Sumitomo Mitsui Trust Holdings Inc. Sells 148,645 Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW)

Posted by Defense World Staff on Apr 14th, 2023

Sumitomo Mitsui Trust Holdings Inc. reduced its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW – Get Rating) by 15.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 827,870 shares of the asset manager’s stock after selling 148,645 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned about 0.37% of T. Rowe Price Group worth $90,288,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Concord Wealth Partners bought a new stake in T. Rowe Price Group during the fourth quarter worth approximately $137,000. International Assets Investment Management LLC bought a new stake in T. Rowe Price Group during the fourth quarter worth approximately $496,000. Beacon Capital Management LLC increased its stake in T. Rowe Price Group by 61.3% during the fourth quarter. Beacon Capital Management LLC now owns 250 shares of the asset manager’s stock worth $27,000 after acquiring an additional 95 shares during the last quarter. Suncoast Equity Management increased its stake in T. Rowe Price Group by 1.9% during the fourth quarter. Suncoast Equity Management now owns 5,645 shares of the asset manager’s stock worth $616,000 after acquiring an additional 105 shares during the last quarter. Finally, City Holding Co. increased its stake in T. Rowe Price Group by 11.2% during the fourth quarter. City Holding Co. now owns 4,026 shares of the asset manager’s stock worth $439,000 after acquiring an additional 407 shares during the last quarter. 76.58% of the stock is owned by institutional investors.

T. Rowe Price Group Stock Performance

Shares of NASDAQ TROW opened at $112.48 on Friday. The firm has a market capitalization of $25.25 billion, a price-to-earnings ratio of 16.81, a PEG ratio of 2.82 and a beta of 1.30. The stock has a 50 day moving average price of $112.79 and a 200 day moving average price of $113.39. T. Rowe Price Group, Inc. has a 52-week low of $93.53 and a 52-week high of $146.04.

T. Rowe Price Group (NASDAQ:TROW – Get Rating) last announced its quarterly earnings results on Thursday, January 26th. The asset manager reported $1.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.72 by $0.02. The firm had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.53 billion. T. Rowe Price Group had a return on equity of 20.36% and a net margin of 24.01%. T. Rowe Price Group’s quarterly revenue was down 21.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.17 earnings per share. Analysts forecast that T. Rowe Price Group, Inc. will post 6.72 earnings per share for the current year.

T. Rowe Price Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 30th. Investors of record on Wednesday, March 15th were issued a $1.22 dividend. This is a positive change from T. Rowe Price Group’s previous quarterly dividend of $1.20. The ex-dividend date of this dividend was Tuesday, March 14th. This represents a $4.88 dividend on an annualized basis and a dividend yield of 4.34%. T. Rowe Price Group’s payout ratio is presently 72.94%.

Wall Street Analysts Forecast Growth

TROW has been the topic of several analyst reports. TheStreet cut T. Rowe Price Group from a “b-” rating to a “c” rating in a research note on Thursday, January 26th. Bank of America cut their target price on T. Rowe Price Group from $78.00 to $72.00 and set an “underperform” rating on the stock in a research note on Wednesday, April 5th. JPMorgan Chase & Co. cut their target price on T. Rowe Price Group from $96.00 to $95.00 and set an “underweight” rating on the stock in a research note on Friday, January 27th. Wells Fargo & Company cut their target price on T. Rowe Price Group from $120.00 to $112.00 and set an “equal weight” rating on the stock in a research note on Friday, January 27th. Finally, Morgan Stanley cut their target price on T. Rowe Price Group from $108.00 to $102.00 and set an “equal weight” rating on the stock in a research note on Monday, January 30th. Five research analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $91.90.

Insiders Place Their Bets

In other T. Rowe Price Group news, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of the company’s stock in a transaction 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 completion of the sale, the vice president now owns 129,436 shares in the company, valued at $14,823,010.72. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other T. Rowe Price Group news, VP Andrew C. Mccormick sold 14,154 shares of the company’s stock in a transaction on Friday, February 10th. The stock was 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 in the company, valued at $8,208,336.87. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of the company’s 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 sale, the vice president now owns 129,436 shares of the company’s stock, valued at approximately $14,823,010.72. The disclosure for this sale can be found here. 2.10% of the stock is owned by company insiders.

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.