T. Rowe Price Group (NASDAQ:TROW) Price Target Raised to $107.00

T. Rowe Price Group (NASDAQ:TROW) had its price target lifted by equities researchers at JPMorgan Chase & Co. from $106.00 to $107.00 in a report issued on Friday, Benzinga reports. The brokerage currently has an “underweight” rating on the asset manager’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 2.98% from the stock’s current price.

A number of other research firms have also commented on TROW. Zacks Research lowered T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 13th. BMO Capital Markets reduced their price target on T. Rowe Price Group from $120.00 to $110.00 and set a “market perform” rating for the company in a report on Tuesday, October 13th. Evercore set a $109.00 price objective on T. Rowe Price Group in a research note on Friday, October 9th. Weiss Ratings raised shares of T. Rowe Price Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, September 4th. Finally, UBS Group initiated coverage on T. Rowe Price Group in a report on Wednesday, October 7th. They set a “neutral” rating and a $107.00 target price for the company. One equities research analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, T. Rowe Price Group has an average rating of “Reduce” and an average price target of $103.15.

T. Rowe Price Group Trading Down 2.6%

TROW traded down $2.73 during trading on Friday, reaching $103.90. 3,549,886 shares of the company were exchanged, compared to its average volume of 2,079,941. The stock has a market cap of $22.16 billion, a P/E ratio of 10.42, a PEG ratio of 3.04 and a beta of 1.45. The firm has a 50 day moving average of $105.65 and a 200 day moving average of $103.70. T. Rowe Price Group has a 52 week low of $85.22 and a 52 week high of $122.00.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings results on Thursday, October 29th. The asset manager reported $2.86 EPS for the quarter, topping the consensus estimate of $2.63 by $0.23. T. Rowe Price Group had a net margin of 29.26% and a return on equity of 20.91%. The company had revenue of $2 billion for the quarter, compared to analyst estimates of $1.98 billion. During the same quarter in the prior year, the business posted $2.81 EPS. T. Rowe Price Group’s quarterly revenue was up 5.9% on a year-over-year basis. As a group, analysts forecast that T. Rowe Price Group will post 10.08 earnings per share for the current fiscal year.

Insider Activity at T. Rowe Price Group

In related news, VP Joshua Nelson sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $111.82, for a total transaction of $1,118,200.00. Following the completion of the sale, the vice president directly owned 71,328 shares of the company’s stock, valued at $7,975,896.96. This represents a 12.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On T. Rowe Price Group

Several institutional investors have recently added to or reduced their stakes in TROW. Elevation Wealth Partners LLC boosted its holdings in T. Rowe Price Group by 173.0% during the third quarter. Elevation Wealth Partners LLC now owns 273 shares of the asset manager’s stock worth $28,000 after buying an additional 173 shares during the last quarter. Bank & Trust Co increased its position in T. Rowe Price Group by 52.4% during the 2nd quarter. Bank & Trust Co now owns 314 shares of the asset manager’s stock worth $36,000 after purchasing an additional 108 shares in the last quarter. Keating Financial Advisory Services Inc. bought a new position in shares of T. Rowe Price Group during the second quarter worth about $39,000. Clearstead Trust LLC bought a new position in shares of T. Rowe Price Group during the 2nd quarter worth approximately $41,000. Finally, Silvant Capital Management LLC bought a new stake in T. Rowe Price Group during the 2nd quarter valued at $43,000. 73.39% of the stock is owned by institutional investors.

T. Rowe Price Group News Roundup

Here are the key news stories impacting T. Rowe Price Group this week:

• Positive Sentiment: Third-quarter adjusted earnings of $2.86 per share exceeded the $2.63 consensus estimate, while revenue reached approximately $2.0 billion versus expectations of $1.98 billion. Revenue increased 5.9% year over year, supported by higher advisory fees. T. Rowe Price Q3 Earnings and Revenues Surpass Estimates
• Positive Sentiment: Keefe, Bruyette & Woods reaffirmed its “market perform” rating but raised its price target to $113 from $112, implying approximately 8.8% potential upside based on the referenced price. Keefe, Bruyette & Woods Ratings
• Neutral Sentiment: T. Rowe Price is expanding its wealth-management operation with more than 50 new roles. The initiative could diversify growth and strengthen distribution over time, although added staffing costs may weigh on near-term efficiency. T. Rowe Price Adds Over 50 Wealth Management Roles
• Negative Sentiment: The earnings beat was offset by substantial client outflows and a decline in AUM during the quarter. Persistent redemptions are a key concern for an asset manager because they reduce fee-generating assets and could limit future revenue growth. T. Rowe Price Q3 Earnings, Revenue Beat Even as AUM Dips

About T. Rowe Price Group

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland. Founded in 1937 by Thomas Rowe Price Jr., the company provides investment strategies and advisory services to individual investors, retirement plans, financial intermediaries, institutions and other clients.

The company offers a range of actively managed and multi-asset investment products, including mutual funds, exchange-traded funds, separately managed accounts and other portfolio solutions.