State of Alaska Department of Revenue Lowers Stock Holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Posted by on Jun 30th, 2023

State of Alaska Department of Revenue reduced its position in T. Rowe Price Group, Inc. (NASDAQ:TROW – Free Report) by 1.1% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 39,121 shares of the asset manager’s stock after selling 420 shares during the period. State of Alaska Department of Revenue’s holdings in T. Rowe Price Group were worth $4,416,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Sentry Investment Management LLC lifted its stake in T. Rowe Price Group by 6.5% in the fourth quarter. Sentry Investment Management LLC now owns 1,518 shares of the asset manager’s stock valued at $166,000 after buying an additional 93 shares in the last quarter. Beacon Capital Management LLC boosted its holdings 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 purchasing an additional 95 shares during the last quarter. Newbridge Financial Services Group Inc. boosted its holdings in T. Rowe Price Group by 15.4% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 749 shares of the asset manager’s stock worth $82,000 after purchasing an additional 100 shares during the last quarter. Cullinan Associates Inc. boosted its holdings in T. Rowe Price Group by 1.8% during the first quarter. Cullinan Associates Inc. now owns 5,695 shares of the asset manager’s stock worth $643,000 after purchasing an additional 100 shares during the last quarter. Finally, Venture Visionary Partners LLC boosted its holdings in T. Rowe Price Group by 2.0% during the first quarter. Venture Visionary Partners LLC now owns 5,184 shares of the asset manager’s stock worth $585,000 after purchasing an additional 103 shares during the last quarter. 76.70% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at T. Rowe Price Group

In other news, insider Jessica M. Hiebler sold 1,881 shares of T. Rowe Price Group stock in a transaction on Wednesday, May 3rd. The stock was sold at an average price of $106.66, for a total transaction of $200,627.46. Following the sale, the insider now directly owns 11,628 shares in the company, valued at approximately $1,240,242.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.10% of the company’s stock.

Analyst Upgrades and Downgrades

TROW has been the subject of several recent research reports. Bank of America reduced their target price on shares of 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. Wells Fargo & Company increased their target price on shares of T. Rowe Price Group from $112.00 to $115.00 and gave the stock an “equal weight” rating in a report on Friday, April 14th. VNET Group reaffirmed a “maintains” rating on shares of T. Rowe Price Group in a research report on Wednesday, May 3rd. Morgan Stanley upped their price target on shares of T. Rowe Price Group from $102.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Friday, April 14th. Finally, StockNews.com started coverage on shares of T. Rowe Price Group in a research report on Thursday, May 18th. They set a “hold” rating on the stock. Six analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $93.73.

T. Rowe Price Group Trading Up 0.7 %

NASDAQ TROW opened at $111.18 on Friday. The company has a fifty day simple moving average of $108.87 and a 200 day simple moving average of $111.99. T. Rowe Price Group, Inc. has a 12-month low of $93.53 and a 12-month high of $134.64. The company has a market cap of $24.97 billion, a P/E ratio of 18.20, a PEG ratio of 2.77 and a beta of 1.30.

T. Rowe Price Group (NASDAQ:TROW – Free Report) last posted its quarterly earnings data on Tuesday, May 2nd. The asset manager reported $1.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.62 by $0.07. The firm had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. T. Rowe Price Group had a net margin of 22.90% and a return on equity of 17.92%. The business’s revenue for the quarter was down 17.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.62 EPS. Sell-side analysts predict that T. Rowe Price Group, Inc. will post 6.64 EPS for the current year.

T. Rowe Price Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 29th. Stockholders of record on Thursday, June 15th were paid a dividend of $1.22 per share. This represents a $4.88 dividend on an annualized basis and a dividend yield of 4.39%. The ex-dividend date of this dividend was Wednesday, June 14th. T. Rowe Price Group’s payout ratio is 79.87%.

T. Rowe Price Group Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for T. Rowe Price Group (NASDAQ:TROW)

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