This article was originally published on TipRanks.com.
The Board of global investment management company T Rowe Price Group, Inc. (TROW) has approved the appointment of Rob Sharps as CEO, effective January 1, 2022.
Maryland-based T. Rowe provides funds, advisory services, account management, and retirement plans and services. The company offers its services to individuals, institutional investors, retirement plans, financial intermediaries and institutions.
Sharps, who will succeed Bill Stromberg, will also become Chair of the company’s Management Committee with effect from January 1. (See Insiders’ Hot Stocks on TipRanks)
Moreover, Sharps will retain the position of President and will be appointed to the Board, effective January 1 or the first business day after the closing of the acquisition of Oak Hill Advisors.
Stromberg will retire on December 31, 2021, but will continue to serve on the company’s Board as Non-Executive Chair.
Further, the Board has elected Glenn August, the CEO of Oak Hill, to the Board. August has also been appointed to T Rowe’s Management Committee.
His appointments will be effective from the first business day after the closing of the acquisition of Oak Hill.
The appointments of Sharps and August to the Board take the total number of members on it to 14.
Wall Street’s Take
Last month, Jefferies (JEF) analyst Daniel Fannon maintained a Buy rating on the stock with a price target of $245 (20.3% upside potential).
The analyst expects the company to report earnings per share (EPS) of $3.34 in the fourth quarter of 2021.
Overall, the stock has a Hold consensus rating based on 1 Buy, 5 Holds and 1 Sell. The average T Rowe Price Group price target of $219.29 implies 7.7% upside potential. Shares have gained nearly 38% year-to-date.
According to TipRanks’ Risk Factors tool, T Rowe is at risk mainly from two factors: Finance & Corporate and Legal & Regulatory, which account for 32% and 20%, respectively, of the total 25 risks identified for the stock.
Under the Finance & Corporate risk category, the company has eight risks, and under the Legal & Regulatory category, there are five risks. The details of these risks can be found on the TipRanks website.
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