T. Rowe Price Group (NASDAQ:TROW) Upgraded by Zacks Research to Hold Rating

T. Rowe Price Group (NASDAQ:TROW) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Wednesday,Zacks.com reports.

A number of other equities research analysts have also recently commented on the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of T. Rowe Price Group in a research note on Friday, May 8th. Morgan Stanley set a $105.00 target price on T. Rowe Price Group in a research note on Monday, April 27th. Barclays boosted their target price on T. Rowe Price Group from $87.00 to $89.00 and gave the company an “underweight” rating in a research note on Friday, May 1st. Argus raised T. Rowe Price Group to a “hold” rating in a research note on Thursday, February 5th. Finally, Bank of America boosted their target price on T. Rowe Price Group from $85.00 to $86.00 in a research note on Wednesday, January 14th. Eleven research analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and an average target price of $99.54.

T. Rowe Price Group Stock Down 0.6%

Shares of T. Rowe Price Group stock opened at $102.41 on Wednesday. T. Rowe Price Group has a 12 month low of $85.22 and a 12 month high of $118.22. The business has a fifty day simple moving average of $94.35 and a 200 day simple moving average of $99.21. The stock has a market cap of $21.94 billion, a PE ratio of 10.98, a price-to-earnings-growth ratio of 4.50 and a beta of 1.51.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings data on Thursday, April 30th. The asset manager reported $2.52 EPS for the quarter, topping analysts’ consensus estimates of $2.37 by $0.15. T. Rowe Price Group had a return on equity of 20.60% and a net margin of 28.28%.The business had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.85 billion. During the same period in the previous year, the firm earned $2.23 earnings per share. The firm’s quarterly revenue was up 5.3% compared to the same quarter last year. Analysts expect that T. Rowe Price Group will post 9.61 EPS for the current fiscal year.

Insider Transactions at T. Rowe Price Group

In related news, VP Stephon A. Jackson sold 3,000 shares of the company’s stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $102.56, for a total transaction of $307,680.00. Following the sale, the vice president owned 83,883 shares in the company, valued at approximately $8,603,040.48. This represents a 3.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.60% of the company’s stock.

Institutional Trading of T. Rowe Price Group

Several institutional investors and hedge funds have recently bought and sold shares of TROW. Goldman Sachs Group Inc. raised its holdings in T. Rowe Price Group by 332.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 8,770,071 shares of the asset manager’s stock worth $897,880,000 after acquiring an additional 6,740,172 shares in the last quarter. First Trust Advisors LP raised its stake in T. Rowe Price Group by 126.5% in the fourth quarter. First Trust Advisors LP now owns 3,280,854 shares of the asset manager’s stock valued at $335,894,000 after buying an additional 1,832,231 shares during the period. Norges Bank bought a new stake in T. Rowe Price Group in the fourth quarter valued at approximately $128,283,000. PFA Pension Forsikringsaktieselskab bought a new stake in T. Rowe Price Group in the fourth quarter valued at approximately $61,073,000. Finally, Caisse de depot et placement du Quebec raised its stake in T. Rowe Price Group by 81.0% in the third quarter. Caisse de depot et placement du Quebec now owns 1,306,922 shares of the asset manager’s stock valued at $134,142,000 after buying an additional 584,949 shares during the period. 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, founded by Thomas Rowe Price Jr. in 1937. The company provides a broad range of investment products and services for individual investors, financial intermediaries, retirement plan sponsors and institutional clients. Its offerings are built around active investment management and in-house research across equity, fixed income and multi-asset strategies, reflecting a long history as a research-driven asset manager.

The firm’s product lineup includes mutual funds, separate accounts, collective investment trusts, target-date and target-risk funds, and managed account solutions, as well as services for defined contribution and defined benefit retirement plans.