TD Cowen Lowers T. Rowe Price Group (NASDAQ:TROW) Price Target to $118.00

T. Rowe Price Group (NASDAQ:TROW) had its price objective dropped by equities researchers at TD Cowen from $123.00 to $118.00 in a report issued on Monday, Benzinga reports. The firm currently has a “hold” rating on the asset manager’s stock. TD Cowen’s price objective would suggest a potential upside of 5.20% from the stock’s current price.

A number of other research firms have also weighed in on TROW. JPMorgan Chase & Co. upped their price objective on T. Rowe Price Group from $102.00 to $107.00 and gave the stock an “underweight” rating in a research note on Tuesday, July 23rd. Morgan Stanley boosted their target price on T. Rowe Price Group from $114.00 to $125.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 17th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $120.00 price objective (down from $121.00) on shares of T. Rowe Price Group in a report on Monday. Citigroup upped their target price on shares of T. Rowe Price Group from $110.00 to $125.00 and gave the company a “neutral” rating in a research report on Friday, April 5th. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on T. Rowe Price Group from $122.00 to $112.00 and set a “hold” rating for the company in a report on Monday. Four research analysts have rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $113.10.

T. Rowe Price Group Stock Performance

Shares of TROW traded up $0.09 during mid-day trading on Monday, hitting $112.17. 939,914 shares of the company traded hands, compared to its average volume of 1,294,667. The stock has a market cap of $25.05 billion, a price-to-earnings ratio of 13.39, a P/E/G ratio of 1.63 and a beta of 1.42. The stock has a 50-day moving average price of $116.47 and a two-hundred day moving average price of $114.14. T. Rowe Price Group has a 1 year low of $87.43 and a 1 year high of $128.14.

T. Rowe Price Group (NASDAQ:TROW) last announced its earnings results on Friday, July 26th. The asset manager reported $2.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.27 by ($0.01). The business had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.79 billion. T. Rowe Price Group had a net margin of 28.66% and a return on equity of 20.01%. The business’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter last year, the firm posted $2.02 earnings per share. On average, analysts forecast that T. Rowe Price Group will post 8.98 EPS for the current year.

Insiders Place Their Bets

In other news, insider Jessica M. Hiebler sold 1,401 shares of the business’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $115.85, for a total value of $162,305.85. Following the completion of the transaction, the insider now directly owns 14,198 shares of the company’s stock, valued at approximately $1,644,838.30. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, VP Dorothy C. Sawyer sold 2,000 shares of the company’s stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $117.00, for a total transaction of $234,000.00. Following the transaction, the vice president now directly owns 34,710 shares of the company’s stock, valued at approximately $4,061,070. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jessica M. Hiebler sold 1,401 shares of the firm’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $115.85, for a total value of $162,305.85. Following the completion of the sale, the insider now directly owns 14,198 shares of the company’s stock, valued at approximately $1,644,838.30. The disclosure for this sale can be found here. 2.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On T. Rowe Price Group

Several hedge funds and other institutional investors have recently modified their holdings of TROW. Lynx Investment Advisory purchased a new stake in shares of T. Rowe Price Group during the second quarter valued at $29,000. First United Bank & Trust purchased a new stake in T. Rowe Price Group during the 4th quarter valued at about $31,000. Park Place Capital Corp increased its holdings in shares of 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 valued at $32,000 after purchasing an additional 284 shares during the period. Family Firm Inc. purchased a new position in shares of T. Rowe Price Group in the second quarter worth about $36,000. Finally, Versant Capital Management Inc raised its stake in shares of T. Rowe Price Group by 660.5% in the second quarter. Versant Capital Management Inc now owns 327 shares of the asset manager’s stock worth $38,000 after purchasing an additional 284 shares during the last quarter. 73.39% of the stock is owned by hedge funds and other institutional investors.

T. Rowe Price Group Company Profile

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.