T. Rowe Price (TROW) Upgraded by Deutsche Bank to “Buy”

T. Rowe Price (NASDAQ:TROW) was upgraded by equities researchers at Deutsche Bank from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The brokerage presently has a $114.00 target price on the asset manager’s stock, down from their previous target price of $121.00. Deutsche Bank’s price target indicates a potential downside of 5.50% from the stock’s previous close.

Several other brokerages also recently weighed in on TROW. Zacks Investment Research downgraded T. Rowe Price from a “buy” rating to a “hold” rating in a research note on Monday, March 12th. BidaskClub raised T. Rowe Price from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, February 27th. TheStreet raised T. Rowe Price from a “c+” rating to a “b+” rating in a research note on Monday, March 5th. ValuEngine raised T. Rowe Price from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Finally, UBS boosted their price objective on T. Rowe Price from $113.00 to $117.00 and gave the stock a “neutral” rating in a research note on Thursday, April 26th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $113.10.

Shares of T. Rowe Price opened at $120.63 on Wednesday, MarketBeat reports. The firm has a market cap of $28.36 billion, a price-to-earnings ratio of 22.22, a price-to-earnings-growth ratio of 1.54 and a beta of 1.21. T. Rowe Price has a 1-year low of $119.37 and a 1-year high of $121.65.

T. Rowe Price (NASDAQ:TROW) last announced its earnings results on Wednesday, April 25th. The asset manager reported $1.74 earnings per share for the quarter, beating the consensus estimate of $1.65 by $0.09. The firm had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.28 billion. T. Rowe Price had a return on equity of 26.93% and a net margin of 31.10%. The firm’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.18 EPS. equities research analysts expect that T. Rowe Price will post 7.01 earnings per share for the current fiscal year.

T. Rowe Price announced that its board has approved a share buyback program on Thursday, April 26th that permits the company to repurchase 10,000,000 outstanding shares. This repurchase authorization permits the asset manager to reacquire shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

Several institutional investors and hedge funds have recently bought and sold shares of TROW. Guggenheim Capital LLC grew its holdings in shares of T. Rowe Price by 17.5% in the 4th quarter. Guggenheim Capital LLC now owns 807,029 shares of the asset manager’s stock worth $84,680,000 after acquiring an additional 119,957 shares during the last quarter. Marathon Asset Management LLP grew its holdings in shares of T. Rowe Price by 3.6% in the 4th quarter. Marathon Asset Management LLP now owns 269,662 shares of the asset manager’s stock worth $28,296,000 after acquiring an additional 9,319 shares during the last quarter. Cullinan Associates Inc. grew its holdings in shares of T. Rowe Price by 10.8% in the 4th quarter. Cullinan Associates Inc. now owns 46,785 shares of the asset manager’s stock worth $4,909,000 after acquiring an additional 4,555 shares during the last quarter. Macquarie Group Ltd. grew its holdings in shares of T. Rowe Price by 1.9% in the 4th quarter. Macquarie Group Ltd. now owns 48,009 shares of the asset manager’s stock worth $5,282,000 after acquiring an additional 883 shares during the last quarter. Finally, Rhumbline Advisers grew its holdings in shares of T. Rowe Price by 2.1% in the 4th quarter. Rhumbline Advisers now owns 480,858 shares of the asset manager’s stock worth $50,456,000 after acquiring an additional 10,089 shares during the last quarter. 72.79% of the stock is currently owned by institutional investors.

About T. Rowe Price

T. Rowe Price Group, Inc is a publicly owned investment manager. The firm provides its services to individuals, institutional investors, retirement plans, financial intermediaries, and institutions. It launches and manages equity and fixed income mutual funds. The firm invests in the public equity and fixed income markets across the globe.

Analyst Recommendations for T. Rowe Price (NASDAQ:TROW)

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