SummitTX Capital L.P. lessened its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW – Free Report) by 68.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,200 shares of the asset manager’s stock after selling 26,175 shares during the period. SummitTX Capital L.P.’s holdings in T. Rowe Price Group were worth $1,100,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in TROW. Gateway Wealth Partners LLC bought a new position in T. Rowe Price Group during the 1st quarter valued at $239,000. OMERS ADMINISTRATION Corp increased its position in shares of T. Rowe Price Group by 25.0% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 36,192 shares of the asset manager’s stock worth $3,262,000 after purchasing an additional 7,233 shares during the last quarter. Aristotle Atlantic Partners LLC bought a new stake in shares of T. Rowe Price Group in the 1st quarter worth about $270,000. Entropy Technologies LP raised its stake in shares of T. Rowe Price Group by 83.5% in the 1st quarter. Entropy Technologies LP now owns 40,123 shares of the asset manager’s stock valued at $3,617,000 after purchasing an additional 18,263 shares in the last quarter. Finally, TCM Advisors LLC raised its stake in shares of T. Rowe Price Group by 16.6% in the 1st quarter. TCM Advisors LLC now owns 9,818 shares of the asset manager’s stock valued at $885,000 after purchasing an additional 1,400 shares in the last quarter. 73.39% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of equities analysts recently commented on TROW shares. BMO Capital Markets lifted their price target on T. Rowe Price Group from $98.00 to $110.00 and gave the stock a “market perform” rating in a research note on Monday, May 4th. Keefe, Bruyette & Woods upped their price objective on T. Rowe Price Group from $107.00 to $120.00 and gave the company a “market perform” rating in a research note on Friday, July 10th. Morgan Stanley set a $116.00 price objective on T. Rowe Price Group in a research note on Wednesday. The Goldman Sachs Group increased their target price on T. Rowe Price Group from $90.00 to $92.00 and gave the stock a “sell” rating in a report on Tuesday, June 30th. Finally, TD Cowen decreased their target price on T. Rowe Price Group from $108.00 to $107.00 and set a “hold” rating for the company in a research report on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus target price of $105.08.
Insider Transactions at T. Rowe Price Group
In other T. Rowe Price Group news, VP Stephon A. Jackson sold 3,000 shares of T. Rowe Price Group stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $102.56, for a total value of $307,680.00. Following the completion of the transaction, the vice president directly owned 83,883 shares in the company, valued at $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 SEC, which is available at this link. 1.60% of the stock is owned by corporate insiders.
T. Rowe Price Group Stock Performance
T. Rowe Price Group stock opened at $118.87 on Thursday. The firm’s 50-day moving average is $111.26 and its 200-day moving average is $101.99. T. Rowe Price Group, Inc. has a 1 year low of $85.22 and a 1 year high of $122.00. The company has a market cap of $25.47 billion, a P/E ratio of 12.74, a PEG ratio of 4.36 and a beta of 1.47.
T. Rowe Price Group (NASDAQ:TROW – Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The asset manager reported $2.52 EPS for the quarter, beating 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 business had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.85 billion. During the same period in the previous year, the business posted $2.23 EPS. The company’s quarterly revenue was up 5.3% on a year-over-year basis. As a group, sell-side analysts predict that T. Rowe Price Group, Inc. will post 10.12 earnings per share for the current year.
T. Rowe Price Group Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, June 29th. Shareholders of record on Monday, June 15th were issued a $1.30 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $5.20 dividend on an annualized basis and a yield of 4.4%. T. Rowe Price Group’s dividend payout ratio (DPR) is currently 55.73%.
About T. Rowe Price Group
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.
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