BALTIMORE, MD – T. Rowe Price Group Inc (NASDAQ:TROW) Principal Accounting Officer, Jessica M. Hiebler, has sold shares worth over $162,000, according to a recent filing with the Securities and Exchange Commission. The transactions, which took place on June 27, involved the sale of 1,401 shares of common stock at prices ranging from $115.85, totaling $162,302.
On the same day, Hiebler also acquired 1,401 shares through an option exercise at a price of $69.84 per share, amounting to a total of $97,842. Additionally, Hiebler acquired 121.1215 shares at a weighted-average price of $117.56, totaling $14,239, as part of the T. Rowe Price Group, Inc. Employee Stock Purchase Plan.
Following these transactions, Hiebler's ownership in the company stands at 14,319.0438 shares of T. Rowe Price Group Inc's common stock. The reported sales and acquisitions are part of the regular financial activities of corporate executives, which are publicly disclosed through SEC filings.
Investors often monitor such insider transactions as part of their analysis for a deeper understanding of the company's performance and the confidence level of its executives in the firm's prospects.
In other recent news, Sri Lanka is set to restart negotiations with international private creditors, including renowned investment firms like BlackRock (NYSE:BLK) and Morgan Stanley, to restructure over $12 billion in bonds. This follows the International Monetary Fund's approval of a $336 million installment, part of a larger $2.9 billion program aimed at assisting the economically challenged nation.
Simultaneously, T. Rowe Price Group, Inc. has been under the analyst's lens, with Goldman Sachs maintaining a 'sell' rating on the company despite its assets under management (AUM) showing a rise to approximately $1.542 billion. Keefe, Bruyette & Woods also held a Market Perform rating on the company, noting an improvement in the second quarter's outflows compared to their previous forecast.
The first quarter of 2024 showed robust results for T. Rowe Price, with earnings per share rising by 40% to $2.38 and AUM increasing by 15% to $1.54 trillion. Despite net outflows of $8 billion, the firm's AUM and earnings showed notable growth. Evercore ISI maintained its "In Line" rating for the company, albeit with a revised stock price target of $107.00, down from $110.00.
These are the recent developments for Sri Lanka and T. Rowe Price.
InvestingPro Insights
T. Rowe Price Group Inc's (NASDAQ:TROW) recent insider transactions come amidst a backdrop of positive financial metrics and analyst optimism. According to real-time data from InvestingPro, T. Rowe Price boasts a market capitalization of $25.78 billion, reflecting a solid presence in the investment management industry. Its Price-to-Earnings (P/E) ratio stands at a competitive 13.65, suggesting that the stock may be trading at a reasonable valuation relative to near-term earnings growth—a point underscored by one of the InvestingPro Tips indicating that TROW is trading at a low P/E ratio relative to its earnings growth potential.
Another InvestingPro Tip highlights that TROW has been consistent in rewarding its shareholders, having maintained dividend payments for an impressive 39 consecutive years. This is supported by a notable dividend yield of 4.26% as of mid-June 2024. Additionally, the company's financial health is underlined by its gross profit margin of 50.2% over the last twelve months as of Q1 2024, which is indicative of its ability to manage costs effectively and maintain profitability.
Investors considering T. Rowe Price Group as a potential addition to their portfolio might find additional value in the 5 additional InvestingPro Tips available, which include insights such as the company's liquidity position and profitability forecasts. For those looking to delve deeper into these metrics, a visit to https://www.investing.com/pro/TROW is recommended. Moreover, users can take advantage of an additional 10% off a yearly or biyearly Pro and Pro+ subscription using the coupon code PRONEWS24.
Overall, the insider transactions reported by Jessica M. Hiebler may reflect confidence in T. Rowe Price's stable financial standing and its ability to continue delivering shareholder value in the foreseeable future.
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