UBS AG Increases T. Rowe Price Group, Inc. (TROW) Price Target to $72.00

T. Rowe Price Group, Inc. (NASDAQ:TROW) had its price target lifted by UBS AG from $69.00 to $72.00 in a research note issued to investors on Friday, www.benzinga.com reports. The brokerage currently has a sell rating on the asset manager’s stock.

A number of other brokerages have also recently issued reports on TROW. BidaskClub cut T. Rowe Price Group from a strong-buy rating to a buy rating in a research note on Tuesday, August 1st. Citigroup Inc. lifted their price objective on T. Rowe Price Group from $94.00 to $95.00 and gave the company a neutral rating in a research note on Friday. Barclays PLC lifted their price objective on T. Rowe Price Group from $79.00 to $84.00 and gave the company an underweight rating in a research note on Friday. Wells Fargo & Company reiterated a market perform rating on shares of T. Rowe Price Group in a research note on Thursday, July 27th. Finally, Zacks Investment Research upgraded T. Rowe Price Group from a hold rating to a buy rating and set a $98.00 price objective for the company in a research note on Tuesday, September 26th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of Hold and an average target price of $89.50.

T. Rowe Price Group (NASDAQ TROW) opened at 92.42 on Friday. The firm has a market capitalization of $22.21 billion, a price-to-earnings ratio of 15.87 and a beta of 1.25. The stock’s 50 day moving average price is $90.64 and its 200-day moving average price is $80.15. 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 released its quarterly earnings results on Thursday, October 26th. The asset manager reported $1.56 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.36 by $0.20. T. Rowe Price Group had a return on equity of 24.76% and a net margin of 33.10%. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same period in the previous year, the company posted $1.17 earnings per share. The firm’s revenue was up 11.8% on a year-over-year basis. Equities analysts anticipate that T. Rowe Price Group will post $5.87 EPS for the current fiscal year.

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The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 28th. Investors of record on Thursday, December 14th will be given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date of this dividend is Wednesday, December 13th. T. Rowe Price Group’s dividend payout ratio (DPR) is presently 37.38%.

In other T. Rowe Price Group news, CFO Kenneth V. Moreland sold 13,041 shares of the business’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $90.43, for a total transaction of $1,179,297.63. Following the completion of the sale, the chief financial officer now owns 135,028 shares of the company’s stock, valued at $12,210,582.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Anne M. Whittemore sold 4,163 shares of the business’s stock in a transaction dated Friday, September 29th. The shares were sold at an average price of $90.64, for a total value of $377,334.32. Following the sale, the director now directly owns 29,070 shares of the company’s stock, valued at approximately $2,634,904.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,204 shares of company stock valued at $1,640,922. 3.60% of the stock is owned by company insiders.

Large investors have recently added to or reduced their stakes in the business. Alpha Cubed Investments LLC bought a new stake in T. Rowe Price Group during the third quarter valued at about $256,000. JPMorgan Chase & Co. grew 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 valued at $872,439,000 after purchasing an additional 156,326 shares during the period. Ffcm LLC grew its holdings in T. Rowe Price Group by 6.4% during 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 period. Aviva PLC grew its holdings in T. Rowe Price Group by 1.9% during 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 period. Finally, AXA grew its holdings in T. Rowe Price Group by 68.6% during 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 period. 73.47% of the stock is owned by institutional investors and hedge funds.

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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