Occidental Asset Management LLC has increased its position in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 8.3% during the second quarter, according to the company’s recent Form 13F filing with the Securities and Exchange Commission. The institutional investor now owns 17,692 shares of the asset manager’s stock, having purchased an additional 1,353 shares during the quarter. At the end of the most recent reporting period, Occidental Asset Management LLC’s holdings in T. Rowe Price Group were worth approximately $1,982,000.
T. Rowe Price Group recently released its quarterly earnings results on July 28th. The asset manager reported earnings per share (EPS) of $2.02 for the quarter, surpassing analysts’ consensus estimates of $1.73 by $0.29. The company generated $1.61 billion in revenue for the quarter, slightly exceeding analyst estimates of $1.60 billion.
The return on equity for T. Rowe Price Group was reported to be 18.30%, with a net margin of 24.73%. This indicates a positive financial performance for the company during this period compared to last year’s same quarter when it posted earnings per share of $1.79.
Based on data from research analysts, it is anticipated that T. Rowe Price Group will post earnings per share of around 7.29 for the current fiscal year.
Several research analysts have provided their assessment of T.Rowe Price Group’s performance recently.Morgan Stanley increased their price objective on T.Rowe Price Group to $118 and rated it as “equal weight” while StockNews.com suggested holding onto the stock in their report dated August 17th.Wells Fargo & Company also raised their target price from $117 to $123 and assigned an “equal weight” rating.Citigroup revised their price target from $98 to $100 dollars and gave a “sell” rating, while The Goldman Sachs Group also raised its price target from $89.50 to $100 dollars and provided a “sell” rating.
Overall, there are six equities research analysts who have rated T.Rowe Price Group’s stock as “sell”, while another six have assigned a “hold” rating. According to Bloomberg.com, the average rating for the company is currently “Hold”, with an average price target of $96.73.
In conclusion, Occidental Asset Management LLC has increased its stake in T.Rowe Price Group during the second quarter of the fiscal year. The asset manager’s positive quarterly earnings results indicate a strong financial performance, including higher-than-expected EPS and revenue growth. However, conflicting reports from research analysts on the stock’s outlook suggest mixed sentiments in the market.
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Changes in Holdings and Ownership Landscape of T. Rowe Price Group Inc.
T. Rowe Price Group, an asset management firm, has recently seen several large investors modify their holdings of the company. Fairfield Bush & CO., Roundview Capital LLC, Cibc World Market Inc., Dimensional Fund Advisors LP, and Prudential PLC have all made significant changes to their positions in T. Rowe Price Group during the first quarter.
Fairfield Bush & CO. acquired a new position in the company worth $150,000. Roundview Capital LLC also acquired a new position in T. Rowe Price Group during the first quarter, but at a much higher value of $2,092,000. Cibc World Market Inc., on the other hand, raised its stake in the company by 75.9% during the same period and now owns 27,065 shares of T. Rowe Price Group worth $4,092,000. Similarly, Dimensional Fund Advisors LP increased its stake by 5.5% and currently holds 1,158,038 shares valued at $175,099,000.
In addition to these investors, Prudential PLC demonstrated a significant increase in its stake in T. Rowe Price Group during the first quarter with a notable rise of 47.1%. The company now owns 12,117 shares worth $1,832,000.
The ownership landscape of T. Rowe Price Group is primarily driven by institutional investors and hedge funds with ownership accounting for approximately 75.85% of the stock as of September 18th.
In other news regarding T. Rowe Price Group’s stock activities and transactions among key personnel within the company hierarchy, Vice President Andrew Justin Mackenzi Thomson recently sold 11,969 shares on Wednesday August 30th for an average price of $111.82 per share amounting to a total transaction value of $1 million+. After this sale took place he was left with still maintaining possession reflecting his current ownership being around 129,436 shares equal to a valuation of $14.5 million+. These details and more were disclosed in a legal filing with the Securities and Exchange Commision (SEC), accessible through their official website.
Looking at recent trading activity, TROW stock traded down $0.62 during MondayÂ’s midday trading session at $109.01 per share. Approximately 192,856 shares of the company were exchanged that day, compared to its average daily volume of 1,493,453 shares traded. The stock’s performance within the last year indicates a one-year low of $93.53 and a one-year high of $134.64.
As for the overall market capitalization value of T. Rowe Price Group Inc., it stands at approximately $24.45 billion as of September 18th. The P/E ratio or price-to-earnings ratio is reported at 16.27 while the PEG ratio (price-to-earnings growth) is indicated as 3.30 suggesting possible future growth intentions because it reflects an above-average increase relative to its earnings growth with respect to valuation multiples.
Despite these observations and changes occurring within T. Rowe Price Group, it remains an influential asset management firm in the industry with a strong presence in the market, managing various portfolios for its clients’ investment needs across different sectors and asset classes.
Please note that all information referenced above is accurate as of September 18th and subject to change over time due to market fluctuations and other factors affecting stock prices and investment activities.
