New York State Teachers Retirement System Has $28.72 Million Position in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Posted by Defense World Staff on Apr 12th, 2023

New York State Teachers Retirement System trimmed its holdings in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW – Get Rating) by 0.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 263,340 shares of the asset manager’s stock after selling 1,187 shares during the period. New York State Teachers Retirement System owned about 0.12% of T. Rowe Price Group worth $28,720,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of TROW. Vanguard Group Inc. raised its holdings in T. Rowe Price Group by 18.6% during the third quarter. Vanguard Group Inc. now owns 24,169,568 shares of the asset manager’s stock worth $2,538,046,000 after acquiring an additional 3,786,970 shares in the last quarter. State Street Corp boosted its holdings in shares of T. Rowe Price Group by 11.4% in the 3rd quarter. State Street Corp now owns 14,270,631 shares of the asset manager’s stock valued at $1,498,559,000 after buying an additional 1,458,948 shares during the last quarter. Brown Advisory Inc. boosted its holdings in shares of T. Rowe Price Group by 154.7% in the 2nd quarter. Brown Advisory Inc. now owns 1,673,700 shares of the asset manager’s stock valued at $190,149,000 after buying an additional 1,016,464 shares during the last quarter. Balyasny Asset Management LLC increased its holdings in T. Rowe Price Group by 5,811.2% during the third quarter. Balyasny Asset Management LLC now owns 804,933 shares of the asset manager’s stock worth $84,526,000 after buying an additional 791,316 shares during the last quarter. Finally, Fisher Asset Management LLC increased its holdings in T. Rowe Price Group by 4,684.7% during the third quarter. Fisher Asset Management LLC now owns 631,676 shares of the asset manager’s stock worth $66,332,000 after buying an additional 618,474 shares during the last quarter. Institutional investors own 76.58% of the company’s stock.

Insider Buying and Selling

In related news, VP Andrew C. Mccormick sold 14,154 shares of the company’s stock in a transaction dated Friday, February 10th. The shares were sold at an average price of $116.73, for a total transaction of $1,652,196.42. Following the completion of the sale, the vice president now owns 70,319 shares of the company’s stock, valued at $8,208,336.87. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of T. Rowe Price Group stock in a transaction on Tuesday, February 21st. The stock was sold at an average price of $114.52, for a total value of $1,370,689.88. Following the transaction, the vice president now owns 129,436 shares in the company, valued at approximately $14,823,010.72. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Andrew C. Mccormick sold 14,154 shares of the business’s stock in a transaction 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 of the company’s stock, valued at approximately $8,208,336.87. The disclosure for this sale can be found here. 2.10% of the stock is owned by company insiders.

T. Rowe Price Group Stock Up 2.1 %

NASDAQ TROW opened at $112.91 on Wednesday. The firm has a 50-day moving average price of $113.31 and a two-hundred day moving average price of $113.42. T. Rowe Price Group, Inc. has a 12-month low of $93.53 and a 12-month high of $148.95. The company has a market capitalization of $25.35 billion, a P/E ratio of 16.88, a P/E/G ratio of 2.72 and a beta of 1.30.

T. Rowe Price Group (NASDAQ:TROW – Get Rating) last released its quarterly earnings results on Thursday, January 26th. The asset manager reported $1.74 earnings per share for the quarter, beating analysts’ consensus estimates of $1.72 by $0.02. The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.53 billion. T. Rowe Price Group had a net margin of 24.01% and a return on equity of 20.36%. The firm’s quarterly revenue was down 21.4% on a year-over-year basis. During the same period in the previous year, the business earned $3.17 earnings per share. Equities analysts expect that T. Rowe Price Group, Inc. will post 6.68 EPS for the current year.

T. Rowe Price Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 30th. Stockholders of record on Wednesday, March 15th were issued a dividend of $1.22 per share. This is a positive change from T. Rowe Price Group’s previous quarterly dividend of $1.20. This represents a $4.88 annualized dividend and a dividend yield of 4.32%. The ex-dividend date was Tuesday, March 14th. T. Rowe Price Group’s dividend payout ratio is 72.94%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. StockNews.com assumed coverage on shares of T. Rowe Price Group in a research report on Thursday, March 16th. They issued a “hold” rating for the company. Credit Suisse Group reduced their target price on T. Rowe Price Group from $70.00 to $65.00 and set an “underperform” rating for the company in a research note on Friday, January 27th. Bank of America cut their price target on T. Rowe Price Group from $78.00 to $72.00 and set an “underperform” rating for the company in a report on Wednesday, April 5th. BMO Capital Markets decreased their price objective on shares of 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. Finally, JPMorgan Chase & Co. cut their target price on shares of T. Rowe Price Group from $96.00 to $95.00 and set an “underweight” rating for the company in a research note on Friday, January 27th. Six investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $91.90.

About T. Rowe Price Group

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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.