T. Rowe Price Group (NASDAQ:TROW) Price Target Raised to $116.00

T. Rowe Price Group (NASDAQ:TROW) had its price objective lifted by investment analysts at Keefe, Bruyette & Woods from $114.00 to $116.00 in a report released on Friday,Benzinga reports. The brokerage presently has a “market perform” rating on the asset manager’s stock. Keefe, Bruyette & Woods’ target price points to a potential upside of 1.98% from the company’s current price.

Several other equities research analysts also recently weighed in on the company. Morgan Stanley increased their price objective on T. Rowe Price Group from $127.00 to $129.00 and gave the company an “equal weight” rating in a report on Monday, November 4th. The Goldman Sachs Group dropped their price target on T. Rowe Price Group from $106.00 to $102.00 and set a “sell” rating on the stock in a research report on Thursday, October 3rd. Barclays increased their price target on T. Rowe Price Group from $110.00 to $115.00 and gave the stock an “underweight” rating in a report on Monday, December 9th. JPMorgan Chase & Co. cut their price objective on shares of T. Rowe Price Group from $116.00 to $115.00 and set an “underweight” rating for the company in a research report on Monday, November 4th. Finally, Wells Fargo & Company lifted their target price on shares of T. Rowe Price Group from $112.00 to $124.00 and gave the company an “equal weight” rating in a report on Thursday, December 12th. Four research analysts have rated the stock with a sell rating and eight have given a hold rating to the company’s stock. According to MarketBeat.com, T. Rowe Price Group currently has a consensus rating of “Hold” and an average price target of $116.73.

T. Rowe Price Group Stock Performance

TROW stock traded up $0.78 during midday trading on Friday, reaching $113.75. 266,969 shares of the company were exchanged, compared to its average volume of 1,275,103. The company has a market cap of $25.27 billion, a price-to-earnings ratio of 12.45, a price-to-earnings-growth ratio of 1.73 and a beta of 1.42. T. Rowe Price Group has a 1-year low of $100.49 and a 1-year high of $125.81. The stock’s 50-day simple moving average is $117.35 and its 200 day simple moving average is $113.25.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings results on Friday, November 1st. The asset manager reported $2.57 earnings per share for the quarter, beating analysts’ consensus estimates of $2.36 by $0.21. The firm had revenue of $1.79 billion during the quarter, compared to analysts’ expectations of $1.84 billion. T. Rowe Price Group had a net margin of 30.35% and a return on equity of 20.35%. T. Rowe Price Group’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the previous year, the company earned $2.17 earnings per share. On average, research analysts anticipate that T. Rowe Price Group will post 9.39 earnings per share for the current year.

Insider Buying and Selling at T. Rowe Price Group

In other T. Rowe Price Group news, VP Andrew Justin Mackenzi Thomson sold 4,047 shares of the company’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $123.35, for a total value of $499,197.45. Following the transaction, the vice president now directly owns 119,577 shares in the company, valued at approximately $14,749,822.95. This represents a 3.27 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.00% of the stock is owned by insiders.

Hedge Funds Weigh In On T. Rowe Price Group

A number of institutional investors have recently modified their holdings of the company. Principal Financial Group Inc. raised its holdings in T. Rowe Price Group by 2.8% in the 3rd quarter. Principal Financial Group Inc. now owns 275,978 shares of the asset manager’s stock valued at $30,062,000 after acquiring an additional 7,503 shares during the last quarter. Franklin Resources Inc. grew its position in shares of T. Rowe Price Group by 45.1% in the third quarter. Franklin Resources Inc. now owns 490,155 shares of the asset manager’s stock valued at $53,760,000 after purchasing an additional 152,430 shares during the period. Synovus Financial Corp increased its stake in T. Rowe Price Group by 15.7% in the third quarter. Synovus Financial Corp now owns 11,476 shares of the asset manager’s stock valued at $1,250,000 after purchasing an additional 1,559 shares during the last quarter. Tidal Investments LLC lifted its position in T. Rowe Price Group by 8.5% during the third quarter. Tidal Investments LLC now owns 6,541 shares of the asset manager’s stock worth $713,000 after buying an additional 513 shares during the period. Finally, Wilmington Savings Fund Society FSB lifted its position in T. Rowe Price Group by 191.1% during the third quarter. Wilmington Savings Fund Society FSB now owns 11,404 shares of the asset manager’s stock worth $1,242,000 after buying an additional 7,486 shares during the period. Institutional investors and hedge funds own 73.39% of the company’s stock.

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.