Summit Investment Advisors Inc. Increases Holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Summit Investment Advisors Inc. lifted its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 114.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,757 shares of the asset manager's stock after buying an additional 7,331 shares during the period. Summit Investment Advisors Inc.'s holdings in T. Rowe Price Group were worth $1,556,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Addison Advisors LLC lifted its position in shares of T. Rowe Price Group by 67.4% during the 4th quarter. Addison Advisors LLC now owns 231 shares of the asset manager's stock valued at $26,000 after acquiring an additional 93 shares during the period. Curio Wealth LLC bought a new position in T. Rowe Price Group in the fourth quarter valued at $27,000. Y.D. More Investments Ltd raised its position in T. Rowe Price Group by 124.0% in the 4th quarter. Y.D. More Investments Ltd now owns 280 shares of the asset manager's stock worth $32,000 after purchasing an additional 155 shares during the period. Stonebridge Financial Group LLC purchased a new stake in shares of T. Rowe Price Group during the fourth quarter valued at approximately $32,000. Finally, Advantage Trust Co grew its position in shares of T. Rowe Price Group by 48.8% in the 4th quarter. Advantage Trust Co now owns 305 shares of the asset manager's stock worth $34,000 after buying an additional 100 shares during the last quarter. Institutional investors own 73.39% of the company's stock.

Insiders Place Their Bets

In other T. Rowe Price Group news, Director Robert F. Maclellan sold 3,955 shares of the company's stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $91.56, for a total transaction of $362,119.80. Following the completion of the transaction, the director now owns 42,979 shares of the company's stock, valued at $3,935,157.24. This represents a 8.43 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Arif Husain sold 4,112 shares of T. Rowe Price Group stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $109.27, for a total transaction of $449,318.24. Following the completion of the sale, the vice president now directly owns 36,800 shares of the company's stock, valued at approximately $4,021,136. This trade represents a 10.05 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.00% of the company's stock.

Analysts Set New Price Targets

TROW has been the subject of several analyst reports. JPMorgan Chase & Co. reduced their price target on shares of T. Rowe Price Group from $110.00 to $90.00 and set an "underweight" rating for the company in a research report on Wednesday, April 16th. Citigroup dropped their price target on shares of T. Rowe Price Group from $100.00 to $95.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Barclays cut their price objective on shares of T. Rowe Price Group from $105.00 to $85.00 and set an "underweight" rating on the stock in a report on Wednesday, April 16th. Bank of America dropped their target price on T. Rowe Price Group from $90.00 to $85.00 and set an "underperform" rating on the stock in a research report on Thursday, April 3rd. Finally, Wells Fargo & Company lowered their price objective on T. Rowe Price Group from $116.00 to $98.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 8th. Four research analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $96.00.

T. Rowe Price Group Stock Down 2.8 %

T. Rowe Price Group stock traded down $2.44 during mid-day trading on Monday, reaching $83.67. The company had a trading volume of 193,528 shares, compared to its average volume of 1,448,337. The company has a 50 day moving average of $95.65 and a 200-day moving average of $108.42. The firm has a market cap of $18.59 billion, a price-to-earnings ratio of 9.17, a PEG ratio of 2.86 and a beta of 1.50. 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 - Get Free Report) last posted its quarterly earnings results on Wednesday, February 5th. The asset manager reported $2.12 earnings per share for the quarter, missing analysts' consensus estimates 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 in the prior year, the company earned $1.72 EPS. On average, analysts predict that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current fiscal year.

T. Rowe Price Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were issued a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a dividend yield of 6.07%. The ex-dividend date was Friday, March 14th. This is an increase from T. Rowe Price Group's previous quarterly dividend of $1.24. T. Rowe Price Group's dividend payout ratio is 55.46%.

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.