Citigroup Initiates Coverage on T. Rowe Price Group (NASDAQ:TROW)

Equities researchers at Citigroup initiated coverage on shares of T. Rowe Price Group (NASDAQ:TROW – Get Rating) in a note issued to investors on Friday, Briefing.com reports. The brokerage set a “sell” rating and a $98.00 price target on the asset manager’s stock. Citigroup’s target price points to a potential downside of 8.08% from the company’s current price.

A number of other research analysts have also weighed in on TROW. JPMorgan Chase & Co. cut their target price on shares of T. Rowe Price Group from $96.00 to $95.00 and set an “underweight” rating for the company in a report on Friday, January 27th. StockNews.com initiated coverage on shares of T. Rowe Price Group in a report on Thursday. They issued a “hold” rating for the company. TheStreet downgraded T. Rowe Price Group from a “b-” rating to a “c” rating in a research report on Thursday, January 26th. VNET Group restated a “maintains” rating on shares of T. Rowe Price Group in a research report on Wednesday, May 3rd. Finally, BMO Capital Markets lowered their price target on T. Rowe Price Group from $105.00 to $90.00 and set a “market perform” rating for the company in a research report on Friday, January 27th. Six investment analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $93.73.

T. Rowe Price Group Trading Down 1.0 %

NASDAQ TROW opened at $106.61 on Friday. T. Rowe Price Group has a 12 month low of $93.53 and a 12 month high of $134.64. The stock has a market cap of $23.94 billion, a price-to-earnings ratio of 17.45, a PEG ratio of 2.71 and a beta of 1.30. The company’s 50 day moving average is $109.09 and its two-hundred day moving average is $113.98.

T. Rowe Price Group (NASDAQ:TROW – Get Rating) last released its earnings results on Tuesday, May 2nd. The asset manager reported $1.69 EPS for the quarter, topping analysts’ consensus estimates of $1.62 by $0.07. T. Rowe Price Group had a net margin of 22.90% and a return on equity of 17.92%. The company had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.54 billion. During the same quarter last year, the business earned $2.62 EPS. The firm’s revenue was down 17.5% compared to the same quarter last year. Sell-side analysts forecast that T. Rowe Price Group will post 6.63 EPS for the current year.

Insider Activity at T. Rowe Price Group

In related news, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of the company’s stock in a transaction that occurred on Tuesday, February 21st. The stock was sold at an average price of $114.52, for a total value of $1,370,689.88. Following the sale, the vice president now owns 129,436 shares in the company, valued at $14,823,010.72. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, insider Jessica M. Hiebler sold 1,881 shares of the business’s stock in a transaction that occurred on Wednesday, May 3rd. The stock was sold at an average price of $106.66, for a total transaction of $200,627.46. Following the completion of the sale, the insider now directly owns 11,628 shares in the company, valued at $1,240,242.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of the company’s stock in a transaction on Tuesday, February 21st. The shares were sold at an average price of $114.52, for a total value of $1,370,689.88. Following the completion of the sale, the vice president now owns 129,436 shares of the company’s stock, valued at $14,823,010.72. The disclosure for this sale can be found here. 2.10% of the stock is owned by insiders.

Institutional Trading of T. Rowe Price Group

Several large investors have recently added to or reduced their stakes in TROW. Fairfield Bush & CO. purchased a new stake in T. Rowe Price Group in the 1st quarter valued at $150,000. Roundview Capital LLC purchased a new position in shares of T. Rowe Price Group during the 1st quarter worth $2,092,000. Cibc World Market Inc. grew its holdings in shares of T. Rowe Price Group by 75.9% during the 1st quarter. Cibc World Market Inc. now owns 27,065 shares of the asset manager’s stock worth $4,092,000 after purchasing an additional 11,675 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of T. Rowe Price Group by 5.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,158,038 shares of the asset manager’s stock worth $175,099,000 after purchasing an additional 60,580 shares during the period. Finally, Prudential PLC grew its holdings in shares of T. Rowe Price Group by 47.1% during the 1st quarter. Prudential PLC now owns 12,117 shares of the asset manager’s stock worth $1,832,000 after purchasing an additional 3,880 shares during the period. 76.58% of the stock is currently owned by hedge funds and other institutional investors.

About T. Rowe Price Group

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T. Rowe Price Group, Inc engages in the provision of investment management services. The company was founded by Thomas Rowe Price Jr. in 1937 and is headquartered in Baltimore, MD.