State of Michigan Retirement System Has $7.02 Million Position in T. Rowe Price Group, Inc. (NASDAQ:TROW)

State of Michigan Retirement System raised its stake in T. Rowe Price Group, Inc. (NASDAQ:TROWFree Report) by 0.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 65,213 shares of the asset manager’s stock after purchasing an additional 100 shares during the period. State of Michigan Retirement System’s holdings in T. Rowe Price Group were worth $7,023,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of TROW. Union Savings Bank acquired a new position in shares of T. Rowe Price Group in the second quarter valued at $25,000. OFI Invest Asset Management acquired a new position in shares of T. Rowe Price Group in the third quarter valued at $25,000. Creative Financial Designs Inc. ADV increased its holdings in shares of 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. PCA Investment Advisory Services Inc. acquired a new position in shares of T. Rowe Price Group in the second quarter valued at about $26,000. Finally, Fortitude Family Office LLC acquired a new position in shares of T. Rowe Price Group in the fourth quarter valued at about $33,000. 73.39% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently commented on TROW. TD Cowen began coverage on shares of T. Rowe Price Group in a research note on Thursday, January 4th. They issued an “underperform” rating and a $88.00 price target on the stock. StockNews.com downgraded shares of T. Rowe Price Group from a “buy” rating to a “hold” rating in a research note on Friday, February 9th. UBS Group upped their price target on shares of T. Rowe Price Group from $86.00 to $102.00 and gave the company a “sell” rating in a research note on Wednesday, January 10th. JPMorgan Chase & Co. upped their price target on shares of T. Rowe Price Group from $90.00 to $94.00 and gave the company an “underweight” rating in a research note on Friday, February 9th. Finally, Wells Fargo & Company upped their price objective on shares of T. Rowe Price Group from $105.00 to $108.00 and gave the stock an “underweight” rating in a research report on Friday, February 9th. Six analysts have rated the stock with a sell rating and five have issued a hold rating to the company. According to data from MarketBeat.com, T. Rowe Price Group currently has an average rating of “Reduce” and an average target price of $97.30.

View Our Latest Report on T. Rowe Price Group

Insider Transactions at T. Rowe Price Group

In other news, Director Freeman A. Hrabowski III sold 8,740 shares of the stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $118.32, for a total value of $1,034,116.80. Following the completion of the transaction, the director now owns 21,073 shares of the company’s stock, valued at $2,493,357.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Jessica M. Hiebler sold 1,138 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $107.13, for a total value of $121,913.94. Following the completion of the transaction, the insider now owns 14,113 shares in the company, valued at approximately $1,511,925.69. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Freeman A. Hrabowski III sold 8,740 shares of the firm’s stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $118.32, for a total transaction of $1,034,116.80. Following the completion of the transaction, the director now owns 21,073 shares of the company’s stock, valued at approximately $2,493,357.36. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.

T. Rowe Price Group Stock Down 0.1 %

TROW opened at $118.49 on Thursday. T. Rowe Price Group, Inc. has a twelve month low of $87.43 and a twelve month high of $132.76. The company has a 50-day simple moving average of $113.35 and a 200 day simple moving average of $105.94. The stock has a market capitalization of $26.50 billion, a price-to-earnings ratio of 15.27, a P/E/G ratio of 2.35 and a beta of 1.40.

T. Rowe Price Group (NASDAQ:TROWGet Free Report) last posted its earnings results on Thursday, February 8th. The asset manager reported $1.72 EPS for the quarter, topping analysts’ consensus estimates of $1.60 by $0.12. The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.63 billion. T. Rowe Price Group had a net margin of 27.69% and a return on equity of 18.41%. The business’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.74 earnings per share. Sell-side analysts anticipate that T. Rowe Price Group, Inc. will post 7.79 EPS for the current fiscal year.

T. Rowe Price Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were issued a $1.24 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $4.96 dividend on an annualized basis and a dividend yield of 4.19%. This is a boost from T. Rowe Price Group’s previous quarterly dividend of $1.22. T. Rowe Price Group’s dividend payout ratio is 63.92%.

About T. Rowe Price Group

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for T. Rowe Price Group (NASDAQ:TROW)

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