T. Rowe Price Group, Inc. $TROW Position Lessened by State of Michigan Retirement System

State of Michigan Retirement System trimmed its position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 1.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 63,413 shares of the asset manager’s stock after selling 800 shares during the period. State of Michigan Retirement System’s holdings in T. Rowe Price Group were worth $6,119,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. TFG Advisers LLC raised its holdings in T. Rowe Price Group by 3.6% during the second quarter. TFG Advisers LLC now owns 2,779 shares of the asset manager’s stock valued at $268,000 after buying an additional 97 shares in the last quarter. Bill Few Associates Inc. raised its holdings in T. Rowe Price Group by 4.3% during the second quarter. Bill Few Associates Inc. now owns 2,577 shares of the asset manager’s stock valued at $249,000 after buying an additional 107 shares in the last quarter. Cooper Financial Group raised its holdings in T. Rowe Price Group by 5.2% during the first quarter. Cooper Financial Group now owns 2,234 shares of the asset manager’s stock valued at $205,000 after buying an additional 110 shares in the last quarter. Hexagon Capital Partners LLC raised its holdings in T. Rowe Price Group by 44.8% during the first quarter. Hexagon Capital Partners LLC now owns 365 shares of the asset manager’s stock valued at $34,000 after buying an additional 113 shares in the last quarter. Finally, Associated Banc Corp raised its holdings in T. Rowe Price Group by 0.5% during the first quarter. Associated Banc Corp now owns 24,864 shares of the asset manager’s stock valued at $2,284,000 after buying an additional 114 shares in the last quarter. 73.39% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on TROW shares. Bank of America raised their target price on T. Rowe Price Group from $91.00 to $97.00 and gave the company an “underperform” rating in a report on Thursday, October 2nd. Weiss Ratings restated a “hold (c)” rating on shares of T. Rowe Price Group in a report on Wednesday, October 8th. Jefferies Financial Group raised their target price on T. Rowe Price Group from $104.00 to $106.00 and gave the company a “hold” rating in a report on Tuesday, October 7th. Morgan Stanley raised their target price on T. Rowe Price Group from $125.00 to $126.00 and gave the company an “equal weight” rating in a report on Monday, October 27th. Finally, TD Cowen raised their price target on T. Rowe Price Group from $108.00 to $112.00 and gave the company a “hold” rating in a research report on Monday. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat, T. Rowe Price Group presently has a consensus rating of “Reduce” and a consensus target price of $109.31.

T. Rowe Price Group Stock Performance

Shares of NASDAQ:TROW opened at $101.27 on Wednesday. The company has a market cap of $22.25 billion, a P/E ratio of 11.32, a P/E/G ratio of 5.61 and a beta of 1.50. The stock’s 50-day moving average is $104.81 and its 200-day moving average is $100.53. T. Rowe Price Group, Inc. has a 52-week low of $77.85 and a 52-week high of $125.81.

T. Rowe Price Group (NASDAQ:TROW) last released its earnings results on Friday, October 31st. The asset manager reported $2.81 earnings per share for the quarter, topping analysts’ consensus estimates of $2.55 by $0.26. T. Rowe Price Group had a return on equity of 19.77% and a net margin of 28.72%.The business had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.88 billion. During the same period last year, the business earned $2.57 earnings per share. The firm’s revenue for the quarter was up 6.0% compared to the same quarter last year. As a group, equities analysts predict that T. Rowe Price Group, Inc. will post 9.29 EPS for the current year.

T. Rowe Price Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 30th. Shareholders of record on Monday, December 15th will be paid a dividend of $1.27 per share. The ex-dividend date is Monday, December 15th. This represents a $5.08 dividend on an annualized basis and a yield of 5.0%. T. Rowe Price Group’s dividend payout ratio (DPR) is currently 55.34%.

Insider Buying and Selling

In other T. Rowe Price Group news, Director Robert F. Maclellan sold 3,090 shares of the firm’s stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $105.01, for a total transaction of $324,480.90. Following the completion of the transaction, the director owned 47,335 shares in the company, valued at $4,970,648.35. This trade represents a 6.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.00% of the stock is currently owned by corporate 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.