T. Rowe Price Group (NASDAQ:TROW) Stock Price Expected to Rise, Evercore ISI Analyst Says

T. Rowe Price Group (NASDAQ:TROW) had its target price hoisted by research analysts at Evercore ISI from $110.00 to $115.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has an “in-line” rating on the asset manager’s stock. Evercore ISI’s target price would suggest a potential upside of 6.32% from the stock’s current price.

A number of other research firms have also commented on TROW. Barclays reaffirmed an “underweight” rating and set a $95.00 price objective (up previously from $91.00) on shares of T. Rowe Price Group in a research note on Monday, August 4th. JPMorgan Chase & Co. increased their price objective on T. Rowe Price Group from $98.00 to $102.00 and gave the company an “underweight” rating in a research note on Monday, August 4th. Morgan Stanley increased their price objective on T. Rowe Price Group from $112.00 to $116.00 and gave the company an “equal weight” rating in a research note on Monday, August 4th. Wells Fargo & Company increased their price objective on T. Rowe Price Group from $98.00 to $108.00 and gave the company an “equal weight” rating in a research note on Friday, July 11th. Finally, Keefe, Bruyette & Woods increased their price objective on T. Rowe Price Group from $110.00 to $112.00 and gave the company a “market perform” rating in a research note on Monday, August 4th. Eight investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average target price of $101.55.

T. Rowe Price Group Stock Down 3.0%

TROW opened at $108.16 on Friday. The firm has a market cap of $23.76 billion, a P/E ratio of 12.08, a PEG ratio of 2.82 and a beta of 1.51. T. Rowe Price Group has a 52 week low of $77.85 and a 52 week high of $125.81. The business’s fifty day simple moving average is $104.94 and its 200 day simple moving average is $97.48.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings data on Friday, August 1st. The asset manager reported $2.24 EPS for the quarter, beating analysts’ consensus estimates of $2.15 by $0.09. The business had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.72 billion. T. Rowe Price Group had a return on equity of 19.77% and a net margin of 28.72%.The business’s revenue for the quarter was down .6% compared to the same quarter last year. During the same quarter last year, the company earned $2.26 earnings per share. As a group, equities analysts expect that T. Rowe Price Group will post 9.29 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, VP Dorothy C. Sawyer sold 2,000 shares of the stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $95.43, for a total transaction of $190,860.00. Following the transaction, the vice president directly owned 44,789 shares in the company, valued at approximately $4,274,214.27. This represents a 4.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On T. Rowe Price Group

A number of large investors have recently modified their holdings of TROW. TD Waterhouse Canada Inc. raised its holdings in shares of T. Rowe Price Group by 66.7% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 250 shares of the asset manager’s stock worth $25,000 after purchasing an additional 100 shares during the period. Zions Bancorporation National Association UT purchased a new position in shares of T. Rowe Price Group in the 1st quarter worth about $27,000. Vermillion & White Wealth Management Group LLC raised its holdings in shares of T. Rowe Price Group by 120.0% in the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 319 shares of the asset manager’s stock worth $31,000 after purchasing an additional 174 shares during the period. Hexagon Capital Partners LLC raised its holdings in shares of T. Rowe Price Group by 44.8% in the 1st quarter. Hexagon Capital Partners LLC now owns 365 shares of the asset manager’s stock worth $34,000 after purchasing an additional 113 shares during the period. Finally, Atlantic Union Bankshares Corp purchased a new position in shares of T. Rowe Price Group in the 2nd quarter worth about $35,000. 73.39% of the stock is currently owned by hedge funds and other institutional investors.

T. Rowe Price Group Company Profile

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.