Corebridge Financial Inc. Lowers Position in T. Rowe Price Group, Inc. $TROW

Key Points

• Corebridge Financial Inc. has reduced its stake in T. Rowe Price Group by 5.6%, selling 3,034 shares and thus holding 51,132 shares valued at approximately $4.7 million.
• Several institutional investors, including Invesco Ltd. and Vanguard Group Inc., significantly increased their positions in T. Rowe Price Group during the first quarter.
• Analyst ratings for T. Rowe Price Group have maintained a mix of "hold" and "equal weight" with a consensus target price of $101.09, reflecting cautious sentiment among analysts.

Corebridge Financial Inc. reduced its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 5.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 51,132 shares of the asset manager's stock after selling 3,034 shares during the quarter. Corebridge Financial Inc.'s holdings in T. Rowe Price Group were worth $4,697,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of TROW. Invesco Ltd. increased its position in shares of T. Rowe Price Group by 43.2% during the 1st quarter. Invesco Ltd. now owns 3,433,684 shares of the asset manager's stock valued at $315,453,000 after purchasing an additional 1,035,865 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of T. Rowe Price Group by 7.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 7,706,251 shares of the asset manager's stock valued at $707,973,000 after purchasing an additional 519,075 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of T. Rowe Price Group by 28.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,762,910 shares of the asset manager's stock valued at $199,367,000 after purchasing an additional 387,604 shares during the last quarter. GAMMA Investing LLC increased its position in shares of T. Rowe Price Group by 9,555.5% during the 1st quarter. GAMMA Investing LLC now owns 333,212 shares of the asset manager's stock valued at $30,612,000 after purchasing an additional 329,761 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in T. Rowe Price Group by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 26,286,393 shares of the asset manager's stock worth $2,414,931,000 after acquiring an additional 222,556 shares during the last quarter. 73.39% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

TROW has been the subject of several recent research reports. Cowen reissued a "hold" rating on shares of T. Rowe Price Group in a report on Monday, May 5th. Evercore ISI lifted their price target on T. Rowe Price Group from $106.00 to $110.00 and gave the company an "in-line" rating in a research report on Monday, August 4th. Keefe, Bruyette & Woods lifted their price target on T. Rowe Price Group from $110.00 to $112.00 and gave the company a "market perform" rating in a research report on Monday, August 4th. Morgan Stanley raised their price objective on T. Rowe Price Group from $112.00 to $116.00 and gave the company an "equal weight" rating in a report on Monday, August 4th. Finally, Wells Fargo & Company boosted their price objective on T. Rowe Price Group from $98.00 to $108.00 and gave the company an "equal weight" rating in a research report on Friday, July 11th. Eight equities research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company's stock. According to MarketBeat.com, T. Rowe Price Group currently has an average rating of "Reduce" and a consensus target price of $101.09.

T. Rowe Price Group Stock Down 0.6%

Shares of TROW stock opened at $107.62 on Friday. The business's fifty day moving average is $103.70 and its 200 day moving average is $97.47. T. Rowe Price Group, Inc. has a twelve month low of $77.85 and a twelve month high of $125.81. The stock has a market cap of $23.65 billion, a price-to-earnings ratio of 12.02, a PEG ratio of 2.81 and a beta of 1.47.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last released its earnings results on Friday, August 1st. The asset manager reported $2.24 EPS for the quarter, topping the consensus estimate of $2.15 by $0.09. T. Rowe Price Group had a return on equity of 19.77% and a net margin of 28.72%.The business had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.72 billion. During the same period in the previous year, the company posted $2.26 earnings per share. The company's revenue for the quarter was down .6% compared to the same quarter last year. Equities research analysts expect that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be issued a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date of this dividend is Monday, September 15th. T. Rowe Price Group's dividend payout ratio is presently 56.76%.

Insider Activity

In other news, VP Dorothy C. Sawyer sold 2,000 shares of the company's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $95.43, for a total transaction of $190,860.00. Following the transaction, the vice president directly owned 44,789 shares of the company's stock, valued at $4,274,214.27. This represents a 4.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 2.00% of the stock is currently owned by insiders.

About T. Rowe Price Group

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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