T. Rowe Price Group (NASDAQ:TROW) Price Target Raised to $107.00

T. Rowe Price Group (NASDAQ:TROW) had its price objective lifted by JPMorgan Chase & Co. from $106.00 to $107.00 in a report released on Friday,Benzinga reports. They currently have an underweight rating on the asset manager’s stock.

Other equities analysts also recently issued research reports about the stock. UBS Group began coverage on shares of T. Rowe Price Group in a report on Wednesday, October 7th. They issued a “neutral” rating and a $107.00 price objective on the stock. Zacks Research cut shares of T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 13th. Evercore set a $109.00 price objective on shares of T. Rowe Price Group in a research report on Friday, October 9th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $113.00 target price (up from $112.00) on shares of T. Rowe Price Group in a research note on Friday. Finally, BMO Capital Markets cut their price objective on shares of T. Rowe Price Group from $120.00 to $110.00 and set a “market perform” rating for the company in a research report on Tuesday, October 13th. One investment analyst has rated the stock with a Buy rating, ten have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average price target of $103.15.

T. Rowe Price Group Price Performance

Shares of NASDAQ:TROW opened at $103.90 on Friday. The firm has a market cap of $22.16 billion, a PE ratio of 10.51, a PEG ratio of 3.02 and a beta of 1.43. T. Rowe Price Group has a 12-month low of $85.22 and a 12-month high of $122.00. The company’s 50 day moving average price is $105.65 and its two-hundred day moving average price is $103.70.

T. Rowe Price Group (NASDAQ:TROW) last posted its earnings results on Thursday, October 29th. The asset manager reported $2.86 EPS for the quarter, topping the consensus estimate of $2.63 by $0.23. T. Rowe Price Group had a net margin of 28.40% and a return on equity of 20.63%. The company had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.98 billion. During the same period in the previous year, the firm posted $2.81 earnings per share. The firm’s revenue for the quarter was up 5.9% on a year-over-year basis. On average, research analysts expect that T. Rowe Price Group will post 10.16 EPS for the current year.

T. Rowe Price Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th were given a dividend of $1.30 per share. The ex-dividend date was Tuesday, September 15th. This represents a $5.20 annualized dividend and a dividend yield of 5.0%. T. Rowe Price Group’s payout ratio is currently 52.58%.

Insider Buying and Selling at T. Rowe Price Group

In other T. Rowe Price Group news, VP Joshua Nelson sold 10,000 shares of the business’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $111.82, for a total value of $1,118,200.00. Following the transaction, the vice president owned 71,328 shares in the company, valued at $7,975,896.96. The trade was a 12.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Elevation Wealth Partners LLC increased its position in T. Rowe Price Group by 173.0% during the 3rd quarter. Elevation Wealth Partners LLC now owns 273 shares of the asset manager’s stock worth $28,000 after purchasing an additional 173 shares during the period. Bank & Trust Co boosted its position in shares of T. Rowe Price Group by 52.4% during the 2nd quarter. Bank & Trust Co now owns 314 shares of the asset manager’s stock worth $36,000 after purchasing an additional 108 shares in the last quarter. Keating Financial Advisory Services Inc. purchased a new stake in T. Rowe Price Group during the second quarter worth about $39,000. Clearstead Trust LLC acquired a new stake in shares of T. Rowe Price Group in the 2nd quarter worth approximately $41,000. Finally, Silvant Capital Management LLC acquired a new stake in T. Rowe Price Group in the 2nd quarter valued at about $43,000. Institutional investors own 73.39% of the company’s stock.

More T. Rowe Price Group News

Here are the key news stories impacting T. Rowe Price Group this week:

• Positive Sentiment: Third-quarter adjusted earnings of $2.86 per share exceeded the $2.63 consensus estimate, while revenue reached approximately $2.0 billion versus expectations of $1.98 billion. Revenue increased 5.9% year over year, supported by higher advisory fees. T. Rowe Price Q3 Earnings and Revenues Surpass Estimates
• Positive Sentiment: Keefe, Bruyette & Woods reaffirmed its “market perform” rating but raised its price target to $113 from $112, implying approximately 8.8% potential upside based on the referenced price. Keefe, Bruyette & Woods Ratings
• Neutral Sentiment: T. Rowe Price is expanding its wealth-management operation with more than 50 new roles. The initiative could diversify growth and strengthen distribution over time, although added staffing costs may weigh on near-term efficiency. T. Rowe Price Adds Over 50 Wealth Management Roles
• Negative Sentiment: The earnings beat was offset by substantial client outflows and a decline in AUM during the quarter. Persistent redemptions are a key concern for an asset manager because they reduce fee-generating assets and could limit future revenue growth. T. Rowe Price Q3 Earnings, Revenue Beat Even as AUM Dips

T. Rowe Price Group Company Profile

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland. Founded in 1937 by Thomas Rowe Price Jr., the company provides investment strategies and advisory services to individual investors, retirement plans, financial intermediaries, institutions and other clients.

The company offers a range of actively managed and multi-asset investment products, including mutual funds, exchange-traded funds, separately managed accounts and other portfolio solutions.