T. Rowe Price Group (NASDAQ:TROW) was downgraded by equities researchers at BidaskClub from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.
A number of other research analysts have also recently commented on the company. Zacks Investment Research cut T. Rowe Price Group from a “hold” rating to a “sell” rating in a research note on Thursday, April 12th. TheStreet upgraded T. Rowe Price Group from a “c+” rating to a “b+” rating in a report on Monday, March 5th. Credit Suisse Group boosted their price target on T. Rowe Price Group from $123.00 to $128.00 and gave the company a “neutral” rating in a report on Thursday, April 5th. Deutsche Bank lowered their price target on T. Rowe Price Group from $116.00 to $114.00 and set a “hold” rating for the company in a report on Friday, April 6th. Finally, Barclays boosted their price target on T. Rowe Price Group from $101.00 to $105.00 and gave the company an “underweight” rating in a report on Monday, April 23rd. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the stock. T. Rowe Price Group currently has an average rating of “Hold” and an average price target of $114.60.
T. Rowe Price Group opened at $115.73 on Tuesday, according to MarketBeat Ratings. The company has a market cap of $28.21 billion, a PE ratio of 21.31, a price-to-earnings-growth ratio of 1.48 and a beta of 1.22. T. Rowe Price Group has a one year low of $74.15 and a one year high of $127.43.
T. Rowe Price Group (NASDAQ:TROW) last released its earnings results on Wednesday, April 25th. The asset manager reported $1.74 EPS for the quarter, beating analysts’ consensus estimates of $1.65 by $0.09. The firm had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.28 billion. T. Rowe Price Group had a return on equity of 26.93% and a net margin of 31.10%. The company’s quarterly revenue was up 17.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.18 earnings per share. sell-side analysts forecast that T. Rowe Price Group will post 7.05 EPS for the current year.
T. Rowe Price Group announced that its Board of Directors has initiated a share repurchase plan on Thursday, April 26th that permits the company to repurchase 10,000,000 shares. This repurchase authorization permits the asset manager to buy shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its shares are undervalued.
In other T. Rowe Price Group news, CEO William J. Stromberg sold 21,000 shares of the company’s stock in a transaction on Tuesday, June 12th. The stock was sold at an average price of $125.48, for a total transaction of $2,635,080.00. Following the completion of the sale, the chief executive officer now owns 539,020 shares in the company, valued at $67,636,229.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Edward A. Wiese sold 40,000 shares of the company’s stock in a transaction on Thursday, June 14th. The stock was sold at an average price of $123.75, for a total value of $4,950,000.00. Following the sale, the vice president now owns 132,219 shares of the company’s stock, valued at approximately $16,362,101.25. The disclosure for this sale can be found here. Insiders sold 102,000 shares of company stock valued at $12,746,220 in the last quarter. 3.10% of the stock is owned by company insiders.
A number of institutional investors have recently bought and sold shares of TROW. Alliancebernstein L.P. lifted its holdings in T. Rowe Price Group by 0.8% during the fourth quarter. Alliancebernstein L.P. now owns 468,190 shares of the asset manager’s stock worth $49,127,000 after buying an additional 3,555 shares during the period. Amundi Pioneer Asset Management Inc. lifted its holdings in T. Rowe Price Group by 2.7% during the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 974,909 shares of the asset manager’s stock worth $102,296,000 after buying an additional 25,361 shares during the period. MML Investors Services LLC lifted its holdings in T. Rowe Price Group by 23.0% during the fourth quarter. MML Investors Services LLC now owns 13,260 shares of the asset manager’s stock worth $1,391,000 after buying an additional 2,479 shares during the period. Koch Industries Inc. purchased a new stake in T. Rowe Price Group during the fourth quarter worth $439,000. Finally, Profund Advisors LLC lifted its holdings in T. Rowe Price Group by 37.0% during the fourth quarter. Profund Advisors LLC now owns 8,120 shares of the asset manager’s stock worth $852,000 after buying an additional 2,191 shares during the period. Institutional investors own 72.07% of the company’s stock.
T. Rowe Price Group Company Profile
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.
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