TD Cowen Raises T. Rowe Price Group (NASDAQ:TROW) Price Target to $123.00

T. Rowe Price Group (NASDAQ:TROW) had its price target raised by TD Cowen from $121.00 to $123.00 in a research report sent to investors on Monday, Benzinga reports. TD Cowen currently has a hold rating on the asset manager’s stock.

Several other equities research analysts have also weighed in on the company. Citigroup lifted their price objective on T. Rowe Price Group from $110.00 to $125.00 and gave the stock a neutral rating in a report on Friday, April 5th. JPMorgan Chase & Co. lifted their price objective on T. Rowe Price Group from $94.00 to $103.00 and gave the stock an underweight rating in a report on Tuesday, April 16th. Evercore ISI reduced their target price on T. Rowe Price Group from $110.00 to $107.00 and set an in-line rating for the company in a report on Tuesday, April 30th. Keefe, Bruyette & Woods raised T. Rowe Price Group from an underperform rating to a market perform rating and lifted their target price for the company from $106.00 to $120.00 in a report on Thursday, April 11th. Finally, Morgan Stanley lifted their target price on T. Rowe Price Group from $114.00 to $125.00 and gave the company an equal weight rating in a report on Wednesday, April 17th. Four research analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of Hold and a consensus price target of $113.00.

T. Rowe Price Group Trading Up 0.9 %

Shares of NASDAQ:TROW opened at $117.17 on Monday. The stock’s fifty day simple moving average is $115.72 and its two-hundred day simple moving average is $113.35. T. Rowe Price Group has a 1-year low of $87.43 and a 1-year high of $132.76. The stock has a market cap of $26.16 billion, a PE ratio of 13.92, a price-to-earnings-growth ratio of 1.96 and a beta of 1.42.

T. Rowe Price Group (NASDAQ:TROW) last announced its earnings results on Friday, April 26th. The asset manager reported $2.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.04 by $0.34. T. Rowe Price Group had a return on equity of 19.70% and a net margin of 29.09%. The firm had revenue of $1.75 billion during the quarter, compared to analyst estimates of $1.71 billion. During the same period last year, the firm posted $1.69 EPS. The business’s revenue was up 13.8% compared to the same quarter last year. On average, sell-side analysts forecast that T. Rowe Price Group will post 8.84 earnings per share for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 27th. Shareholders of record on Friday, June 14th were issued a $1.24 dividend. The ex-dividend date was Friday, June 14th. This represents a $4.96 dividend on an annualized basis and a yield of 4.23%. T. Rowe Price Group’s dividend payout ratio (DPR) is 58.91%.

Insiders Place Their Bets

In other T. Rowe Price Group news, VP Dorothy C. Sawyer sold 2,000 shares of the stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $117.00, for a total value of $234,000.00. Following the completion of the transaction, the vice president now owns 34,710 shares in the company, valued at $4,061,070. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider Jessica M. Hiebler sold 1,401 shares of the stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $115.85, for a total transaction of $162,305.85. Following the sale, the insider now directly owns 14,198 shares of the company’s stock, valued at $1,644,838.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Dorothy C. Sawyer sold 2,000 shares of the stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $117.00, for a total value of $234,000.00. Following the sale, the vice president now directly owns 34,710 shares in the company, valued at $4,061,070. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 6,444 shares of company stock worth $740,408. 2.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On T. Rowe Price Group

Several institutional investors have recently modified their holdings of TROW. Creative Financial Designs Inc. ADV boosted its position in T. Rowe Price Group by 83.5% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 233 shares of the asset manager’s stock worth $25,000 after purchasing an additional 106 shares during the last quarter. Lynx Investment Advisory purchased a new position in T. Rowe Price Group in the second quarter worth about $29,000. First United Bank & Trust purchased a new position in T. Rowe Price Group in the fourth quarter worth about $31,000. Park Place Capital Corp boosted its position in T. Rowe Price Group by 1,775.0% in the fourth quarter. Park Place Capital Corp now owns 300 shares of the asset manager’s stock worth $32,000 after purchasing an additional 284 shares during the last quarter. Finally, Fortitude Family Office LLC purchased a new position in T. Rowe Price Group in the fourth quarter worth about $33,000. 73.39% of the stock is owned by hedge funds and other institutional investors.

About T. Rowe Price Group

T. Rowe Price Group, Inc is a publicly owned investment manager. The firm provides its services to individuals, institutional investors, retirement plans, financial intermediaries, and institutions. It launches and manages equity and fixed income mutual funds. The firm invests in the public equity and fixed income markets across the globe.