T. Rowe Price Group, Inc. (TROW) Rating Reiterated by Jefferies Group LLC

T. Rowe Price Group, Inc. (NASDAQ:TROW)‘s stock had its “buy” rating reissued by stock analysts at Jefferies Group LLC in a research report issued on Tuesday. They currently have a $104.00 price objective on the asset manager’s stock, up from their previous price objective of $96.00. Jefferies Group LLC’s price target indicates a potential upside of 12.01% from the company’s current price. Jefferies Group also issued estimates for T. Rowe Price Group’s Q3 2017 earnings at $1.34 EPS, Q4 2017 earnings at $1.38 EPS, FY2017 earnings at $5.18 EPS, FY2018 earnings at $5.94 EPS and FY2019 earnings at $6.39 EPS.

Several other brokerages have also recently issued reports on TROW. ValuEngine raised shares of T. Rowe Price Group from a “hold” rating to a “buy” rating in a research report on Wednesday, August 2nd. Zacks Investment Research cut shares of T. Rowe Price Group from a “buy” rating to a “hold” rating in a research report on Wednesday, September 13th. Wells Fargo & Company reissued a “market perform” rating on shares of T. Rowe Price Group in a research report on Thursday, July 27th. BidaskClub raised shares of T. Rowe Price Group from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, June 14th. Finally, Morgan Stanley reissued an “underweight” rating and set a $71.00 price target (up previously from $70.00) on shares of T. Rowe Price Group in a research report on Tuesday, July 18th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. T. Rowe Price Group currently has an average rating of “Hold” and a consensus price target of $86.18.

T. Rowe Price Group (TROW) opened at 92.85 on Tuesday. The stock has a market cap of $22.32 billion, a P/E ratio of 15.94 and a beta of 1.25. T. Rowe Price Group has a 52-week low of $62.97 and a 52-week high of $92.89. The firm’s 50-day moving average is $86.47 and its 200-day moving average is $77.63.

T. Rowe Price Group (NASDAQ:TROW) last posted its earnings results on Tuesday, July 25th. The asset manager reported $1.28 EPS for the quarter, beating the Zacks’ consensus estimate of $1.27 by $0.01. The company had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.16 billion. T. Rowe Price Group had a net margin of 32.64% and a return on equity of 24.38%. T. Rowe Price Group’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.76 earnings per share. Equities research analysts predict that T. Rowe Price Group will post $5.72 earnings per share for the current year.

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In related news, CFO Kenneth V. Moreland sold 13,041 shares of the company’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $90.43, for a total transaction of $1,179,297.63. Following the sale, the chief financial officer now directly owns 135,028 shares in the company, valued at $12,210,582.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider David Oestreicher sold 10,394 shares of the company’s stock in a transaction that occurred on Thursday, July 27th. The stock was sold at an average price of $83.07, for a total transaction of $863,429.58. Following the sale, the insider now owns 82,299 shares in the company, valued at $6,836,577.93. The disclosure for this sale can be found here. Insiders have sold 36,924 shares of company stock worth $3,187,333 over the last 90 days. Insiders own 3.60% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. increased its stake in shares of T. Rowe Price Group by 1.3% during the second quarter. JPMorgan Chase & Co. now owns 11,756,348 shares of the asset manager’s stock worth $872,439,000 after buying an additional 156,326 shares during the period. Ffcm LLC increased its stake in T. Rowe Price Group by 6.4% in the second quarter. Ffcm LLC now owns 37,660 shares of the asset manager’s stock valued at $2,795,000 after purchasing an additional 2,261 shares during the last quarter. Aviva PLC increased its stake in T. Rowe Price Group by 1.9% in the second quarter. Aviva PLC now owns 147,815 shares of the asset manager’s stock valued at $10,969,000 after purchasing an additional 2,760 shares during the last quarter. AXA increased its stake in T. Rowe Price Group by 68.6% in the second quarter. AXA now owns 624,107 shares of the asset manager’s stock valued at $46,315,000 after purchasing an additional 253,900 shares during the last quarter. Finally, Bridgewater Associates LP increased its stake in T. Rowe Price Group by 14.9% in the first quarter. Bridgewater Associates LP now owns 131,857 shares of the asset manager’s stock valued at $8,986,000 after purchasing an additional 17,119 shares during the last quarter. Hedge funds and other institutional investors own 73.62% of the company’s stock.

About T. Rowe Price Group

T. Rowe Price Group, Inc is a financial services holding company. The Company provides global investment management services through its subsidiaries to investors across the world. The Company provides an array of Company sponsored the United States mutual funds, other sponsored pooled investment vehicles, sub advisory services, separate account management, recordkeeping, and related services to individuals, advisors, institutions, financial intermediaries and retirement plan sponsors.

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