T. Rowe Price Group, Inc. (NASDAQ:TROW) had its price target upped by equities research analysts at Citigroup Inc. from $94.00 to $95.00 in a research note issued to investors on Friday. The firm presently has a “neutral” rating on the asset manager’s stock. Citigroup Inc.’s target price indicates a potential upside of 1.09% from the stock’s previous close.
Several other analysts have also recently commented on TROW. UBS AG restated a “sell” rating and set a $63.00 target price (up previously from $62.00) on shares of T. Rowe Price Group in a report on Friday, July 14th. BidaskClub cut T. Rowe Price Group from a “strong-buy” rating to a “buy” rating in a report on Tuesday, August 1st. Wells Fargo & Company restated a “market perform” rating on shares of T. Rowe Price Group in a report on Thursday, July 27th. Zacks Investment Research upgraded T. Rowe Price Group from a “hold” rating to a “buy” rating and set a $98.00 target price on the stock in a report on Tuesday, September 26th. Finally, ValuEngine upgraded T. Rowe Price Group from a “hold” rating to a “buy” rating in a report on Wednesday, August 2nd. Three analysts have rated the stock with a sell rating, five have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $89.50.
T. Rowe Price Group (NASDAQ TROW) traded down 1.15% during midday trading on Friday, reaching $93.98. 1,753,532 shares of the company traded hands. The company has a market cap of $22.59 billion, a price-to-earnings ratio of 16.14 and a beta of 1.25. The company has a 50-day moving average price of $90.35 and a 200-day moving average price of $79.85. T. Rowe Price Group has a 12-month low of $62.97 and a 12-month high of $97.35.
T. Rowe Price Group (NASDAQ:TROW) last announced its earnings results on Thursday, October 26th. The asset manager reported $1.56 EPS for the quarter, topping the consensus estimate of $1.36 by $0.20. The company had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.22 billion. T. Rowe Price Group had a return on equity of 24.76% and a net margin of 33.10%. The business’s revenue for the quarter was up 11.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.17 earnings per share. On average, analysts predict that T. Rowe Price Group will post $5.86 earnings per share for the current fiscal year.
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In other T. Rowe Price Group news, insider Jessica M. Hiebler sold 1,000 shares of the firm’s stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $84.29, for a total transaction of $84,290.00. Following the transaction, the insider now owns 8,461 shares in the company, valued at $713,177.69. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Kenneth V. Moreland sold 13,041 shares of the firm’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $90.43, for a total value of $1,179,297.63. Following the transaction, the chief financial officer now owns 135,028 shares in the company, valued at approximately $12,210,582.04. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,204 shares of company stock worth $1,640,922. 3.60% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in T. Rowe Price Group by 1.7% during the second quarter. Vanguard Group Inc. now owns 16,576,728 shares of the asset manager’s stock worth $1,230,159,000 after buying an additional 282,162 shares during the last quarter. BlackRock Inc. boosted its holdings in T. Rowe Price Group by 0.4% during the second quarter. BlackRock Inc. now owns 16,440,056 shares of the asset manager’s stock worth $1,220,017,000 after buying an additional 61,269 shares during the last quarter. State Street Corp boosted its holdings in T. Rowe Price Group by 1.9% during the second quarter. State Street Corp now owns 14,511,636 shares of the asset manager’s stock worth $1,076,913,000 after buying an additional 273,036 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in 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 last quarter. Finally, Capital World Investors boosted its holdings in T. Rowe Price Group by 235.0% during the second quarter. Capital World Investors now owns 10,512,236 shares of the asset manager’s stock worth $780,113,000 after buying an additional 7,373,953 shares during the last quarter. Hedge funds and other institutional investors own 73.51% of the company’s stock.
T. Rowe Price Group Company Profile
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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