T. Rowe Price Group (TROW) Receives Buy Rating from Bank of America

Bank of America reissued their buy rating on shares of T. Rowe Price Group (NASDAQ:TROW) in a research report sent to investors on Thursday, Marketbeat reports. Bank of America currently has a $108.00 price target on the asset manager’s stock, down from their prior price target of $125.00.

A number of other analysts have also commented on the company. Deutsche Bank lowered T. Rowe Price Group from a buy rating to a hold rating in a research report on Friday, September 7th. UBS Group lowered their price objective on T. Rowe Price Group from $127.00 to $121.00 and set a neutral rating for the company in a research report on Monday, October 8th. Morgan Stanley lifted their price objective on T. Rowe Price Group from $116.00 to $118.00 and gave the stock a hold rating in a research report on Tuesday, October 9th. Citigroup lowered their price objective on T. Rowe Price Group from $113.00 to $105.00 and set a hold rating for the company in a research report on Monday, October 29th. Finally, Credit Suisse Group lowered their price objective on T. Rowe Price Group from $161.00 to $123.00 and set an outperform rating for the company in a research report on Friday, October 26th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company. The stock has a consensus rating of Hold and a consensus target price of $108.00.

Shares of NASDAQ:TROW traded up $0.03 during midday trading on Thursday, reaching $94.89. The company’s stock had a trading volume of 25,449 shares, compared to its average volume of 1,446,152. T. Rowe Price Group has a fifty-two week low of $91.48 and a fifty-two week high of $127.43. The firm has a market cap of $22.93 billion, a PE ratio of 17.67, a price-to-earnings-growth ratio of 1.09 and a beta of 1.21.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings data on Thursday, October 25th. The asset manager reported $2.30 EPS for the quarter, topping the Zacks’ consensus estimate of $1.93 by $0.37. The firm had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.38 billion. T. Rowe Price Group had a return on equity of 29.52% and a net margin of 33.98%. During the same period last year, the company earned $1.56 earnings per share. On average, analysts predict that T. Rowe Price Group will post 7.38 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Friday, December 14th will be given a $0.70 dividend. The ex-dividend date is Thursday, December 13th. This represents a $2.80 dividend on an annualized basis and a yield of 2.95%. T. Rowe Price Group’s payout ratio is 51.57%.

Institutional investors have recently bought and sold shares of the company. Focused Wealth Management Inc acquired a new position in shares of T. Rowe Price Group during the 2nd quarter worth about $139,000. Townsend & Associates Inc acquired a new position in shares of T. Rowe Price Group during the 3rd quarter worth about $135,000. Ancora Advisors LLC acquired a new position in shares of T. Rowe Price Group during the 3rd quarter worth about $171,000. Drexel Morgan & Co. acquired a new position in shares of T. Rowe Price Group during the 2nd quarter worth about $209,000. Finally, United Capital Management of KS Inc. acquired a new position in shares of T. Rowe Price Group during the 3rd quarter worth about $204,000. Institutional investors own 71.57% of the company’s stock.

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.

Further Reading: Hedge Funds

Analyst Recommendations for T. Rowe Price Group (NASDAQ:TROW)

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