Bank of America Forecasts Strong Price Appreciation for T. Rowe Price Group (NASDAQ:TROW) Stock

T. Rowe Price Group (NASDAQ:TROW) had its target price upped by research analysts at Bank of America from $85.00 to $86.00 in a research report issued to clients and investors on Wednesday,MarketScreener reports. Bank of America‘s price objective points to a potential downside of 19.87% from the company’s current price.

TROW has been the topic of a number of other reports. Morgan Stanley upped their price target on shares of T. Rowe Price Group from $126.00 to $128.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 17th. Zacks Research downgraded T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 9th. Evercore ISI lowered their target price on T. Rowe Price Group from $118.00 to $115.00 and set an “in-line” rating for the company in a research note on Friday, December 5th. Weiss Ratings reissued a “hold (c+)” rating on shares of T. Rowe Price Group in a report on Monday, December 29th. Finally, BMO Capital Markets assumed coverage on T. Rowe Price Group in a research note on Friday, October 3rd. They set a “market perform” rating and a $108.00 target price on the stock. Twelve investment analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus target price of $107.54.

T. Rowe Price Group Price Performance

Shares of T. Rowe Price Group stock traded up $1.24 on Wednesday, reaching $107.32. 1,236,431 shares of the company traded hands, compared to its average volume of 1,893,710. The company has a 50 day moving average of $103.51 and a 200 day moving average of $104.21. T. Rowe Price Group has a 52 week low of $77.85 and a 52 week high of $118.32. The firm has a market capitalization of $23.42 billion, a PE ratio of 11.69, a PEG ratio of 2.62 and a beta of 1.52.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings data on Friday, October 31st. The asset manager reported $2.81 EPS for the quarter, beating the consensus estimate of $2.55 by $0.26. T. Rowe Price Group had a return on equity of 19.95% and a net margin of 28.89%.The business had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.88 billion. During the same quarter in the prior year, the business earned $2.57 earnings per share. T. Rowe Price Group’s revenue for the quarter was up 6.0% on a year-over-year basis. As a group, analysts anticipate that T. Rowe Price Group will post 9.29 earnings per share for the current year.

Insider Buying and Selling at T. Rowe Price Group

In other T. Rowe Price Group news, VP Arif Husain sold 4,260 shares of the company’s stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $101.96, for a total value of $434,349.60. Following the completion of the transaction, the vice president directly owned 47,102 shares in the company, valued at $4,802,519.92. This represents a 8.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in TROW. Candriam S.C.A. grew its holdings in shares of T. Rowe Price Group by 20.4% in the second quarter. Candriam S.C.A. now owns 30,931 shares of the asset manager’s stock valued at $2,985,000 after purchasing an additional 5,236 shares in the last quarter. Greenspring Advisors LLC bought a new position in T. Rowe Price Group during the 3rd quarter valued at about $1,583,000. Allen Wealth Management LLC lifted its stake in shares of T. Rowe Price Group by 459.3% during the 3rd quarter. Allen Wealth Management LLC now owns 13,855 shares of the asset manager’s stock worth $1,422,000 after acquiring an additional 11,378 shares during the last quarter. Amundi lifted its position in shares of T. Rowe Price Group by 16.9% during the second quarter. Amundi now owns 1,607,616 shares of the asset manager’s stock worth $153,714,000 after purchasing an additional 232,361 shares during the last quarter. Finally, Confluence Investment Management LLC boosted its position in T. Rowe Price Group by 2.7% in the 3rd quarter. Confluence Investment Management LLC now owns 973,769 shares of the asset manager’s stock valued at $99,948,000 after buying an additional 25,316 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 global investment management firm headquartered in Baltimore, Maryland, founded by Thomas Rowe Price Jr. in 1937. The company provides a broad range of investment products and services for individual investors, financial intermediaries, retirement plan sponsors and institutional clients. Its offerings are built around active investment management and in-house research across equity, fixed income and multi-asset strategies, reflecting a long history as a research-driven asset manager.

The firm’s product lineup includes mutual funds, separate accounts, collective investment trusts, target-date and target-risk funds, and managed account solutions, as well as services for defined contribution and defined benefit retirement plans.