JPMorgan Chase & Co. Raises T. Rowe Price Group (NASDAQ:TROW) Price Target to $103.00

T. Rowe Price Group (NASDAQ:TROW) had its price target hoisted by JPMorgan Chase & Co. from $94.00 to $103.00 in a report issued on Tuesday, Benzinga reports. They currently have an underweight rating on the asset manager’s stock.

A number of other research analysts have also recently commented on the company. Keefe, Bruyette & Woods raised T. Rowe Price Group from an underperform rating to a market perform rating and boosted their price target for the stock from $106.00 to $120.00 in a report on Thursday, April 11th. Morgan Stanley boosted their price target on T. Rowe Price Group from $101.00 to $106.00 and gave the stock an equal weight rating in a report on Friday, January 19th. TD Cowen raised T. Rowe Price Group from a sell rating to a hold rating and lifted their price objective for the stock from $92.00 to $114.00 in a research note on Monday, April 8th. UBS Group lifted their price objective on T. Rowe Price Group from $100.00 to $109.00 and gave the stock a sell rating in a research note on Friday, April 12th. Finally, Citigroup lifted their price objective on T. Rowe Price Group from $110.00 to $125.00 and gave the stock a neutral rating in a research note on Friday, April 5th. Four research analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. According to data from MarketBeat.com, T. Rowe Price Group has an average rating of Hold and an average target price of $110.56.

T. Rowe Price Group Trading Down 1.9 %

NASDAQ TROW opened at $112.11 on Tuesday. The stock’s 50 day moving average is $114.64 and its 200 day moving average is $106.66. T. Rowe Price Group has a 12 month low of $87.43 and a 12 month high of $132.76. The stock has a market cap of $25.07 billion, a PE ratio of 14.45, a P/E/G ratio of 2.22 and a beta of 1.40.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings results on Thursday, February 8th. The asset manager reported $1.72 EPS for the quarter, topping analysts’ consensus estimates of $1.60 by $0.12. T. Rowe Price Group had a return on equity of 18.41% and a net margin of 27.69%. The company had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same period in the previous year, the firm earned $1.74 EPS. The firm’s revenue was up 6.5% compared to the same quarter last year. On average, analysts forecast that T. Rowe Price Group will post 8.13 EPS for the current fiscal year.

T. Rowe Price Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were given a dividend of $1.24 per share. The ex-dividend date was Thursday, March 14th. This represents a $4.96 annualized dividend and a dividend yield of 4.42%. This is an increase from T. Rowe Price Group’s previous quarterly dividend of $1.22. T. Rowe Price Group’s payout ratio is currently 63.92%.

Insider Activity

In other news, Director Freeman A. Hrabowski III sold 8,740 shares of the business’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $118.32, for a total transaction of $1,034,116.80. Following the transaction, the director now owns 21,073 shares of the company’s stock, valued at approximately $2,493,357.36. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other T. Rowe Price Group news, insider Jessica M. Hiebler sold 1,138 shares of the company’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $107.13, for a total value of $121,913.94. Following the transaction, the insider now owns 14,113 shares of the company’s stock, valued at approximately $1,511,925.69. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Freeman A. Hrabowski III sold 8,740 shares of the company’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $118.32, for a total value of $1,034,116.80. Following the completion of the transaction, the director now directly owns 21,073 shares in the company, valued at approximately $2,493,357.36. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On T. Rowe Price Group

Hedge funds have recently bought and sold shares of the business. OFI Invest Asset Management bought a new position in T. Rowe Price Group in the 3rd quarter valued at $25,000. Creative Financial Designs Inc. ADV lifted its holdings in shares of T. Rowe Price Group by 83.5% in the 4th quarter. Creative Financial Designs Inc. ADV now owns 233 shares of the asset manager’s stock worth $25,000 after buying an additional 106 shares during the period. PCA Investment Advisory Services Inc. purchased a new stake in shares of T. Rowe Price Group in the 2nd quarter worth $26,000. First United Bank & Trust purchased a new stake in shares of T. Rowe Price Group in the 4th quarter worth $31,000. Finally, Park Place Capital Corp lifted its holdings in shares of T. Rowe Price Group by 1,775.0% in the 4th quarter. Park Place Capital Corp now owns 300 shares of the asset manager’s stock worth $32,000 after buying an additional 284 shares during the period. Institutional investors own 73.39% of the company’s stock.

About T. Rowe Price Group

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.