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

Summit Investment Advisors Inc. grew its position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 114.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,757 shares of the asset manager’s stock after buying an additional 7,331 shares during the quarter. 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 (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of TROW. Addison Advisors LLC lifted its holdings in T. Rowe Price Group by 67.4% in the fourth 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 purchased a new stake in shares of T. Rowe Price Group during the 4th quarter valued at about $27,000. Y.D. More Investments Ltd lifted its stake in shares of 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 position in shares of T. Rowe Price Group in the fourth quarter worth approximately $32,000. Finally, Advantage Trust Co grew its position in T. Rowe Price Group by 48.8% during the fourth quarter. Advantage Trust Co now owns 305 shares of the asset manager’s stock valued at $34,000 after buying an additional 100 shares during the period. 73.39% of the stock is owned by institutional investors.

T. Rowe Price Group Price Performance

NASDAQ:TROW opened at $87.58 on Wednesday. The company has a market cap of $19.46 billion, a price-to-earnings ratio of 9.56, a PEG ratio of 2.86 and a beta of 1.50. T. Rowe Price Group, Inc. has a 1 year low of $77.85 and a 1 year high of $125.81. The stock’s 50 day simple moving average is $97.08 and its two-hundred day simple moving average is $108.87.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings data on Wednesday, February 5th. The asset manager reported $2.12 EPS for the quarter, missing the consensus estimate of $2.20 by ($0.08). T. Rowe Price Group had a net margin of 29.61% and a return on equity of 20.83%. During the same quarter in the prior year, the business posted $1.72 EPS. As a group, analysts anticipate that T. Rowe Price Group, Inc. will post 9.29 EPS for the current year.

T. Rowe Price Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were given a $1.27 dividend. The ex-dividend date of this dividend was Friday, March 14th. 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. T. Rowe Price Group’s dividend payout ratio (DPR) is currently 55.46%.

Wall Street Analyst Weigh In

TROW has been the topic of several recent research reports. The Goldman Sachs Group decreased their price target on shares of T. Rowe Price Group from $89.00 to $80.00 and set a “sell” rating on the stock in a research report on Monday. Barclays decreased their target price on 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. TD Cowen cut their price target on T. Rowe Price Group from $112.00 to $89.00 and set a “hold” rating for the company in a report on Wednesday, April 9th. Evercore ISI decreased their price objective on T. Rowe Price Group from $104.00 to $80.00 and set an “in-line” rating on the stock in a research note on Friday, April 11th. Finally, Morgan Stanley cut their price objective on T. Rowe Price Group from $126.00 to $121.00 and set an “equal weight” rating for the company in a research note on Monday, February 24th. Four analysts have rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. According to data from MarketBeat.com, T. Rowe Price Group presently has an average rating of “Hold” and a consensus price target of $100.09.

Insiders Place Their Bets

In other news, Director Robert F. Maclellan sold 3,955 shares of the business’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 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Arif Husain sold 4,112 shares of the firm’s stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $109.27, for a total value of $449,318.24. Following the completion of the sale, the vice president now owns 36,800 shares of the company’s stock, valued at approximately $4,021,136. This represents 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 currently owned by insiders.

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.