Corebridge Financial Inc. Decreases Stake in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Corebridge Financial Inc. decreased its holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 4.7% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 54,166 shares of the asset manager’s stock after selling 2,660 shares during the quarter. Corebridge Financial Inc.’s holdings in T. Rowe Price Group were worth $6,126,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Congress Wealth Management LLC DE increased its holdings in shares of T. Rowe Price Group by 5.9% in the 4th quarter. Congress Wealth Management LLC DE now owns 93,074 shares of the asset manager’s stock valued at $10,526,000 after purchasing an additional 5,192 shares in the last quarter. Vanguard Group Inc. increased its holdings in T. Rowe Price Group by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 26,063,837 shares of the asset manager’s stock valued at $2,947,559,000 after buying an additional 135,203 shares in the last quarter. Napatree Capital LLC lifted its position in shares of T. Rowe Price Group by 10.5% during the 4th quarter. Napatree Capital LLC now owns 7,733 shares of the asset manager’s stock valued at $875,000 after acquiring an additional 733 shares during the period. Stevens Capital Management LP boosted its stake in shares of T. Rowe Price Group by 60.1% during the 4th quarter. Stevens Capital Management LP now owns 3,890 shares of the asset manager’s stock worth $440,000 after acquiring an additional 1,460 shares in the last quarter. Finally, LPL Financial LLC grew its holdings in shares of T. Rowe Price Group by 15.8% in the 4th quarter. LPL Financial LLC now owns 426,288 shares of the asset manager’s stock worth $48,209,000 after acquiring an additional 58,286 shares during the period. Institutional investors and hedge funds own 73.39% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Wells Fargo & Company reduced their price objective on T. Rowe Price Group from $118.00 to $116.00 and set an “equal weight” rating for the company in a report on Thursday, February 6th. Morgan Stanley lowered their price objective on shares of T. Rowe Price Group from $126.00 to $121.00 and set an “equal weight” rating on the stock in a research note on Monday, February 24th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $113.00 target price (up previously from $111.00) on shares of T. Rowe Price Group in a research report on Thursday, February 6th. StockNews.com lowered shares of T. Rowe Price Group from a “buy” rating to a “hold” rating in a research report on Sunday, February 2nd. Finally, Barclays cut their price objective on T. Rowe Price Group from $113.00 to $105.00 and set an “underweight” rating for the company in a research report on Thursday, February 6th. Four investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $114.09.

T. Rowe Price Group Stock Down 3.3 %

Shares of NASDAQ:TROW opened at $91.57 on Friday. The business has a fifty day simple moving average of $104.61 and a 200-day simple moving average of $110.87. T. Rowe Price Group, Inc. has a 52 week low of $91.10 and a 52 week high of $125.81. The company has a market cap of $20.35 billion, a P/E ratio of 10.00, a P/E/G ratio of 2.86 and a beta of 1.46.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings results on Wednesday, February 5th. The asset manager reported $2.12 EPS for the quarter, missing the consensus estimate of $2.20 by ($0.08). T. Rowe Price Group had a net margin of 29.61% and a return on equity of 20.83%. During the same period in the previous year, the firm posted $1.72 earnings per share. Sell-side analysts expect that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current fiscal year.

T. Rowe Price Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were issued a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a dividend yield of 5.55%. The ex-dividend date of this dividend was Friday, March 14th. This is a positive change from T. Rowe Price Group’s previous quarterly dividend of $1.24. T. Rowe Price Group’s dividend payout ratio (DPR) is 55.46%.

Insider Activity

In related news, VP Arif Husain sold 4,112 shares of T. Rowe Price Group stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $109.27, for a total value of $449,318.24. Following the transaction, the vice president now owns 36,800 shares in the company, valued at approximately $4,021,136. This trade represents a 10.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.00% of the company’s stock.

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.