State of Michigan Retirement System lifted its holdings in shares of T. Rowe Price Group Inc (NASDAQ:TROW) by 8.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 58,138 shares of the asset manager’s stock after buying an additional 4,577 shares during the period. State of Michigan Retirement System’s holdings in T. Rowe Price Group were worth $7,180,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of the stock. Tarbox Family Office Inc. grew its position in T. Rowe Price Group by 423.1% in the 2nd quarter. Tarbox Family Office Inc. now owns 204 shares of the asset manager’s stock valued at $25,000 after buying an additional 165 shares in the last quarter. HHM Wealth Advisors LLC acquired a new stake in shares of T. Rowe Price Group in the 1st quarter worth approximately $28,000. Shine Investment Advisory Services Inc. boosted its holdings in shares of T. Rowe Price Group by 248.4% in the first quarter. Shine Investment Advisory Services Inc. now owns 324 shares of the asset manager’s stock valued at $32,000 after acquiring an additional 231 shares in the last quarter. Harvest Fund Management Co. Ltd increased its stake in shares of T. Rowe Price Group by 36.3% during the first quarter. Harvest Fund Management Co. Ltd now owns 398 shares of the asset manager’s stock valued at $38,000 after acquiring an additional 106 shares during the period. Finally, Pearl River Capital LLC bought a new stake in T. Rowe Price Group during the first quarter worth approximately $39,000. 70.63% of the stock is owned by institutional investors and hedge funds.
T. Rowe Price Group stock opened at $138.10 on Friday. T. Rowe Price Group Inc has a 52 week low of $82.51 and a 52 week high of $139.82. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.55 and a current ratio of 3.24. The firm has a market capitalization of $31.42 billion, a price-to-earnings ratio of 16.60, a P/E/G ratio of 2.30 and a beta of 1.15. The company has a 50 day moving average price of $127.11 and a 200 day moving average price of $119.76.
T. Rowe Price Group (NASDAQ:TROW) last issued its earnings results on Wednesday, July 29th. The asset manager reported $2.29 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.04 by $0.25. The business had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.41 billion. T. Rowe Price Group had a return on equity of 29.65% and a net margin of 35.05%. T. Rowe Price Group’s revenue was up 1.4% compared to the same quarter last year. During the same quarter last year, the firm posted $2.03 earnings per share. Equities analysts forecast that T. Rowe Price Group Inc will post 8.3 earnings per share for the current fiscal year.
In other news, VP David Oestreicher sold 3,500 shares of the business’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $120.85, for a total transaction of $422,975.00. Following the transaction, the vice president now directly owns 97,673 shares in the company, valued at approximately $11,803,782.05. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Mary K. Bush sold 1,851 shares of the business’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $115.34, for a total transaction of $213,494.34. Following the transaction, the director now owns 15,955 shares in the company, valued at $1,840,249.70. The disclosure for this sale can be found here. Insiders have sold a total of 8,851 shares of company stock valued at $1,047,719 over the last 90 days. Corporate insiders own 1.00% of the company’s stock.
TROW has been the topic of several research analyst reports. Barclays lifted their price target on T. Rowe Price Group from $100.00 to $110.00 in a research report on Monday, June 15th. JPMorgan Chase & Co. boosted their price target on shares of T. Rowe Price Group from $101.00 to $110.00 and gave the stock an “underweight” rating in a research report on Wednesday, April 29th. Morgan Stanley raised their price objective on shares of T. Rowe Price Group from $150.00 to $160.00 and gave the company an “equal weight” rating in a research report on Friday. ValuEngine lowered shares of T. Rowe Price Group from a “hold” rating to a “sell” rating in a research note on Thursday, July 2nd. Finally, BMO Capital Markets raised their target price on shares of T. Rowe Price Group from $109.00 to $128.00 and gave the stock a “market perform” rating in a report on Monday, June 29th. Four research analysts have rated the stock with a sell rating, five have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Hold” and an average price target of $116.17.
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.
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