T. Rowe Price Group (NASDAQ:TROW) Given New $115.00 Price Target at Morgan Stanley

T. Rowe Price Group (NASDAQ:TROW) had its price objective lowered by Morgan Stanley from $123.00 to $115.00 in a research note published on Tuesday, MarketBeat reports. The brokerage currently has an equal weight rating on the asset manager’s stock.

Other research analysts also recently issued research reports about the company. Citigroup raised their target price on T. Rowe Price Group from $105.00 to $107.00 in a research note on Monday, November 3rd. Keefe, Bruyette & Woods lowered their price target on shares of T. Rowe Price Group from $115.00 to $110.00 and set a “market perform” rating on the stock in a report on Thursday, February 5th. Bank of America raised their price objective on shares of T. Rowe Price Group from $85.00 to $86.00 in a research report on Wednesday, January 14th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of T. Rowe Price Group in a report on Monday, December 29th. Finally, Evercore ISI lowered their target price on shares of T. Rowe Price Group from $116.00 to $106.00 in a research note on Thursday, February 5th. Twelve analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Reduce” and an average price target of $102.93.

T. Rowe Price Group Stock Performance

Shares of T. Rowe Price Group stock opened at $96.64 on Tuesday. The stock’s 50-day simple moving average is $104.14 and its 200 day simple moving average is $104.27. T. Rowe Price Group has a 52-week low of $77.85 and a 52-week high of $118.22. The stock has a market capitalization of $21.09 billion, a P/E ratio of 10.45, a P/E/G ratio of 4.95 and a beta of 1.53.

T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings data on Wednesday, February 4th. The asset manager reported $2.44 EPS for the quarter, missing the consensus estimate of $2.47 by ($0.03). T. Rowe Price Group had a return on equity of 20.36% and a net margin of 28.53%.The business had revenue of $1.93 billion during the quarter, compared to the consensus estimate of $1.92 billion. During the same period last year, the business posted $2.12 earnings per share. The firm’s quarterly revenue was up 6.0% on a year-over-year basis. Equities research analysts forecast that T. Rowe Price Group will post 9.29 EPS for the current fiscal year.

T. Rowe Price Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 30th. Shareholders of record on Monday, March 16th will be paid a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 5.4%. This is a boost from T. Rowe Price Group’s previous quarterly dividend of $1.27. The ex-dividend date of this dividend is Monday, March 16th. T. Rowe Price Group’s payout ratio is 54.92%.

Insider Buying and Selling at T. Rowe Price Group

In other news, VP Arif Husain sold 4,260 shares of the company’s stock in a transaction on 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 approximately $4,802,519.92. This represents a 8.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.60% of the company’s stock.

Institutional Trading of T. Rowe Price Group

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of T. Rowe Price Group by 0.5% in the 2nd quarter. Vanguard Group Inc. now owns 26,416,718 shares of the asset manager’s stock valued at $2,549,213,000 after acquiring an additional 130,325 shares during the last quarter. State Street Corp lifted its position in T. Rowe Price Group by 1.5% in the second quarter. State Street Corp now owns 14,510,271 shares of the asset manager’s stock valued at $1,400,241,000 after purchasing an additional 211,647 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of T. Rowe Price Group by 332.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 8,770,071 shares of the asset manager’s stock valued at $897,880,000 after purchasing an additional 6,740,172 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of T. Rowe Price Group by 1.8% in the second quarter. Charles Schwab Investment Management Inc. now owns 7,846,636 shares of the asset manager’s stock worth $757,200,000 after purchasing an additional 140,385 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of T. Rowe Price Group by 3.4% in the second quarter. Geode Capital Management LLC now owns 6,014,236 shares of the asset manager’s stock worth $578,059,000 after buying an additional 197,024 shares during the period. 73.39% of the stock is owned by institutional investors.

About T. Rowe Price Group

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.