T. Rowe Price Group (NASDAQ:TROW) Price Target Cut to $110.00 by Analysts at BMO Capital Markets

T. Rowe Price Group (NASDAQ:TROW) had its price objective cut by stock analysts at BMO Capital Markets from $120.00 to $110.00 in a research report issued on Tuesday, Benzinga reports. The firm presently has a “market perform” rating on the asset manager’s stock. BMO Capital Markets’ price target indicates a potential upside of 8.79% from the stock’s previous close.

TROW has been the subject of a number of other research reports. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $115.00 price objective (down from $120.00) on shares of T. Rowe Price Group in a research report on Monday, August 3rd. UBS Group began coverage on T. Rowe Price Group in a report on Wednesday, October 7th. They issued a “neutral” rating and a $107.00 target price on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $109.00 target price on shares of T. Rowe Price Group in a research report on Monday, August 3rd. Barclays reduced their target price on T. Rowe Price Group from $108.00 to $103.00 and set an “underweight” rating for the company in a report on Monday, August 3rd. Finally, Weiss Ratings raised T. Rowe Price Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, September 4th. One investment analyst has rated the stock with a Buy rating, ten have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Reduce” and a consensus price target of $103.92.

T. Rowe Price Group Price Performance

Shares of NASDAQ TROW traded down $2.88 during mid-day trading on Tuesday, reaching $101.11. 1,121,610 shares of the company traded hands, compared to its average volume of 2,059,082. T. Rowe Price Group has a fifty-two week low of $85.22 and a fifty-two week high of $122.00. The firm has a market cap of $21.57 billion, a PE ratio of 10.16, a price-to-earnings-growth ratio of 4.56 and a beta of 1.45. The stock has a fifty day simple moving average of $108.37 and a 200-day simple moving average of $106.47.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings data on Friday, July 31st. The asset manager reported $2.57 earnings per share for the quarter, beating the consensus estimate of $2.52 by $0.05. The company had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.89 billion. T. Rowe Price Group had a net margin of 29.26% and a return on equity of 20.91%. The business’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter last year, the firm posted $2.24 EPS. As a group, analysts predict that T. Rowe Price Group will post 10.13 EPS for the current fiscal year.

Insiders Place Their Bets

In other T. Rowe Price Group news, VP Joshua Nelson sold 10,000 shares of the business’s stock in a transaction 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 sale, the vice president directly owned 71,328 shares of the company’s stock, valued at $7,975,896.96. The trade was a 12.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. bought a new stake in shares of T. Rowe Price Group during the second quarter worth $2,728,119,000. Legal & General Group Plc bought a new position in shares of T. Rowe Price Group in the second quarter valued at about $183,130,000. Bank of America Corp DE bought a new position in shares of T. Rowe Price Group in the second quarter valued at about $170,572,000. Bank of New York Mellon Corp acquired a new position in T. Rowe Price Group during the 2nd quarter worth about $167,984,000. Finally, Caisse de depot et placement du Quebec acquired a new position in T. Rowe Price Group during the 2nd quarter worth about $132,649,000. Hedge funds and other institutional investors own 73.39% of the company’s stock.

About T. Rowe Price Group

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland. The company provides investment strategies and related services to individual investors, retirement plans, financial intermediaries, institutions, and other clients.

Its offerings include actively managed mutual funds, exchange-traded funds, separately managed accounts, collective investment trusts, and other portfolio solutions. T. Rowe Price invests across equity, fixed-income, multi-asset, and alternative strategies, and also provides retirement planning, asset allocation, advisory, and investment research services.

Founded in 1937 by Thomas Rowe Price Jr., the company serves clients through operations and distribution relationships in the United States and international markets.