OLD National Bancorp Cuts Stake in T. Rowe Price Group by 7.9% Amid Institutional Adjustments
- OLD National Bancorp reduced its stake in T. Rowe Price Group by 7.9%, holding 69,113 shares valued at $7,076,000.
- T. Rowe Price's stock is primarily held by institutional investors, with 73.39% owned by hedge funds.
- T. Rowe Price reported a quarterly EPS of $2.44, increased revenue by 6%, and raised its dividend to $1.30.
OLD National Bancorp IN has announced a reduction in its stake in T. Rowe Price Group, Inc. (NASDAQ:TROW), trimming its holdings by 7.9% in the latest quarter. As of the end of this quarter, the bank holds 69,113 shares of the asset management company's stock, which are valued at approximately $7,076,000. This action aligns with similar moves from various institutional investors, with notable changes such as Woodline Partners LP increasing its stake by 41% to own 18,809 shares valued at $1,728,000. Meanwhile, Focus Partners Wealth grew its stake by 10.6%, while EverSource Wealth Advisors expanded theirs by 44.8%. The majority of T. Rowe Price's stock, about 73.39%, is held by hedge funds and institutional investors. Recent analysis from Wall Street has resulted in a mix of ratings and price targets for T. Rowe Price Group, with TD Cowen lowering its target from $97.00 to $93.00, while Bank of America raised its target to $86.00. The stock opened at $99.49, having a 52-week range between $85.22 and $118.22. T. Rowe Price reported a quarterly EPS of $2.44, slightly below expectations, but saw a 6% increase in revenue year-over-year. The company also declared an increased quarterly dividend of $1.30 per share, resulting in an annual yield of 5.2%. Analysts project an EPS of 9.69 for the current year.