T. Rowe Price Group (NASDAQ:TROW) Given New $99.00 Price Target at Evercore

T. Rowe Price Group (NASDAQ:TROW) had its price target dropped by stock analysts at Evercore from $106.00 to $99.00 in a report released on Friday,MarketScreener reports. Evercore’s price target would indicate a potential upside of 9.37% from the stock’s current price.

Other research analysts have also issued research reports about the company. Morgan Stanley dropped their price target on T. Rowe Price Group from $123.00 to $115.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 10th. Barclays set a $94.00 target price on shares of T. Rowe Price Group in a research note on Thursday, February 5th. Zacks Research lowered shares of T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 9th. Bank of America increased their price target on T. Rowe Price Group from $85.00 to $86.00 in a report on Wednesday, January 14th. Finally, Argus raised T. Rowe Price Group to a “hold” rating in a research report on Thursday, February 5th. Twelve analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, T. Rowe Price Group has a consensus rating of “Reduce” and an average target price of $101.69.

T. Rowe Price Group Trading Down 1.7%

Shares of TROW stock opened at $90.52 on Friday. The stock’s 50-day moving average price is $100.62 and its 200-day moving average price is $102.92. T. Rowe Price Group has a 12-month low of $77.85 and a 12-month high of $118.22. The stock has a market capitalization of $19.74 billion, a price-to-earnings ratio of 9.79, a price-to-earnings-growth ratio of 4.75 and a beta of 1.54.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings data on Wednesday, February 4th. The asset manager reported $2.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.47 by ($0.03). T. Rowe Price Group had a return on equity of 20.29% and a net margin of 28.53%.The firm had revenue of $1.93 billion for the quarter, compared to analysts’ expectations of $1.92 billion. During the same period last year, the company earned $2.12 earnings per share. The firm’s revenue was up 6.0% on a year-over-year basis. As a group, research analysts predict that T. Rowe Price Group will post 9.29 EPS for the current fiscal year.

Insider Activity

In related news, VP Arif Husain sold 4,260 shares of the stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $101.96, for a total transaction of $434,349.60. Following the completion of the sale, the vice president owned 47,102 shares of the company’s stock, valued at $4,802,519.92. This represents a 8.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.00% of the stock is currently owned by insiders.

Institutional Trading of T. Rowe Price Group

Large investors have recently bought and sold shares of the stock. TD Waterhouse Canada Inc. raised its stake in shares of T. Rowe Price Group by 66.7% in the second quarter. TD Waterhouse Canada Inc. now owns 250 shares of the asset manager’s stock worth $25,000 after purchasing an additional 100 shares during the last quarter. TD Private Client Wealth LLC increased its holdings in T. Rowe Price Group by 91.8% in the 4th quarter. TD Private Client Wealth LLC now owns 257 shares of the asset manager’s stock worth $26,000 after buying an additional 123 shares during the period. Thurston Springer Miller Herd & Titak Inc. raised its position in T. Rowe Price Group by 540.9% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 282 shares of the asset manager’s stock worth $29,000 after buying an additional 238 shares during the last quarter. Root Financial Partners LLC acquired a new stake in T. Rowe Price Group during the 3rd quarter valued at approximately $30,000. Finally, Vermillion & White Wealth Management Group LLC lifted its stake in T. Rowe Price Group by 120.0% during the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 319 shares of the asset manager’s stock valued at $31,000 after acquiring an additional 174 shares during the period. Hedge funds and other institutional investors own 73.39% of the company’s stock.

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.