Summit Financial LLC Sells 1,841 Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW)

Summit Financial LLC reduced its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 47.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,059 shares of the asset manager’s stock after selling 1,841 shares during the quarter. Summit Financial LLC’s holdings in T. Rowe Price Group were worth $222,000 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. OFI Invest Asset Management bought a new position in T. Rowe Price Group in the 3rd quarter worth about $25,000. Creative Financial Designs Inc. ADV grew its stake 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 worth $25,000 after purchasing an additional 106 shares in the last quarter. Park Place Capital Corp grew its stake 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 worth $32,000 after purchasing an additional 284 shares in the last quarter. Fortitude Family Office LLC purchased a new position in T. Rowe Price Group during the 4th quarter worth $33,000. Finally, NBC Securities Inc. bought a new stake in T. Rowe Price Group during the 3rd quarter valued at $39,000. 73.39% of the stock is currently owned by institutional investors.

T. Rowe Price Group Stock Up 0.3 %

Shares of TROW opened at $111.50 on Friday. The company has a 50 day moving average of $115.19 and a two-hundred day moving average of $107.28. 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 market cap of $24.90 billion, a price-to-earnings ratio of 13.24, a price-to-earnings-growth ratio of 1.92 and a beta of 1.40.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings data on Friday, April 26th. The asset manager reported $2.38 EPS for the quarter, beating the consensus estimate of $2.04 by $0.34. T. Rowe Price Group had a return on equity of 19.70% and a net margin of 29.09%. The firm had revenue of $1.75 billion during the quarter, compared to analyst estimates of $1.71 billion. During the same quarter in the prior year, the business posted $1.69 EPS. The business’s revenue for the quarter was up 13.8% compared to the same quarter last year. On average, sell-side analysts expect that T. Rowe Price Group, Inc. will post 8.75 EPS for the current year.

Insider Buying and Selling at T. Rowe Price Group

In other T. Rowe Price Group news, Director Robert F. Maclellan sold 3,043 shares of the firm’s stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $113.08, for a total value of $344,102.44. Following the completion of the sale, the director now owns 34,635 shares of the company’s stock, valued at $3,916,525.80. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other T. Rowe Price Group news, Director Robert F. Maclellan sold 3,043 shares of the firm’s stock in a transaction on Monday, April 29th. The shares were sold at an average price of $113.08, for a total value of $344,102.44. Following the completion of the transaction, the director now owns 34,635 shares of the company’s stock, valued at $3,916,525.80. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Freeman A. Hrabowski III sold 8,740 shares of the business’s stock in a transaction 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 sale, the director now directly owns 21,073 shares in the company, valued at $2,493,357.36. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,921 shares of company stock worth $1,500,133. 2.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

TROW has been the topic of a number of recent research reports. Morgan Stanley increased their price target on T. Rowe Price Group from $114.00 to $125.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 17th. Wells Fargo & Company raised their target price on shares of T. Rowe Price Group from $105.00 to $108.00 and gave the company an “underweight” rating in a research report on Friday, February 9th. StockNews.com cut shares of T. Rowe Price Group from a “buy” rating to a “hold” rating in a research report on Friday, February 9th. Evercore ISI cut their price objective on shares of T. Rowe Price Group from $110.00 to $107.00 and set an “in-line” rating on the stock in a report on Tuesday. Finally, Keefe, Bruyette & Woods upgraded T. Rowe Price Group from an “underperform” rating to a “market perform” rating and upped their target price for the stock from $106.00 to $120.00 in a report on Thursday, April 11th. Four investment analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to MarketBeat, T. Rowe Price Group has an average rating of “Hold” and an average target price 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.