T. Rowe Price Group (NASDAQ:TROW) Price Target Raised to $111.00

T. Rowe Price Group (NASDAQ:TROW) had its price objective lifted by JPMorgan Chase & Co. from $109.00 to $111.00 in a research report sent to investors on Monday morning,Benzinga reports. JPMorgan Chase & Co. currently has an underweight rating on the asset manager’s stock.

Other analysts also recently issued research reports about the company. Jefferies Financial Group lifted their target price on T. Rowe Price Group from $104.00 to $106.00 and gave the company a “hold” rating in a research note on Tuesday, October 7th. Keefe, Bruyette & Woods lifted their target price on T. Rowe Price Group from $112.00 to $115.00 and gave the company a “hold” rating in a research note on Monday, October 13th. Zacks Research raised T. Rowe Price Group from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 10th. Morgan Stanley lifted their target price on T. Rowe Price Group from $125.00 to $126.00 and gave the company an “equal weight” rating in a research note on Monday, October 27th. Finally, Wells Fargo & Company lifted their price objective on T. Rowe Price Group from $98.00 to $108.00 and gave the stock an “equal weight” rating in a research note on Friday, July 11th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, T. Rowe Price Group currently has an average rating of “Reduce” and an average price target of $109.31.

T. Rowe Price Group Stock Performance

Shares of NASDAQ:TROW opened at $102.38 on Monday. T. Rowe Price Group has a 52-week low of $77.85 and a 52-week high of $125.81. The stock has a market capitalization of $22.49 billion, a price-to-earnings ratio of 11.44, a PEG ratio of 5.61 and a beta of 1.50. The stock’s 50-day simple moving average is $104.67 and its two-hundred day simple moving average is $100.55.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings data on Friday, October 31st. The asset manager reported $2.81 earnings per share for the quarter, beating analysts’ consensus estimates of $2.55 by $0.26. T. Rowe Price Group had a return on equity of 19.77% and a net margin of 28.72%.The firm had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.88 billion. During the same period in the previous year, the firm earned $2.57 EPS. The business’s quarterly revenue was up 6.0% on a year-over-year basis. As a group, equities analysts forecast that T. Rowe Price Group will post 9.29 earnings per share for the current fiscal year.

T. Rowe Price Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 30th. Shareholders of record on Monday, December 15th will be issued a $1.27 dividend. This represents a $5.08 annualized dividend and a dividend yield of 5.0%. The ex-dividend date is Monday, December 15th. T. Rowe Price Group’s dividend payout ratio is currently 55.34%.

Insider Buying and Selling at T. Rowe Price Group

In other T. Rowe Price Group news, Director Robert F. Maclellan sold 3,090 shares of the company’s stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $105.01, for a total value of $324,480.90. Following the completion of the sale, the director directly owned 47,335 shares in the company, valued at approximately $4,970,648.35. This represents a 6.13% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On T. Rowe Price Group

A number of hedge funds have recently made changes to their positions in the stock. First Trust Advisors LP increased its position in shares of T. Rowe Price Group by 137.7% in the second quarter. First Trust Advisors LP now owns 3,441,458 shares of the asset manager’s stock valued at $332,101,000 after buying an additional 1,993,920 shares in the last quarter. Invesco Ltd. increased its position in shares of T. Rowe Price Group by 43.2% in the first quarter. Invesco Ltd. now owns 3,433,684 shares of the asset manager’s stock valued at $315,453,000 after buying an additional 1,035,865 shares in the last quarter. Norges Bank purchased a new stake in shares of T. Rowe Price Group in the second quarter valued at approximately $82,756,000. Charles Schwab Investment Management Inc. increased its position in shares of T. Rowe Price Group by 7.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 7,706,251 shares of the asset manager’s stock valued at $707,973,000 after buying an additional 519,075 shares in the last quarter. Finally, ARGA Investment Management LP increased its position in shares of T. Rowe Price Group by 3,807.3% in the second quarter. ARGA Investment Management LP now owns 477,161 shares of the asset manager’s stock valued at $46,046,000 after buying an additional 464,949 shares in the last quarter. 73.39% of the stock is currently 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.