Power Corp of Canada Purchases New Stake in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Posted by Defense World Staff on Mar 16th, 2023

Power Corp of Canada purchased a new stake in T. Rowe Price Group, Inc. (NASDAQ:TROW – Get Rating) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 3,176 shares of the asset manager’s stock, valued at approximately $334,000.

Several other hedge funds have also added to or reduced their stakes in the company. National Pension Service boosted its holdings in T. Rowe Price Group by 5.9% in the third quarter. National Pension Service now owns 459,913 shares of the asset manager’s stock valued at $49,390,000 after acquiring an additional 25,621 shares during the last quarter. Cape Cod Five Cents Savings Bank boosted its holdings in T. Rowe Price Group by 5.3% in the third quarter. Cape Cod Five Cents Savings Bank now owns 41,540 shares of the asset manager’s stock valued at $4,362,000 after acquiring an additional 2,086 shares during the last quarter. VisionPoint Advisory Group LLC boosted its holdings in T. Rowe Price Group by 9.7% during the third quarter. VisionPoint Advisory Group LLC now owns 5,815 shares of the asset manager’s stock worth $611,000 after buying an additional 512 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC boosted its holdings in T. Rowe Price Group by 11.6% during the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 308,888 shares of the asset manager’s stock worth $32,436,000 after buying an additional 32,049 shares during the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund boosted its holdings in T. Rowe Price Group by 4.1% during the third quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 8,088 shares of the asset manager’s stock worth $849,000 after buying an additional 322 shares during the last quarter. Institutional investors own 76.58% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. The Goldman Sachs Group raised their target price on T. Rowe Price Group from $84.00 to $96.00 and gave the stock a “sell” rating in a report on Wednesday, November 23rd. Credit Suisse Group reduced their target price on T. Rowe Price Group from $70.00 to $65.00 and set an “underperform” rating on the stock in a report on Friday, January 27th. BMO Capital Markets reduced their target price on T. Rowe Price Group from $105.00 to $90.00 and set a “market perform” rating on the stock in a report on Friday, January 27th. Deutsche Bank Aktiengesellschaft reduced their target price on T. Rowe Price Group from $121.00 to $113.00 and set a “hold” rating on the stock in a report on Friday, January 27th. Finally, StockNews.com assumed coverage on T. Rowe Price Group in a report on Thursday. They set a “hold” rating on the stock. Five research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $100.30.

Insider Activity at T. Rowe Price Group

In related news, VP Andrew C. Mccormick sold 14,154 shares of T. Rowe Price Group stock in a transaction that occurred on Friday, February 10th. The stock was sold at an average price of $116.73, for a total value of $1,652,196.42. Following the sale, the vice president now owns 70,319 shares of the company’s stock, valued at approximately $8,208,336.87. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other T. Rowe Price Group news, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of the business’s stock in a transaction that occurred on Tuesday, February 21st. The stock was sold at an average price of $114.52, for a total transaction of $1,370,689.88. Following the transaction, the vice president now owns 129,436 shares of the company’s stock, valued at approximately $14,823,010.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Andrew C. Mccormick sold 14,154 shares of the business’s stock in a transaction that occurred on Friday, February 10th. The stock was sold at an average price of $116.73, for a total value of $1,652,196.42. Following the transaction, the vice president now directly owns 70,319 shares in the company, valued at approximately $8,208,336.87. The disclosure for this sale can be found here. 2.00% of the stock is owned by insiders.

T. Rowe Price Group Price Performance

NASDAQ:TROW opened at $106.66 on Thursday. T. Rowe Price Group, Inc. has a fifty-two week low of $93.53 and a fifty-two week high of $157.77. The stock has a market capitalization of $23.93 billion, a PE ratio of 15.94, a price-to-earnings-growth ratio of 2.64 and a beta of 1.30. The business’s 50-day simple moving average is $115.80 and its 200-day simple moving average is $114.32.

T. Rowe Price Group (NASDAQ:TROW – Get Rating) last released its quarterly earnings data on Thursday, January 26th. The asset manager reported $1.74 earnings per share for the quarter, beating the consensus estimate of $1.72 by $0.02. T. Rowe Price Group had a return on equity of 20.36% and a net margin of 24.01%. The business had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.53 billion. During the same quarter in the previous year, the business posted $3.17 EPS. T. Rowe Price Group’s revenue for the quarter was down 21.4% on a year-over-year basis. On average, research analysts expect that T. Rowe Price Group, Inc. will post 6.64 earnings per share for the current year.

T. Rowe Price Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 30th. Investors of record on Wednesday, March 15th will be given a $1.22 dividend. This represents a $4.88 dividend on an annualized basis and a yield of 4.58%. The ex-dividend date is Tuesday, March 14th. This is a positive change from T. Rowe Price Group’s previous quarterly dividend of $1.20. T. Rowe Price Group’s dividend payout ratio (DPR) is currently 71.75%.

T. Rowe Price Group Profile

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T. Rowe Price Group, Inc engages in the provision of investment management services. The company was founded by Thomas Rowe Price Jr. in 1937 and is headquartered in Baltimore, MD.