T. Rowe Price Group (NASDAQ:TROW) PT Lowered to $159.00

T. Rowe Price Group (NASDAQ:TROW) had its price target reduced by Citigroup from $166.50 to $159.00 in a report released on Wednesday, Price Targets.com reports. Citigroup currently has a sell rating on the asset manager’s stock.

Several other brokerages also recently issued reports on TROW. Evercore ISI reiterated a buy rating and issued a $211.00 price objective on shares of T. Rowe Price Group in a research report on Friday, October 8th. Bank of America assumed coverage on T. Rowe Price Group in a research report on Thursday, December 16th. They issued an underperform rating and a $212.00 price objective for the company. The Goldman Sachs Group downgraded T. Rowe Price Group from a neutral rating to a sell rating and cut their price objective for the company from $190.00 to $175.00 in a research report on Tuesday, January 4th. Zacks Investment Research downgraded T. Rowe Price Group from a buy rating to a hold rating and set a $206.00 price objective for the company. in a research report on Friday, October 8th. Finally, Morgan Stanley lifted their price objective on T. Rowe Price Group from $204.00 to $222.00 and gave the company an equal weight rating in a research report on Tuesday, November 2nd. Six analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of Hold and an average price target of $194.33.

Shares of NASDAQ:TROW opened at $174.97 on Wednesday. T. Rowe Price Group has a 1-year low of $154.20 and a 1-year high of $224.55. The firm has a market capitalization of $39.32 billion, a PE ratio of 13.19, a PEG ratio of 1.29 and a beta of 1.18. The business’s 50 day moving average is $199.44 and its 200-day moving average is $205.38.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings data on Thursday, October 28th. The asset manager reported $3.27 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $3.31 by ($0.04). The firm had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.97 billion. T. Rowe Price Group had a return on equity of 36.62% and a net margin of 41.71%. T. Rowe Price Group’s revenue for the quarter was up 22.5% compared to the same quarter last year. During the same period in the previous year, the business posted $2.55 EPS. As a group, equities research analysts anticipate that T. Rowe Price Group will post 12.68 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 30th. Shareholders of record on Thursday, December 16th were paid a $1.08 dividend. The ex-dividend date of this dividend was Wednesday, December 15th. This represents a $4.32 dividend on an annualized basis and a yield of 2.47%. T. Rowe Price Group’s payout ratio is 32.55%.

In other T. Rowe Price Group news, CEO William J. Stromberg sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 28th. The stock was sold at an average price of $199.58, for a total value of $2,993,700.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Robert C.T. Higginbotham sold 7,292 shares of the company’s stock in a transaction that occurred on Friday, December 10th. The shares were sold at an average price of $196.28, for a total value of $1,431,273.76. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

A number of large investors have recently modified their holdings of the stock. HighTower Trust Services LTA acquired a new stake in shares of T. Rowe Price Group in the 4th quarter valued at $895,000. Triangle Securities Wealth Management boosted its holdings in shares of T. Rowe Price Group by 13.6% in the 4th quarter. Triangle Securities Wealth Management now owns 1,801 shares of the asset manager’s stock valued at $354,000 after purchasing an additional 215 shares in the last quarter. Fundamentun LLC lifted its stake in shares of T. Rowe Price Group by 25.9% in the 4th quarter. Fundamentun LLC now owns 5,150 shares of the asset manager’s stock valued at $1,013,000 after acquiring an additional 1,059 shares during the last quarter. Stratos Wealth Partners LTD. lifted its stake in shares of T. Rowe Price Group by 9.9% in the 4th quarter. Stratos Wealth Partners LTD. now owns 18,262 shares of the asset manager’s stock valued at $3,591,000 after acquiring an additional 1,646 shares during the last quarter. Finally, Exchange Traded Concepts LLC lifted its stake in shares of T. Rowe Price Group by 80.6% in the 4th quarter. Exchange Traded Concepts LLC now owns 3,363 shares of the asset manager’s stock valued at $661,000 after acquiring an additional 1,501 shares during the last quarter. 71.66% of the stock is currently owned by institutional investors and hedge funds.

About T. Rowe Price Group

T. Rowe Price Group, Inc is a global investment management organization, which engages in the provision of investment management services through its subsidiaries. It provides an array of mutual funds, subadvisory services, and separate account management for individual and institutional investors, retirement plans, and financial intermediaries.

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