T. Rowe Price Group (NASDAQ:TROW) Price Target Raised to $85.00
by Renee Jackson · The Cerbat GemT. Rowe Price Group (NASDAQ:TROW – Free Report) had its price target lifted by The Goldman Sachs Group from $80.00 to $85.00 in a research note issued to investors on Tuesday,MarketScreener reports. They currently have a sell rating on the asset manager’s stock.
Other analysts also recently issued reports about the stock. TD Cowen lowered their price target on shares of T. Rowe Price Group from $97.00 to $93.00 and set a “hold” rating for the company in a research note on Thursday, April 9th. Morgan Stanley lowered their price target on shares of T. Rowe Price Group from $115.00 to $107.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 1st. BMO Capital Markets lowered their price target on shares of T. Rowe Price Group from $104.00 to $98.00 and set a “market perform” rating for the company in a research note on Friday, April 10th. Weiss Ratings reissued a “hold (c+)” rating on shares of T. Rowe Price Group in a research note on Monday, December 29th. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on shares of T. Rowe Price Group from $106.00 to $100.00 and set a “hold” rating for the company in a research note on Thursday, February 5th. Ten equities research analysts have rated the stock with a Hold rating and five have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus target price of $97.38.
Check Out Our Latest Research Report on TROW
T. Rowe Price Group Stock Performance
Shares of NASDAQ:TROW opened at $95.75 on Tuesday. T. Rowe Price Group has a 52-week low of $82.86 and a 52-week high of $118.22. The firm has a fifty day moving average of $91.79 and a 200 day moving average of $99.55. The firm has a market capitalization of $20.84 billion, a PE ratio of 10.35, a price-to-earnings-growth ratio of 4.17 and a beta of 1.50.
T. Rowe Price Group (NASDAQ:TROW – Get Free Report) last announced its earnings results on Wednesday, February 4th. The asset manager reported $2.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.47 by ($0.03). The company had revenue of $1.93 billion during the quarter, compared to analysts’ expectations of $1.92 billion. T. Rowe Price Group had a return on equity of 20.29% and a net margin of 28.53%.The firm’s revenue was up 6.0% on a year-over-year basis. During the same quarter last year, the firm posted $2.12 earnings per share. On average, sell-side analysts forecast that T. Rowe Price Group will post 9.29 EPS for the current fiscal year.
T. Rowe Price Group Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, March 30th. Stockholders of record on Monday, March 16th were paid a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 5.4%. This is a positive change from T. Rowe Price Group’s previous quarterly dividend of $1.27. The ex-dividend date of this dividend was Monday, March 16th. T. Rowe Price Group’s payout ratio is currently 56.22%.
Hedge Funds Weigh In On T. Rowe Price Group
Several hedge funds and other institutional investors have recently modified their holdings of TROW. Woodline Partners LP raised its stake in shares of T. Rowe Price Group by 41.0% during the first quarter. Woodline Partners LP now owns 18,809 shares of the asset manager’s stock valued at $1,728,000 after acquiring an additional 5,467 shares during the last quarter. Focus Partners Wealth increased its position in shares of T. Rowe Price Group by 10.6% during the first quarter. Focus Partners Wealth now owns 13,054 shares of the asset manager’s stock valued at $1,199,000 after buying an additional 1,250 shares during the period. EverSource Wealth Advisors LLC increased its position in shares of T. Rowe Price Group by 44.8% during the second quarter. EverSource Wealth Advisors LLC now owns 1,546 shares of the asset manager’s stock valued at $149,000 after buying an additional 478 shares during the period. Jump Financial LLC purchased a new position in shares of T. Rowe Price Group during the second quarter valued at about $931,000. Finally, Daiwa Securities Group Inc. increased its position in shares of T. Rowe Price Group by 5.4% during the second quarter. Daiwa Securities Group Inc. now owns 33,245 shares of the asset manager’s stock valued at $3,208,000 after buying an additional 1,703 shares during the period. 73.39% of the stock is owned by institutional investors.
T. Rowe Price Group Company Profile
T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland, founded by Thomas Rowe Price Jr. in 1937. The company provides a broad range of investment products and services for individual investors, financial intermediaries, retirement plan sponsors and institutional clients. Its offerings are built around active investment management and in-house research across equity, fixed income and multi-asset strategies, reflecting a long history as a research-driven asset manager.
The firm’s product lineup includes mutual funds, separate accounts, collective investment trusts, target-date and target-risk funds, and managed account solutions, as well as services for defined contribution and defined benefit retirement plans.