Summit Investment Advisors Inc. Acquires 7,331 Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW)

Summit Investment Advisors Inc. lifted its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 114.1% during the fourth quarter, HoldingsChannel reports. The firm owned 13,757 shares of the asset manager’s stock after purchasing an additional 7,331 shares during the period. Summit Investment Advisors Inc.’s holdings in T. Rowe Price Group were worth $1,556,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Nilsine Partners LLC raised its stake in shares of T. Rowe Price Group by 75.5% during the fourth quarter. Nilsine Partners LLC now owns 5,509 shares of the asset manager’s stock valued at $623,000 after acquiring an additional 2,370 shares in the last quarter. Principal Financial Group Inc. raised its position in T. Rowe Price Group by 2.8% during the 3rd quarter. Principal Financial Group Inc. now owns 275,978 shares of the asset manager’s stock valued at $30,062,000 after purchasing an additional 7,503 shares in the last quarter. Amundi lifted its holdings in shares of T. Rowe Price Group by 30.1% in the 4th quarter. Amundi now owns 1,717,877 shares of the asset manager’s stock worth $194,064,000 after buying an additional 397,278 shares during the period. Commonwealth Equity Services LLC grew its position in shares of T. Rowe Price Group by 5.9% during the 4th quarter. Commonwealth Equity Services LLC now owns 357,556 shares of the asset manager’s stock worth $40,436,000 after buying an additional 20,062 shares in the last quarter. Finally, Schroder Investment Management Group increased its stake in shares of T. Rowe Price Group by 49.4% during the fourth quarter. Schroder Investment Management Group now owns 221,579 shares of the asset manager’s stock valued at $25,229,000 after buying an additional 73,307 shares during the period. 73.39% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Morgan Stanley dropped their target price on shares of T. Rowe Price Group from $126.00 to $121.00 and set an “equal weight” rating on the stock in a report on Monday, February 24th. Wells Fargo & Company cut their price target 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. Citigroup decreased their price objective on T. Rowe Price Group from $100.00 to $95.00 and set a “neutral” rating for the company in a research note on Monday. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $113.00 target price (up previously from $111.00) on shares of T. Rowe Price Group in a research note on Thursday, February 6th. Finally, Barclays lowered their price target on shares of T. Rowe Price Group from $113.00 to $105.00 and set an “underweight” rating on the stock in a report on Thursday, February 6th. Four analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $100.09.

Insiders Place Their Bets

In other T. Rowe Price Group news, Director Robert F. Maclellan sold 3,955 shares of T. Rowe Price Group stock in a transaction on Monday, March 31st. The shares were sold at an average price of $91.56, for a total value of $362,119.80. Following the completion of the transaction, the director now owns 42,979 shares of the company’s stock, valued at approximately $3,935,157.24. The trade was a 8.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Arif Husain sold 4,112 shares of the stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $109.27, for a total transaction of $449,318.24. Following the sale, the vice president now directly owns 36,800 shares in the company, valued at approximately $4,021,136. The trade was a 10.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is owned by insiders.

T. Rowe Price Group Stock Performance

Shares of TROW opened at $87.58 on Wednesday. The stock has a 50-day moving average of $97.08 and a two-hundred day moving average of $108.87. The stock has a market cap of $19.46 billion, a P/E ratio of 9.56, a P/E/G ratio of 2.86 and a beta of 1.50. T. Rowe Price Group, Inc. has a one year low of $77.85 and a one year high of $125.81.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings results on Wednesday, February 5th. The asset manager reported $2.12 earnings per share for the quarter, missing the consensus estimate 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 last year, the company posted $1.72 earnings per share. Analysts predict that T. Rowe Price Group, Inc. will post 9.29 EPS for the current fiscal year.

T. Rowe Price Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were issued a $1.27 dividend. This represents a $5.08 annualized dividend and a yield of 5.80%. This is a positive change from T. Rowe Price Group’s previous quarterly dividend of $1.24. The ex-dividend date of this dividend was Friday, March 14th. T. Rowe Price Group’s dividend payout ratio is presently 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.