T. Rowe Price Group (TROW) PT Lowered to $112.00

T. Rowe Price Group (NASDAQ:TROW) had its target price cut by research analysts at Deutsche Bank from $119.00 to $112.00 in a report released on Thursday, Stock Target Advisor reports. The firm currently has a “hold” rating on the asset manager’s stock. Deutsche Bank’s price target would indicate a potential upside of 11.77% from the stock’s previous close.

A number of other analysts have also issued reports on the company. Zacks Investment Research raised T. Rowe Price Group from a “hold” rating to a “buy” rating and set a $122.00 target price on the stock in a research report on Thursday. Morgan Stanley lifted their target price on T. Rowe Price Group from $116.00 to $118.00 and gave the stock a “hold” rating in a research report on Tuesday. UBS Group dropped their target price on T. Rowe Price Group from $127.00 to $121.00 and set a “neutral” rating on the stock in a research report on Monday, October 8th. BidaskClub lowered T. Rowe Price Group from a “sell” rating to a “strong sell” rating in a research report on Saturday, September 1st. Finally, ValuEngine lowered T. Rowe Price Group from a “buy” rating to a “hold” rating in a research report on Wednesday, July 25th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $118.33.

Shares of TROW opened at $100.21 on Thursday. The stock has a market cap of $26.55 billion, a price-to-earnings ratio of 18.41, a P/E/G ratio of 1.36 and a beta of 1.19. T. Rowe Price Group has a 12 month low of $90.95 and a 12 month high of $127.43.

T. Rowe Price Group (NASDAQ:TROW) last announced its earnings results on Wednesday, July 25th. The asset manager reported $1.87 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.76 by $0.11. T. Rowe Price Group had a return on equity of 28.49% and a net margin of 31.67%. The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same period in the previous year, the company earned $1.28 earnings per share. The company’s revenue for the quarter was up 13.4% compared to the same quarter last year. Sell-side analysts expect that T. Rowe Price Group will post 7.25 EPS for the current year.

In related news, VP Christopher D. Alderson sold 41,639 shares of the business’s stock in a transaction dated Thursday, July 26th. The stock was sold at an average price of $121.89, for a total value of $5,075,377.71. Following the completion of the sale, the vice president now directly owns 114,860 shares of the company’s stock, valued at $14,000,285.40. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Freeman A. Hrabowski III sold 4,500 shares of the business’s stock in a transaction dated Thursday, July 26th. The shares were sold at an average price of $121.74, for a total value of $547,830.00. Following the completion of the sale, the director now directly owns 9,640 shares of the company’s stock, valued at $1,173,573.60. The disclosure for this sale can be found here. 3.10% of the stock is owned by insiders.

Institutional investors have recently made changes to their positions in the stock. NumerixS Investment Technologies Inc bought a new stake in T. Rowe Price Group in the second quarter valued at about $228,000. Morgan Stanley increased its holdings in T. Rowe Price Group by 10.0% in the second quarter. Morgan Stanley now owns 1,222,575 shares of the asset manager’s stock valued at $141,929,000 after buying an additional 110,740 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in T. Rowe Price Group by 1.8% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 834,003 shares of the asset manager’s stock valued at $96,819,000 after buying an additional 14,425 shares during the last quarter. ING Groep NV increased its holdings in T. Rowe Price Group by 155.3% in the second quarter. ING Groep NV now owns 16,827 shares of the asset manager’s stock valued at $1,953,000 after buying an additional 10,236 shares during the last quarter. Finally, Voya Investment Management LLC increased its holdings in T. Rowe Price Group by 41.5% in the second quarter. Voya Investment Management LLC now owns 209,404 shares of the asset manager’s stock valued at $24,310,000 after buying an additional 61,434 shares during the last quarter. 70.34% of the stock is owned by hedge funds and other institutional investors.

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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