Symphony Financial Ltd. Co. Increases Stake in T. Rowe Price Group, Inc.

Symphony Financial Ltd. Co. has significantly boosted its investment in T. Rowe Price Group, Inc. (NASDAQ:TROW) by 64.9% during the fourth quarter of 2023. This information is based on the latest 13F filing submitted to the Securities and Exchange Commission. Following this acquisition, Symphony Financial now holds a total of 17,137 shares in the asset management company after purchasing an additional 6,742 shares over the quarter. As of the end of the most recent quarter, Symphony Financial’s investment in T. Rowe Price Group was valued at approximately $1,935,000.

In addition to Symphony Financial, several other institutional investors have also adjusted their positions in T. Rowe Price. For instance, Iron Horse Wealth Management LLC increased its holdings by 90.9% during the third quarter, now possessing 231 shares valued at $25,000 after acquiring an additional 110 shares. Likewise, Hexagon Capital Partners LLC expanded its stake in T. Rowe by 54.7%, bringing their total to 294 shares worth $32,000 following a purchase of 104 shares in the same quarter. True Wealth Design LLC entered a new investment during the third quarter, valued around $37,000, while Larson Financial Group LLC saw an impressive lift of 866.7% in its holding, owning 348 shares now valued at $38,000 after buying 312 additional shares. Additionally, Brooklyn Investment Group acquired a new position in T. Rowe Price Group worth $43,000 during the third quarter. With institutional investors holding 73.39% of the company's stock, T. Rowe Price Group has attracted considerable interest from the investment community.

Analysts' Perspectives

Analysts have varied opinions regarding T. Rowe Price Group stock. In a recent research note, StockNews.com elevated the stock rating from "hold" to "buy" on January 25. Meanwhile, TD Cowen lowered its target price from $120.00 to $116.00 while maintaining a "hold" rating. Similarly, Keefe, Bruyette & Woods adjusted their price target for the stock from $116.00 to $111.00 with a "market perform" assessment. JPMorgan Chase & Co. also reduced its price objective to $115.00 while assigning an "underweight" outlook. Conversely, Deutsche Bank raised its target from $115.00 to $120.00, sustaining a "hold" rating. Overall, eight analysts have issued a hold rating, four have given the stock a sell rating, and one analyst has rated it as a buy. The average rating stands at "Hold," with a consensus price target of about $115.82 according to MarketBeat.com.

T. Rowe Price Group's Stock Performance

The stock of T. Rowe Price Group, Inc. opened at $116.92 on Friday, reflecting a 0.9% increase. Over the past year, the shares have recorded a low of $100.49 and a high of $125.81. The company has a market capitalization of $25.97 billion, with a PE ratio of 12.79 and a price-to-earnings-growth ratio of 1.74. The fifty-day simple moving average stands at $116.90, while the two-hundred-day moving average is at $112.75. T. Rowe Price recently reported its earnings on November 1st, showing EPS of $2.57 for the quarter, surpassing analysts' expectations of $2.36. The asset manager's revenue for the quarter was $1.79 billion, albeit slightly below the projected $1.84 billion. In the same period last year, the company had earnings of $2.17 EPS, indicating a year-over-year revenue growth of 6.9%. Research analysts estimate that T. Rowe Price Group will report an EPS of 9.42 for the current year.

Insider Transactions

In related transactions, Vice President Andrew Justin Mackenzi Thomson sold 4,047 shares of the company's stock on December 10th at an average price of $123.35, resulting in a total transaction value of $499,197.45. After this sale, the vice president now directly holds 119,577 shares valued at approximately $14,749,822.95, representing a 3.27% reduction in their stake. This sale was disclosed in a filing with the SEC. Currently, insiders hold about 2.00% of T. Rowe Price Group's stock.

Overview of T. Rowe Price Group

T. Rowe Price Group, Inc. is a publicly traded investment management firm that provides a range of financial services to individuals, retirement plans, institutions, and financial intermediaries. The firm specializes in managing both equity and fixed income mutual funds and invests in public equity and fixed income markets around the world.

Conclusion

With Symphony Financial increasing its stake and many institutional investors taking interest, T. Rowe Price Group appears to maintain a solid presence in the investment landscape. The analysts’ varied perspectives and insider activities further highlight the ongoing developments within the company.

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