T. Rowe Price Group (NASDAQ:TROW) Given New $112.00 Price Target at TD Cowen

T. Rowe Price Group (NASDAQ:TROW) had its price objective increased by TD Cowen from $108.00 to $112.00 in a report released on Monday,Benzinga reports. TD Cowen currently has a hold rating on the asset manager’s stock.

Several other equities research analysts also recently issued reports on the company. Zacks Research raised T. Rowe Price Group from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 10th. Evercore ISI increased their target price on T. Rowe Price Group from $115.00 to $118.00 and gave the company an “in-line” rating in a research note on Thursday, October 9th. Barclays set a $101.00 price target on T. Rowe Price Group in a research report on Monday. Jefferies Financial Group upped their price target on T. Rowe Price Group from $104.00 to $106.00 and gave the stock a “hold” rating in a report on Tuesday, October 7th. Finally, Morgan Stanley increased their price objective on T. Rowe Price Group from $125.00 to $126.00 and gave the company an “equal weight” rating in a research report on Monday, October 27th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus target price of $108.08.

T. Rowe Price Group Stock Down 0.8%

Shares of TROW stock opened at $101.71 on Monday. T. Rowe Price Group has a 12 month low of $77.85 and a 12 month high of $125.81. The company has a market cap of $22.35 billion, a PE ratio of 11.36, a price-to-earnings-growth ratio of 5.61 and a beta of 1.50. The business’s 50 day moving average is $104.96 and its two-hundred day moving average is $100.43.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings data on Friday, October 31st. The asset manager reported $2.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.55 by $0.26. The business had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.88 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 quarterly revenue was up 6.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.57 EPS. As a group, equities analysts expect 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 disclosed a quarterly dividend, which will be paid on Tuesday, December 30th. Stockholders of record on Monday, December 15th will be given a dividend of $1.27 per share. The ex-dividend date is Monday, December 15th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 5.0%. T. Rowe Price Group’s payout ratio is currently 55.34%.

Insider Activity at T. Rowe Price Group

In related news, Director Robert F. Maclellan sold 3,090 shares of the firm’s stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $105.01, for a total value of $324,480.90. Following the completion of the transaction, the director directly owned 47,335 shares of the company’s stock, valued at $4,970,648.35. This trade represents a 6.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On T. Rowe Price Group

Hedge funds have recently made changes to their positions in the business. TD Waterhouse Canada Inc. increased its stake in T. Rowe Price Group by 66.7% in the second quarter. TD Waterhouse Canada Inc. now owns 250 shares of the asset manager’s stock valued at $25,000 after acquiring an additional 100 shares during the period. Zions Bancorporation National Association UT bought a new position in T. Rowe Price Group during the first quarter worth about $27,000. Root Financial Partners LLC acquired a new stake in T. Rowe Price Group during the third quarter valued at approximately $30,000. Vermillion & White Wealth Management Group LLC grew its stake 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 valued at $31,000 after purchasing an additional 174 shares during the period. Finally, Salomon & Ludwin LLC raised its holdings in shares of T. Rowe Price Group by 84.3% in the 3rd quarter. Salomon & Ludwin LLC now owns 317 shares of the asset manager’s stock worth $33,000 after buying an additional 145 shares in the last quarter. Institutional investors and hedge funds 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.