Keefe, Bruyette & Woods Reaffirms “Market Perform” Rating for T. Rowe Price Group (NASDAQ:TROW)

T. Rowe Price Group (NASDAQ:TROW)‘s stock had its “market perform” rating reaffirmed by analysts at Keefe, Bruyette & Woods in a research note issued to investors on Friday, Benzinga reports. They currently have a $113.00 price target on the asset manager’s stock, up from their prior price target of $112.00. Keefe, Bruyette & Woods‘s target price indicates a potential upside of 7.78% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on TROW. Weiss Ratings raised T. Rowe Price Group from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, September 4th. Zacks Research lowered shares of T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 13th. BMO Capital Markets decreased 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 research report on Tuesday, October 13th. Barclays decreased their price objective on T. Rowe Price Group from $103.00 to $102.00 and set an “underweight” rating for the company in a report on Wednesday, October 14th. Finally, Morgan Stanley upped their target price on shares of T. Rowe Price Group from $110.00 to $112.00 and gave the stock an “equal weight” rating in a report on Friday, October 23rd. One investment analyst has rated the stock with a Buy rating, ten have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Reduce” and an average target price of $104.08.

T. Rowe Price Group Trading Down 1.7%

Shares of NASDAQ TROW traded down $1.78 during midday trading on Friday, reaching $104.85. The company’s stock had a trading volume of 399,321 shares, compared to its average volume of 2,064,307. T. Rowe Price Group has a fifty-two week low of $85.22 and a fifty-two week high of $122.00. The stock has a 50 day simple moving average of $105.82 and a 200-day simple moving average of $103.72. The stock has a market capitalization of $22.37 billion, a price-to-earnings ratio of 10.52, a PEG ratio of 3.04 and a beta of 1.45.

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

Insider Activity

In other T. Rowe Price Group news, VP Joshua Nelson sold 10,000 shares of the business’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $111.82, for a total value of $1,118,200.00. Following the transaction, the vice president owned 71,328 shares in the company, valued at approximately $7,975,896.96. The trade was a 12.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On T. Rowe Price Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. purchased a new position in T. Rowe Price Group during the second quarter valued at $2,728,119,000. State Street Corp grew its holdings in T. Rowe Price Group by 2.7% during the second quarter. State Street Corp now owns 14,653,478 shares of the asset manager’s stock valued at $1,665,954,000 after purchasing an additional 381,183 shares during the period. First Trust Advisors LP raised its position in shares of T. Rowe Price Group by 12.6% during the 1st quarter. First Trust Advisors LP now owns 3,694,171 shares of the asset manager’s stock valued at $332,993,000 after purchasing an additional 413,317 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in T. Rowe Price Group by 20.0% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,150,561 shares of the asset manager’s stock valued at $358,187,000 after acquiring an additional 524,544 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in T. Rowe Price Group by 1.8% during the first quarter. Dimensional Fund Advisors LP now owns 2,124,696 shares of the asset manager’s stock valued at $191,512,000 after purchasing an additional 37,642 shares during the last quarter. Institutional investors own 73.39% of the company’s stock.

T. Rowe Price Group News Roundup

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

• Positive Sentiment: Quarterly earnings beat estimates: T. Rowe Price reported adjusted earnings of $2.86 per share, above consensus estimates ranging from $2.58 to $2.63 and up from $2.81 a year earlier. T. Rowe Price Q3 Earnings and Revenues Surpass Estimates
• Positive Sentiment: Revenue and fee income were stronger than expected: Quarterly revenue reached approximately $2.0 billion, exceeding the $1.98 billion consensus estimate and increasing 5.9% year over year. Higher advisory fees helped support results. T. Rowe Price Group Reports Third-Quarter Results
• Positive Sentiment: Assets under management benefited from market levels: AUM was higher year over year, supporting management fees and profitability, even though assets declined from the prior quarter. TROW Stock Gains as Q3 Earnings Beat
• Neutral Sentiment: Wealth-management expansion continues: The company is adding more than 50 wealth-management positions, signaling investment in distribution and client-service capabilities but also implying higher near-term operating costs. T. Rowe Price Adds Over 50 Wealth Management Roles
• Negative Sentiment: Client outflows remain a key risk: Substantial net redemptions and the sequential AUM decline highlight continued pressure on organic growth and could constrain future fee revenue. Reports also described a retreat in the quarterly bottom line despite the adjusted EPS beat. T. Rowe Price Q3 Earnings, Revenue Beat Even as AUM Dips

T. Rowe Price Group Company Profile

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.