The Goldman Sachs Group Issues Positive Forecast for T. Rowe Price Group (NASDAQ:TROW) Stock Price

T. Rowe Price Group (NASDAQ:TROW) had its price objective increased by The Goldman Sachs Group from $91.00 to $92.00 in a research report report published on Friday morning,MarketScreener reports. The brokerage currently has a sell rating on the asset manager’s stock.

A number of other analysts also recently commented on TROW. Barclays reiterated an “underweight” rating and set a $95.00 target price (up from $91.00) on shares of T. Rowe Price Group in a research report on Monday, August 4th. Zacks Research downgraded T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 8th. Morgan Stanley boosted their target price on T. Rowe Price Group from $112.00 to $116.00 and gave the stock an “equal weight” rating in a research report on Monday, August 4th. Evercore ISI reiterated a “positive” rating on shares of T. Rowe Price Group in a research report on Friday, September 5th. Finally, JPMorgan Chase & Co. boosted their target price on T. Rowe Price Group from $98.00 to $102.00 and gave the stock an “underweight” rating in a research report on Monday, August 4th. One research analyst has rated the stock with a Buy rating, ten have issued a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and a consensus price target of $104.08.

T. Rowe Price Group Trading Up 1.5%

Shares of TROW stock opened at $103.28 on Friday. The company has a market cap of $22.69 billion, a price-to-earnings ratio of 11.54, a price-to-earnings-growth ratio of 2.62 and a beta of 1.50. The stock has a 50 day simple moving average of $105.71 and a 200-day simple moving average of $98.06. T. Rowe Price Group has a 12-month low of $77.85 and a 12-month high of $125.81.

T. Rowe Price Group (NASDAQ:TROW) last issued its earnings results on Friday, August 1st. The asset manager reported $2.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.15 by $0.09. T. Rowe Price Group had a return on equity of 19.77% and a net margin of 28.72%.The business had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.72 billion. During the same period in the prior year, the business posted $2.26 EPS. The company’s revenue for the quarter was down .6% on a year-over-year basis. On average, equities analysts forecast that T. Rowe Price Group will post 9.29 earnings per share for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Monday, September 15th were given a $1.27 dividend. The ex-dividend date of this dividend was Monday, September 15th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 4.9%. T. Rowe Price Group’s payout ratio is currently 56.76%.

Insider Activity at T. Rowe Price Group

In other news, Director Robert F. Maclellan sold 3,090 shares of T. Rowe Price Group stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $105.01, for a total value of $324,480.90. Following the completion of the sale, the director owned 47,335 shares of the company’s stock, valued at $4,970,648.35. The trade was a 6.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in T. Rowe Price Group by 0.5% in the second quarter. Vanguard Group Inc. now owns 26,416,718 shares of the asset manager’s stock valued at $2,549,213,000 after acquiring an additional 130,325 shares during the last quarter. State Street Corp lifted its stake in shares of T. Rowe Price Group by 1.5% during the second quarter. State Street Corp now owns 14,510,271 shares of the asset manager’s stock worth $1,400,241,000 after purchasing an additional 211,647 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of T. Rowe Price Group by 1.8% during the second quarter. Charles Schwab Investment Management Inc. now owns 7,846,636 shares of the asset manager’s stock worth $757,200,000 after acquiring an additional 140,385 shares during the last quarter. Geode Capital Management LLC increased its position in shares of T. Rowe Price Group by 3.4% during the second quarter. Geode Capital Management LLC now owns 6,014,236 shares of the asset manager’s stock worth $578,059,000 after acquiring an additional 197,024 shares during the last quarter. Finally, Invesco Ltd. increased its position in shares of T. Rowe Price Group by 0.3% during the second quarter. Invesco Ltd. now owns 3,444,720 shares of the asset manager’s stock worth $332,415,000 after acquiring an additional 11,036 shares during the last quarter. 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.