T. Rowe Price Group (NASDAQ:TROW) Stock Price Target Lowered at TD Cowen

T. Rowe Price Group (NASDAQ:TROW) had its target price trimmed by TD Cowen from $109.00 to $96.00 in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has a hold rating on the asset manager’s stock.

A number of other analysts have also recently commented on the stock. Weiss Ratings upgraded shares of T. Rowe Price Group from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, September 4th. Morgan Stanley increased their price target on shares of T. Rowe Price Group from $110.00 to $112.00 and gave the stock an “equal weight” rating in a research note on Friday, October 23rd. Evercore set a $109.00 price target on shares of T. Rowe Price Group in a research report on Friday, October 9th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $109.00 price objective on shares of T. Rowe Price Group in a research note on Monday, August 3rd. Finally, Zacks Research cut shares of T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 13th. One investment analyst has rated the stock with a Buy rating, ten have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $103.15.

T. Rowe Price Group Stock Performance

Shares of NASDAQ:TROW opened at $103.90 on Friday. The firm has a market capitalization of $22.16 billion, a P/E ratio of 10.26, a P/E/G ratio of 3.12 and a beta of 1.45. The stock has a 50 day moving average price of $105.65 and a 200-day moving average price 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 issued its quarterly earnings results 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 analysts’ expectations of $1.98 billion. T. Rowe Price Group had a return on equity of 20.71% and a net margin of 28.40%. The firm’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same period in the prior year, the firm earned $2.81 earnings per share. On average, equities analysts forecast that T. Rowe Price Group will post 10.08 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th were paid a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a dividend yield of 5.0%. The ex-dividend date of this dividend was Tuesday, September 15th. T. Rowe Price Group’s dividend payout ratio is currently 52.58%.

Insider Activity at T. Rowe Price Group

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

Institutional Trading of T. Rowe Price Group

Institutional investors have recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of T. Rowe Price Group during the second quarter valued at approximately $2,728,119,000. State Street Corp increased its position in shares of 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 acquiring an additional 381,183 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in T. Rowe Price Group by 20.0% in the 2nd 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 worth $358,187,000 after acquiring an additional 524,544 shares during the last quarter. First Trust Advisors LP raised its holdings in T. Rowe Price Group by 12.6% in the 1st quarter. First Trust Advisors LP now owns 3,694,171 shares of the asset manager’s stock worth $332,993,000 after acquiring an additional 413,317 shares during the last quarter. Finally, Provident Trust Co. raised its holdings in T. Rowe Price Group by 0.4% in the 2nd quarter. Provident Trust Co. now owns 2,061,353 shares of the asset manager’s stock worth $234,355,000 after acquiring an additional 8,524 shares during the last quarter. 73.39% of the stock is owned by hedge funds and other 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

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.