T. Rowe Price Group (NASDAQ:TROW) Cut to Hold at Zacks Research

Zacks Research lowered shares of T. Rowe Price Group (NASDAQ:TROW) from a strong-buy rating to a hold rating in a research note released on Monday morning,Zacks.com reports.

A number of other research analysts have also commented on TROW. Evercore ISI reiterated a “positive” rating on shares of T. Rowe Price Group in a research note on Friday, September 5th. Keefe, Bruyette & Woods lifted their price target on T. Rowe Price Group from $110.00 to $112.00 and gave the company a “market perform” rating in a research report on Monday, August 4th. Wells Fargo & Company upped their price objective on T. Rowe Price Group from $98.00 to $108.00 and gave the company an “equal weight” rating in a report on Friday, July 11th. JPMorgan Chase & Co. raised their target price 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. Finally, Morgan Stanley boosted their price target on shares of T. Rowe Price Group from $112.00 to $116.00 and gave the stock an “equal weight” rating in a research report on Monday, August 4th. One research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus target price of $101.55.

T. Rowe Price Group Stock Down 0.5%

Shares of NASDAQ TROW opened at $106.64 on Monday. The stock has a market cap of $23.43 billion, a P/E ratio of 11.92, a P/E/G ratio of 2.79 and a beta of 1.51. The firm’s 50-day simple moving average is $105.48 and its 200 day simple moving average is $97.54. T. Rowe Price Group has a fifty-two week low of $77.85 and a fifty-two week high of $125.81.

T. Rowe Price Group (NASDAQ:TROW) last announced its earnings results on Friday, August 1st. The asset manager reported $2.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.09. The firm had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.72 billion. T. Rowe Price Group had a net margin of 28.72% and a return on equity of 19.77%. T. Rowe Price Group’s revenue was down .6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.26 EPS. On average, sell-side analysts anticipate that T. Rowe Price Group will post 9.29 earnings per share for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be issued a dividend of $1.27 per share. The ex-dividend date is Monday, September 15th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 4.8%. T. Rowe Price Group’s payout ratio is currently 56.76%.

Institutional Investors Weigh In On T. Rowe Price Group

A number of institutional investors have recently bought and sold shares of TROW. Exchange Traded Concepts LLC increased its holdings in shares of T. Rowe Price Group by 27.9% in the 1st quarter. Exchange Traded Concepts LLC now owns 971 shares of the asset manager’s stock valued at $89,000 after purchasing an additional 212 shares during the period. Wealthfront Advisers LLC increased its stake in T. Rowe Price Group by 109.2% in the 1st quarter. Wealthfront Advisers LLC now owns 69,326 shares of the asset manager’s stock valued at $6,369,000 after buying an additional 36,190 shares during the period. Mather Group LLC. increased its stake in T. Rowe Price Group by 11.9% in the 1st quarter. Mather Group LLC. now owns 135,571 shares of the asset manager’s stock valued at $12,455,000 after buying an additional 14,371 shares during the period. GAMMA Investing LLC lifted its position in T. Rowe Price Group by 9,555.5% in the 1st quarter. GAMMA Investing LLC now owns 333,212 shares of the asset manager’s stock worth $30,612,000 after buying an additional 329,761 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of T. Rowe Price Group by 12.8% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 213,769 shares of the asset manager’s stock valued at $19,575,000 after buying an additional 24,323 shares during the period. 73.39% of the stock is currently owned by institutional investors and hedge funds.

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.