T. Rowe Price Group, Inc. $TROW Stock Position Raised by Summit Financial LLC

Key Points

• Summit Financial LLC increased its stake in T. Rowe Price Group by 100.3% during the first quarter, owning 8,319 shares valued at $764,000.
• Insider trading activity was reported, with VP Dorothy C. Sawyer selling 2,000 shares at an average price of $95.43, decreasing her ownership by 4.27%.
• Analysts have differing views on T. Rowe Price Group, with Barclays maintaining an "underweight" rating while JPMorgan Chase & Co. and Evercore ISI upgraded their target prices, reflecting varied expectations for the stock's performance.

Summit Financial LLC boosted its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 100.3% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,319 shares of the asset manager's stock after buying an additional 4,165 shares during the period. Summit Financial LLC's holdings in T. Rowe Price Group were worth $764,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of TROW. OneDigital Investment Advisors LLC boosted its position in shares of T. Rowe Price Group by 4.4% during the 4th quarter. OneDigital Investment Advisors LLC now owns 5,103 shares of the asset manager's stock valued at $577,000 after purchasing an additional 216 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of T. Rowe Price Group by 1.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 306,512 shares of the asset manager's stock valued at $34,664,000 after purchasing an additional 4,496 shares in the last quarter. MGO One Seven LLC bought a new position in shares of T. Rowe Price Group during the 4th quarter valued at about $308,000. Adage Capital Partners GP L.L.C. boosted its position in shares of T. Rowe Price Group by 71.4% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 148,840 shares of the asset manager's stock valued at $16,832,000 after purchasing an additional 62,010 shares in the last quarter. Finally, Nebula Research & Development LLC bought a new position in shares of T. Rowe Price Group during the 4th quarter valued at about $1,411,000. Institutional investors own 73.39% of the company's stock.

T. Rowe Price Group Trading Up 0.7%

Shares of TROW traded up $0.81 during midday trading on Wednesday, hitting $109.37. The stock had a trading volume of 933,594 shares, compared to its average volume of 1,777,064. T. Rowe Price Group, Inc. has a fifty-two week low of $77.85 and a fifty-two week high of $125.81. The business has a 50-day simple moving average of $102.75 and a two-hundred day simple moving average of $97.48. The firm has a market cap of $24.03 billion, a P/E ratio of 12.22, a price-to-earnings-growth ratio of 2.82 and a beta of 1.47.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last posted its quarterly earnings results on Friday, August 1st. The asset manager reported $2.24 EPS for the quarter, topping the consensus estimate of $2.15 by $0.09. T. Rowe Price Group had a net margin of 28.72% and a return on equity of 19.77%. The business had revenue of $1.72 billion during the quarter, compared to analysts' expectations of $1.72 billion. During the same period last year, the company posted $2.26 earnings per share. The firm's quarterly revenue was down .6% compared to the same quarter last year. On average, analysts expect that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be issued a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a dividend yield of 4.6%. The ex-dividend date is Monday, September 15th. T. Rowe Price Group's payout ratio is currently 56.76%.

Insider Buying and Selling at T. Rowe Price Group

In related news, VP Dorothy C. Sawyer sold 2,000 shares of the stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $95.43, for a total transaction of $190,860.00. Following the completion of the sale, the vice president directly owned 44,789 shares in the company, valued at approximately $4,274,214.27. This trade represents a 4.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.60% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on TROW shares. Evercore ISI raised their price objective on shares of T. Rowe Price Group from $106.00 to $110.00 and gave the company an "in-line" rating in a research report on Monday, August 4th. Morgan Stanley raised their price objective on shares of T. Rowe Price Group from $112.00 to $116.00 and gave the company an "equal weight" rating in a research report on Monday, August 4th. Keefe, Bruyette & Woods raised their price objective on shares of T. Rowe Price Group from $110.00 to $112.00 and gave the company a "market perform" rating in a research report on Monday, August 4th. JPMorgan Chase & Co. raised their price objective on shares of T. Rowe Price Group from $98.00 to $102.00 and gave the company an "underweight" rating in a research report on Monday, August 4th. Finally, Barclays restated an "underweight" rating and set a $95.00 price objective (up previously from $91.00) on shares of T. Rowe Price Group in a research report on Monday, August 4th. Eight analysts have rated the stock with a Hold rating and four have given a Sell rating to the company's stock. Based on data from MarketBeat, T. Rowe Price Group has an average rating of "Reduce" and an average price target of $101.09.

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.