T. Rowe Price Group (NASDAQ:TROW) had its price target raised by equities research analysts at Credit Suisse Group from $121.00 to $123.00 in a report issued on Thursday. The brokerage currently has a “neutral” rating on the asset manager’s stock. Credit Suisse Group’s target price indicates a potential upside of 11.87% from the stock’s previous close.
Other equities research analysts have also issued research reports about the stock. ValuEngine raised shares of T. Rowe Price Group from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. BidaskClub lowered shares of T. Rowe Price Group from a “strong-buy” rating to a “buy” rating in a report on Wednesday, January 31st. Bank of America upgraded shares of T. Rowe Price Group from a “neutral” rating to a “buy” rating and upped their target price for the company from $113.00 to $125.00 in a research report on Monday, January 8th. Zacks Investment Research upgraded shares of T. Rowe Price Group from a “hold” rating to a “buy” rating and set a $118.00 target price on the stock in a research report on Wednesday, December 27th. Finally, Morgan Stanley cut their target price on shares of T. Rowe Price Group from $115.00 to $112.00 and set a “hold” rating on the stock in a research report on Tuesday, February 13th. One analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the stock. T. Rowe Price Group presently has a consensus rating of “Hold” and a consensus target price of $106.00.
Shares of T. Rowe Price Group (TROW) traded up $0.04 during trading hours on Thursday, reaching $109.95. 1,858,800 shares of the company’s stock were exchanged, compared to its average volume of 1,838,812. T. Rowe Price Group has a 12-month low of $66.70 and a 12-month high of $120.07. The company has a market cap of $26,866.89, a price-to-earnings ratio of 18.42, a P/E/G ratio of 1.25 and a beta of 1.28.
T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings data on Tuesday, January 30th. The asset manager reported $1.52 EPS for the quarter, topping analysts’ consensus estimates of $1.48 by $0.04. T. Rowe Price Group had a net margin of 31.07% and a return on equity of 25.30%. The firm had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same quarter in the prior year, the firm earned $1.21 EPS. The company’s revenue was up 17.9% on a year-over-year basis. analysts predict that T. Rowe Price Group will post 7.11 earnings per share for the current fiscal year.
In related news, CFO Kenneth V. Moreland sold 8,066 shares of the stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $104.12, for a total value of $839,831.92. Following the sale, the chief financial officer now directly owns 100,796 shares in the company, valued at approximately $10,494,879.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Christopher D. Alderson sold 91,605 shares of the stock in a transaction that occurred on Monday, December 18th. The shares were sold at an average price of $103.28, for a total transaction of $9,460,964.40. Following the completion of the sale, the vice president now owns 169,816 shares in the company, valued at $17,538,596.48. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 160,561 shares of company stock worth $16,464,377. Corporate insiders own 3.60% of the company’s stock.
Several large investors have recently made changes to their positions in TROW. BlackRock Inc. raised its position in shares of T. Rowe Price Group by 5.2% in the 4th quarter. BlackRock Inc. now owns 17,331,073 shares of the asset manager’s stock valued at $1,818,551,000 after acquiring an additional 851,752 shares during the period. Element Capital Management LLC acquired a new stake in shares of T. Rowe Price Group in the 4th quarter valued at approximately $46,024,000. AGF Investments Inc. acquired a new stake in shares of T. Rowe Price Group in the 4th quarter valued at approximately $37,809,000. Prudential Financial Inc. raised its position in shares of T. Rowe Price Group by 94.1% in the 3rd quarter. Prudential Financial Inc. now owns 709,261 shares of the asset manager’s stock valued at $64,295,000 after acquiring an additional 343,926 shares during the period. Finally, Robeco Institutional Asset Management B.V. raised its position in shares of T. Rowe Price Group by 397.0% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 409,400 shares of the asset manager’s stock valued at $42,957,000 after acquiring an additional 327,033 shares during the period. Institutional investors and hedge funds own 72.16% of the company’s stock.
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About T. Rowe Price Group
T. Rowe Price Group, Inc is a financial services holding company. The Company provides global investment management services through its subsidiaries to investors across the world. The Company provides an array of Company sponsored the United States mutual funds, other sponsored pooled investment vehicles, sub advisory services, separate account management, recordkeeping, and related services to individuals, advisors, institutions, financial intermediaries and retirement plan sponsors.
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