T. Rowe Price Group (NASDAQ:TROW) Price Target Raised to $98.00

T. Rowe Price Group (NASDAQ:TROW) had its price target lifted by investment analysts at The Goldman Sachs Group from $93.00 to $98.00 in a research report issued on Monday,MarketScreener reports. The Goldman Sachs Group’s price target would suggest a potential downside of 2.74% from the company’s previous close.

Other research analysts have also recently issued research reports about the company. Wells Fargo & Company raised their price target on T. Rowe Price Group from $98.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Friday, July 11th. TD Cowen raised their price objective on T. Rowe Price Group from $108.00 to $112.00 and gave the company a “hold” rating in a research note on Monday. Jefferies Financial Group raised their price objective on T. Rowe Price Group from $104.00 to $106.00 and gave the company a “hold” rating in a research note on Tuesday, October 7th. Evercore ISI lifted their price target on T. Rowe Price Group from $115.00 to $118.00 and gave the company an “in-line” rating in a research note on Thursday, October 9th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on T. Rowe Price Group from $109.00 to $114.00 and gave the company a “hold” rating in a research note on Thursday, October 9th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $109.31.

T. Rowe Price Group Price Performance

TROW stock opened at $100.76 on Monday. The stock has a market capitalization of $22.14 billion, a price-to-earnings ratio of 11.29, a PEG ratio of 5.61 and a beta of 1.50. The business’s fifty day moving average price is $104.96 and its two-hundred day moving average price is $100.43. T. Rowe Price Group has a fifty-two week low of $77.85 and a fifty-two week high of $125.81.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings results on Friday, October 31st. The asset manager reported $2.81 EPS for the quarter, topping analysts’ consensus estimates of $2.55 by $0.26. T. Rowe Price Group had a return on equity of 19.77% and a net margin of 28.72%.The company had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.88 billion. During the same quarter last year, the business earned $2.57 earnings per share. T. Rowe Price Group’s revenue was up 6.0% on a year-over-year basis. Research analysts expect that T. Rowe Price Group will post 9.29 EPS for the current year.

Insider Buying and Selling

In related news, Director Robert F. Maclellan sold 3,090 shares of the 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 directly owned 47,335 shares of the company’s stock, valued at approximately $4,970,648.35. This represents a 6.13% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On T. Rowe Price Group

A number of institutional investors and hedge funds have recently bought and sold shares of TROW. Columbia Asset Management grew its stake in T. Rowe Price Group by 9.8% in the 3rd quarter. Columbia Asset Management now owns 16,434 shares of the asset manager’s stock valued at $1,687,000 after purchasing an additional 1,470 shares during the period. Howard Capital Management Inc. grew its stake in T. Rowe Price Group by 7.3% in the 3rd quarter. Howard Capital Management Inc. now owns 5,382 shares of the asset manager’s stock valued at $552,000 after purchasing an additional 366 shares during the period. Berman McAleer LLC bought a new position in T. Rowe Price Group in the 3rd quarter valued at $349,000. National Pension Service grew its stake in T. Rowe Price Group by 5.1% in the 3rd quarter. National Pension Service now owns 423,327 shares of the asset manager’s stock valued at $43,450,000 after purchasing an additional 20,409 shares during the period. Finally, Winnow Wealth LLC grew its stake in T. Rowe Price Group by 9,335.0% in the 3rd quarter. Winnow Wealth LLC now owns 9,435 shares of the asset manager’s stock valued at $972,000 after purchasing an additional 9,335 shares during the period. 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.