T. Rowe Price Group (NASDAQ:TROW) Given New $97.00 Price Target at Bank of America

T. Rowe Price Group (NASDAQ:TROW) had its target price increased by Bank of America from $91.00 to $97.00 in a research report released on Thursday morning,Benzinga reports. The brokerage currently has an underperform rating on the asset manager’s stock.

A number of other equities analysts also recently issued reports on the stock. Morgan Stanley increased 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 note on Monday, August 4th. Wells Fargo & Company increased their price target on shares of T. Rowe Price Group from $98.00 to $108.00 and gave the stock an “equal weight” rating in a research note on Friday, July 11th. Barclays reissued an “underweight” rating and issued a $95.00 price target (up from $91.00) on shares of T. Rowe Price Group in a research note on Monday, August 4th. Keefe, Bruyette & Woods increased their price target on shares of T. Rowe Price Group from $110.00 to $112.00 and gave the stock a “market perform” rating in a research note on Monday, August 4th. Finally, JPMorgan Chase & Co. increased their price target on shares of T. Rowe Price Group from $98.00 to $102.00 and gave the stock an “underweight” rating in a research note on Monday, August 4th. One analyst has rated the stock with a Buy rating, eight have issued a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and an average target price of $102.64.

T. Rowe Price Group Trading Up 0.6%

Shares of NASDAQ:TROW opened at $101.71 on Thursday. The company has a market cap of $22.35 billion, a price-to-earnings ratio of 11.36, a price-to-earnings-growth ratio of 2.62 and a beta of 1.50. The company has a 50-day moving average price of $105.78 and a 200-day moving average price of $98.00. T. Rowe Price Group has a 12 month low of $77.85 and a 12 month high of $125.81.

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

T. Rowe Price Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Monday, September 15th were issued a dividend of $1.27 per share. The ex-dividend date was Monday, September 15th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 5.0%. T. Rowe Price Group’s dividend payout ratio is presently 56.76%.

Insider Activity at T. Rowe Price Group

In other news, Director Robert F. Maclellan sold 3,090 shares of the stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $105.01, for a total transaction of $324,480.90. Following the sale, the director owned 47,335 shares in the company, valued at $4,970,648.35. This represents a 6.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 2.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC lifted its position in T. Rowe Price Group by 15.6% during the third quarter. GAMMA Investing LLC now owns 6,000 shares of the asset manager’s stock valued at $616,000 after purchasing an additional 810 shares during the period. Caldwell Trust Co bought a new position in T. Rowe Price Group during the second quarter valued at approximately $285,000. Valeo Financial Advisors LLC lifted its position in T. Rowe Price Group by 32.1% during the second quarter. Valeo Financial Advisors LLC now owns 3,609 shares of the asset manager’s stock valued at $348,000 after purchasing an additional 878 shares during the period. Osaic Holdings Inc. lifted its position in T. Rowe Price Group by 41.1% during the second quarter. Osaic Holdings Inc. now owns 123,916 shares of the asset manager’s stock valued at $11,828,000 after purchasing an additional 36,108 shares during the period. Finally, Orion Porfolio Solutions LLC lifted its position in T. Rowe Price Group by 19.3% during the second quarter. Orion Porfolio Solutions LLC now owns 17,225 shares of the asset manager’s stock valued at $1,662,000 after purchasing an additional 2,782 shares during the period. Institutional investors own 73.39% of the company’s stock.

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.