T. Rowe Price Group (NASDAQ:TROW) Price Target Raised to $118.00

T. Rowe Price Group (NASDAQ:TROW) had its price target raised by Evercore ISI from $115.00 to $118.00 in a research note released on Thursday, Marketbeat.com reports. They currently have an in-line rating on the asset manager’s stock.

TROW has been the subject of several other reports. Weiss Ratings reiterated a “hold (c)” rating on shares of T. Rowe Price Group in a report on Wednesday. The Goldman Sachs Group boosted their price target on T. Rowe Price Group from $91.00 to $92.00 and gave the company a “sell” rating in a report on Friday, October 3rd. BMO Capital Markets initiated coverage on T. Rowe Price Group in a report on Friday, October 3rd. They set a “market perform” rating and a $108.00 price objective for the company. Morgan Stanley upped their price objective on T. Rowe Price Group from $116.00 to $125.00 and gave the stock a “positive” rating in a report on Monday, October 6th. Finally, JPMorgan Chase & Co. upped their price objective on T. Rowe Price Group from $98.00 to $102.00 and gave the stock an “underweight” rating in a report on Monday, August 4th. One equities research analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, T. Rowe Price Group presently has a consensus rating of “Reduce” and an average price target of $104.69.

T. Rowe Price Group Stock Performance

Shares of TROW opened at $101.43 on Thursday. The stock has a fifty day moving average of $105.82 and a two-hundred day moving average of $98.46. The company has a market capitalization of $22.29 billion, a PE ratio of 11.33, a price-to-earnings-growth ratio of 6.54 and a beta of 1.50. 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 issued its quarterly earnings results on Friday, August 1st. The asset manager reported $2.24 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.09. The company had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.72 billion. T. Rowe Price Group had a return on equity of 19.77% and a net margin of 28.72%.T. Rowe Price Group’s revenue was down .6% on a year-over-year basis. During the same period in the previous year, the firm posted $2.26 EPS. As a group, equities research analysts forecast 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 was paid on Monday, September 29th. Investors of record on Monday, September 15th were given a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a yield of 5.0%. The ex-dividend date of this dividend was Monday, September 15th. T. Rowe Price Group’s dividend payout ratio is 56.76%.

Insiders Place Their Bets

In related news, Director Robert F. Maclellan sold 3,090 shares of the company’s stock in a transaction 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 completion of the sale, the director directly owned 47,335 shares of the company’s stock, valued at approximately $4,970,648.35. This represents a 6.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.00% of the company’s stock.

Institutional Trading of T. Rowe Price Group

Institutional investors have recently added to or reduced their stakes in the business. TD Waterhouse Canada Inc. boosted its position in T. Rowe Price Group by 66.7% during 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 T. Rowe Price Group in the 1st quarter valued at about $27,000. Vermillion & White Wealth Management Group LLC boosted its position in 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 valued at $31,000 after buying an additional 174 shares during the last quarter. Hexagon Capital Partners LLC boosted its position in 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 valued at $34,000 after buying an additional 113 shares during the last quarter. Finally, Atlantic Union Bankshares Corp purchased a new position in T. Rowe Price Group in the 2nd quarter valued at about $35,000. 73.39% of the stock is owned by hedge funds and other institutional investors.

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.