In a recent transaction, Jessica M. Hiebler, Principal Accounting Officer at T. Rowe Price Group Inc (NASDAQ:TROW), sold 484 shares of the company's common stock, resulting in a total sale value of over $50,000. The transaction took place on September 13, 2024, with the shares being sold at a price of $104.73 each.
This sale comes alongside a smaller acquisition by Hiebler, where she purchased 104.1578 shares of T. Rowe Price stock at a weighted-average price of $113.5848 per share. The total value of shares bought amounted to approximately $11,830. These shares were acquired pursuant to the T. Rowe Price Group, Inc. Employee Stock Purchase Plan, as noted in the transaction's footnote.
Following these transactions, Hiebler's direct ownership in the company's common stock has adjusted to 13,939.2016 shares. The sale and purchase of shares by company executives are often watched closely by investors as they can provide insights into insiders' perspectives on the company's current valuation and future prospects.
T. Rowe Price Group, Inc. is a well-known investment management firm headquartered in Baltimore, Maryland. The company provides a broad range of financial services and investment products to individual and institutional investors.
In other recent news, T. Rowe Price Group, Inc. reported significant growth in its Exchange-Traded Funds (ETF) business, with assets under management reaching $1.57 trillion. The ETF business alone grew to $5.3 billion, a substantial increase from $1.2 billion in the previous year. The company's second-quarter 2024 performance showed an adjusted EBITDA of $161 million, slightly below the Bloomberg consensus of $167 million but within the company's own guidance range.
Goldman Sachs (NYSE:GS) recently revised its outlook on T. Rowe Price, raising the price target to $21.00 from the previous $18.00, while maintaining a Buy rating. Conversely, Barclays (LON:BARC) initiated coverage on the company's shares with an Underweight rating and a price target of $99.00, pointing out potential growth challenges. TD Cowen also maintained a Hold rating but reduced the 12-month price target for the company from $123 to $118.
In terms of other recent developments, T. Rowe Price's assets under management reached $1.61 trillion as of August 31, 2024, despite preliminary net outflows of $5.3 billion. The firm's equity assets rose to $825 billion, and its target date retirement portfolios reported an AUM of $474 billion. These figures indicate a complex path towards achieving net inflows by 2025, as highlighted by TD Cowen.
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