Thomson Andrew Justin Mackenzie, Vice President at Price T Rowe Group Inc. (NASDAQ:TROW), a $27.3 billion asset management firm, has sold 4,047 shares of the company. The shares were sold on December 10, 2024, at an average price of $123.35, resulting in a total transaction value of approximately $499,183. Following this transaction, Mackenzie holds 119,577 shares in the company. The shares were sold within a price range of $122.66 to $123.99, near the stock's 52-week high of $125.81. According to InvestingPro analysis, TROW is currently undervalued, with the stock showing a strong 30% return over the past year. For comprehensive insider trading patterns and 8+ additional exclusive insights, investors can access the full TROW Pro Research Report on InvestingPro.
In other recent news, T. Rowe Price has expanded its stock repurchase program, demonstrating its financial strength and commitment to shareholders. The exact number of shares to be repurchased remains uncertain, as the program's flexibility allows for adjustments based on market conditions and corporate requirements. Meanwhile, the financial firm's third-quarter 2024 report showed an increase in assets under management (AUM) to $1.63 trillion, a 3.9% rise from the previous quarter. The company reported an 18% rise in adjusted earnings per share (EPS) to $2.57, despite a net outflow of $12.2 billion.
In the analyst landscape, TD Cowen lowered its price target for T. Rowe Price to $116, maintaining a hold rating. Deutsche Bank (ETR:DBKGn) also adjusted its outlook, raising the price target to $115, while keeping a hold rating. The changes in price targets reflect analysts' expectations for the company's future performance.
T. Rowe Price has declared a quarterly dividend of $1.24 per share, continuing its track record of shareholder returns. The company has returned more than $1.1 billion to shareholders in the first nine months of the year and plans to make strategic investments in 2025, focusing on retirement and alternative strategies. Despite third-quarter net outflows, T. Rowe Price reported robust net inflows in the target date franchise totaling $3.6 billion and nearly $1 billion in inflows in the ETF business. Amid these recent developments, T. Rowe Price remains confident in the strength of their research strategy, with anticipation of positive trends in active equities and mutual funds, and further improvements expected in 2025.
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