROW has been the subject of several research reports. The Goldman Sachs Group boosted their price objective on shares of T. Rowe Price Group from $90.00 to $92.00 and gave the stock a “sell” rating in a research note on Tuesday, June 30th. Jefferies Financial Group cut their target price on shares of T. Rowe Price Group from $107.00 to $91.00 and set a “hold” rating on the stock in a research note on Wednesday, April 8th. JPMorgan Chase & Co. reduced their target price on shares of T. Rowe Price Group from $106.00 to $103.00 and set an “underweight” rating on the stock in a report on Friday, April 24th. Zacks Research raised shares of T. Rowe Price Group from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 15th. Finally, Keefe, Bruyette & Woods upped their price target on shares of T. Rowe Price Group from $107.00 to $120.00 and gave the stock a “market perform” rating in a research report on Friday, July 10th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and an average target price of $105.08.

T. Rowe Price Group Company Profile

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland, founded by Thomas Rowe Price Jr. in 1937. The company provides a broad range of investment products and services for individual investors, financial intermediaries, retirement plan sponsors and institutional clients. Its offerings are built around active investment management and in-house research across equity, fixed income and multi-asset strategies, reflecting a long history as a research-driven asset manager.

The firm’s product lineup includes mutual funds, separate accounts, collective investment trusts, target-date and target-risk funds, and managed account solutions, as well as services for defined contribution and defined benefit retirement plans.