State of Michigan Retirement System Raises Stake in T. Rowe Price Group, Inc. (NASDAQ:TROW)

State of Michigan Retirement System boosted its position in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 0.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 65,313 shares of the asset manager’s stock after buying an additional 100 shares during the quarter. State of Michigan Retirement System’s holdings in T. Rowe Price Group were worth $7,963,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Creative Financial Designs Inc. ADV lifted its position in T. Rowe Price Group by 83.5% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 233 shares of the asset manager’s stock valued at $25,000 after purchasing an additional 106 shares during the last quarter. First United Bank & Trust bought a new stake in T. Rowe Price Group in the fourth quarter valued at approximately $31,000. Park Place Capital Corp lifted its position in T. Rowe Price Group by 1,775.0% in the fourth quarter. Park Place Capital Corp now owns 300 shares of the asset manager’s stock valued at $32,000 after purchasing an additional 284 shares during the last quarter. Fortitude Family Office LLC bought a new stake in T. Rowe Price Group in the fourth quarter valued at approximately $33,000. Finally, CVA Family Office LLC bought a new stake in T. Rowe Price Group in the fourth quarter valued at approximately $39,000. Hedge funds and other institutional investors own 73.39% of the company’s stock.

T. Rowe Price Group Trading Up 0.7 %

TROW traded up $0.75 during trading on Tuesday, reaching $114.60. The stock had a trading volume of 638,256 shares, compared to its average volume of 1,338,203. The stock’s 50 day moving average is $115.03 and its two-hundred day moving average is $112.96. The company has a market capitalization of $25.59 billion, a price-to-earnings ratio of 13.61, a P/E/G ratio of 1.97 and a beta of 1.42. T. Rowe Price Group, Inc. has a one year low of $87.43 and a one year high of $132.76.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings data on Friday, April 26th. The asset manager reported $2.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.04 by $0.34. The business had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.71 billion. T. Rowe Price Group had a return on equity of 19.70% and a net margin of 29.09%. The firm’s quarterly revenue was up 13.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.69 earnings per share. On average, equities research analysts predict that T. Rowe Price Group, Inc. will post 8.84 earnings per share for the current year.

T. Rowe Price Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Friday, June 14th were paid a $1.24 dividend. The ex-dividend date was Friday, June 14th. This represents a $4.96 dividend on an annualized basis and a dividend yield of 4.33%. T. Rowe Price Group’s dividend payout ratio is currently 58.91%.

Insider Transactions at T. Rowe Price Group

In other news, insider Jessica M. Hiebler sold 1,401 shares of the stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $115.85, for a total value of $162,305.85. Following the sale, the insider now directly owns 14,198 shares of the company’s stock, valued at $1,644,838.30. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, insider Jessica M. Hiebler sold 1,401 shares of the stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $115.85, for a total value of $162,305.85. Following the sale, the insider now directly owns 14,198 shares of the company’s stock, valued at $1,644,838.30. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Dorothy C. Sawyer sold 2,000 shares of the stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $117.00, for a total value of $234,000.00. Following the sale, the vice president now directly owns 34,710 shares in the company, valued at $4,061,070. The disclosure for this sale can be found here. Over the last three months, insiders have sold 6,444 shares of company stock valued at $740,408. Insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

TROW has been the subject of several recent research reports. Evercore ISI lowered their price objective on T. Rowe Price Group from $110.00 to $107.00 and set an “in-line” rating for the company in a research report on Tuesday, April 30th. TD Cowen upgraded T. Rowe Price Group from a “sell” rating to a “hold” rating and upped their target price for the company from $92.00 to $114.00 in a report on Monday, April 8th. UBS Group upped their target price on T. Rowe Price Group from $100.00 to $109.00 and gave the company a “sell” rating in a report on Friday, April 12th. Morgan Stanley upped their target price on T. Rowe Price Group from $114.00 to $125.00 and gave the company an “equal weight” rating in a report on Wednesday, April 17th. Finally, Citigroup upped their target price on T. Rowe Price Group from $110.00 to $125.00 and gave the company a “neutral” rating in a report on Friday, April 5th. Four research analysts have rated the stock with a sell rating and seven have given a hold rating to the company. According to data from MarketBeat, T. Rowe Price Group presently has an average rating of “Hold” and an average price target of $112.10.

About T. Rowe Price Group

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.