T. Rowe Price Group (NASDAQ:TROW – Get Rating) had its target price increased by equities researchers at The Goldman Sachs Group from $84.00 to $96.00 in a research report issued on Wednesday, Stock Target Advisor reports. The brokerage presently has a “sell” rating on the asset manager’s stock. The Goldman Sachs Group’s price target would suggest a potential downside of 22.43% from the company’s current price.
A number of other research firms also recently weighed in on TROW. Deutsche Bank Aktiengesellschaft lifted their price target on T. Rowe Price Group from $97.00 to $123.00 and gave the company a “hold” rating in a research note on Tuesday, November 15th. StockNews.com began coverage on shares of T. Rowe Price Group in a report on Wednesday, October 12th. They issued a “hold” rating for the company. Credit Suisse Group began coverage on T. Rowe Price Group in a research note on Wednesday, October 19th. They set an “underperform” rating and a $70.00 price target on the stock. Morgan Stanley lowered their price objective on shares of T. Rowe Price Group from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research note on Monday, October 31st. Finally, JPMorgan Chase & Co. raised their price target on T. Rowe Price Group from $90.00 to $93.00 and gave the stock an “underweight” rating in a research report on Tuesday, October 18th. Six analysts have rated the stock with a sell rating and five have given a hold rating to the stock. According to MarketBeat.com, T. Rowe Price Group presently has a consensus rating of “Reduce” and an average target price of $113.90.
T. Rowe Price Group Stock Down 0.5 %
NASDAQ:TROW traded down $0.67 during midday trading on Wednesday, reaching $123.76. The stock had a trading volume of 9,892 shares, compared to its average volume of 2,352,328. The stock has a market cap of $27.66 billion, a P/E ratio of 14.24, a P/E/G ratio of 3.11 and a beta of 1.25. The firm has a fifty day simple moving average of $109.92 and a two-hundred day simple moving average of $116.82. T. Rowe Price Group has a 12-month low of $93.53 and a 12-month high of $210.38.
T. Rowe Price Group (NASDAQ:TROW – Get Rating) last released its earnings results on Thursday, October 27th. The asset manager reported $1.86 EPS for the quarter, topping the consensus estimate of $1.83 by $0.03. The company had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.53 billion. T. Rowe Price Group had a net margin of 29.35% and a return on equity of 23.88%. The business’s revenue was down 18.7% on a year-over-year basis. During the same quarter last year, the business earned $3.27 EPS. On average, sell-side analysts anticipate that T. Rowe Price Group will post 7.9 earnings per share for the current fiscal year.
Insider Buying and Selling
In other T. Rowe Price Group news, insider William J. Stromberg sold 10,000 shares of the company’s stock in a transaction dated Friday, November 11th. The stock was sold at an average price of $124.15, for a total value of $1,241,500.00. Following the transaction, the insider now directly owns 41,000 shares of the company’s stock, valued at approximately $5,090,150. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 2.00% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On T. Rowe Price Group
A number of large investors have recently modified their holdings of the stock. King Luther Capital Management Corp acquired a new position in T. Rowe Price Group during the first quarter valued at approximately $973,000. HB Wealth Management LLC grew its position in shares of T. Rowe Price Group by 18.8% in the second quarter. HB Wealth Management LLC now owns 3,343 shares of the asset manager’s stock valued at $380,000 after purchasing an additional 528 shares during the last quarter. Core Alternative Capital grew its position in T. Rowe Price Group by 167.7% during the second quarter. Core Alternative Capital now owns 332 shares of the asset manager’s stock worth $38,000 after buying an additional 208 shares in the last quarter. Hazlett Burt & Watson Inc. acquired a new position in T. Rowe Price Group in the 1st quarter valued at $120,000. Finally, Avantax Advisory Services Inc. lifted its position in shares of T. Rowe Price Group by 65.2% during the 2nd quarter. Avantax Advisory Services Inc. now owns 8,363 shares of the asset manager’s stock valued at $950,000 after acquiring an additional 3,300 shares during the period. 74.94% of the stock is currently owned by institutional investors and hedge funds.
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.