T. Rowe Price Group (NASDAQ:TROW) Price Target Lowered to $108.00 at JPMorgan Chase & Co.

T. Rowe Price Group (NASDAQ:TROW) had its price target trimmed by JPMorgan Chase & Co. from $111.00 to $108.00 in a research report released on Tuesday morning, Marketbeat reports. The firm currently has an underweight rating on the asset manager’s stock.

A number of other equities analysts have also recently commented on the company. Evercore ISI lifted their price target on T. Rowe Price Group from $115.00 to $116.00 in a report on Monday, January 12th. Citigroup upped their price objective on T. Rowe Price Group from $105.00 to $107.00 in a research note on Monday, November 3rd. Deutsche Bank Aktiengesellschaft reduced their target price on T. Rowe Price Group from $113.00 to $106.00 and set a “hold” rating for the company in a research note on Wednesday, December 17th. Morgan Stanley boosted their target price on T. Rowe Price Group from $126.00 to $128.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 17th. Finally, Bank of America increased their price target on T. Rowe Price Group from $85.00 to $86.00 in a research note on Wednesday, January 14th. Twelve research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat.com, T. Rowe Price Group has a consensus rating of “Reduce” and an average price target of $107.31.

T. Rowe Price Group Trading Down 2.6%

NASDAQ:TROW opened at $103.68 on Tuesday. The stock has a market capitalization of $22.63 billion, a PE ratio of 11.29, a P/E/G ratio of 2.57 and a beta of 1.52. T. Rowe Price Group has a 1-year low of $77.85 and a 1-year high of $118.32. The firm has a fifty day simple moving average of $103.76 and a 200 day simple moving average of $104.44.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings results on Friday, October 31st. The asset manager reported $2.81 EPS for the quarter, beating analysts’ consensus estimates of $2.55 by $0.26. T. Rowe Price Group had a net margin of 28.89% and a return on equity of 19.95%. The firm had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.88 billion. During the same quarter last year, the company posted $2.57 earnings per share. The company’s revenue for the quarter was up 6.0% compared to the same quarter last year. On average, equities analysts predict 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 Tuesday, December 30th. Investors of record on Monday, December 15th were given a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend was Monday, December 15th. T. Rowe Price Group’s dividend payout ratio (DPR) is currently 55.34%.

Insiders Place Their Bets

In other T. Rowe Price Group news, VP Arif Husain sold 4,260 shares of the business’s stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $101.96, for a total value of $434,349.60. Following the completion of the sale, the vice president owned 47,102 shares of the company’s stock, valued at $4,802,519.92. The trade was a 8.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. First Trust Advisors LP grew its position in T. Rowe Price Group by 137.7% during the second quarter. First Trust Advisors LP now owns 3,441,458 shares of the asset manager’s stock worth $332,101,000 after buying an additional 1,993,920 shares in the last quarter. Norges Bank acquired a new stake in shares of T. Rowe Price Group during the 2nd quarter worth $82,756,000. Caisse de depot et placement du Quebec increased its position in shares of T. Rowe Price Group by 81.0% in the third quarter. Caisse de depot et placement du Quebec now owns 1,306,922 shares of the asset manager’s stock worth $134,142,000 after purchasing an additional 584,949 shares during the period. ARGA Investment Management LP increased its position in shares of T. Rowe Price Group by 3,807.3% in the second quarter. ARGA Investment Management LP now owns 477,161 shares of the asset manager’s stock worth $46,046,000 after purchasing an additional 464,949 shares during the period. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in T. Rowe Price Group in the second quarter valued at about $37,722,000. 73.39% of the stock is owned by institutional investors.

T. Rowe Price Group Company Profile

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland, founded by Thomas Rowe Price Jr. in 1937. The company provides a broad range of investment products and services for individual investors, financial intermediaries, retirement plan sponsors and institutional clients. Its offerings are built around active investment management and in-house research across equity, fixed income and multi-asset strategies, reflecting a long history as a research-driven asset manager.

The firm’s product lineup includes mutual funds, separate accounts, collective investment trusts, target-date and target-risk funds, and managed account solutions, as well as services for defined contribution and defined benefit retirement plans.