T. Rowe Price Group, Inc. (TROW) Lowered to “Hold” at Zacks Investment Research

T. Rowe Price Group, Inc. (NASDAQ:TROW) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday, September 13th.

According to Zacks, “T. Rowe Price’s shares outperformed the industry over the last six months. However, the company's earnings surprise history is not that impressive. The company has surpassed the Zacks Consensus Estimate for earnings in only one of the trailing four quarters. Given the strategic initiatives, management estimates operating expenses to grow 10% for 2017. Also, the regulatory pressure across the investment management industry remains another key concern. However, the company’s planned strategic initiatives like investment in technology and advisory services, strengthening distribution platform, along with introduction of products, will likely stoke long-term growth. Further, the company remains debt-free with sufficient liquidity and is focused on boosting shareholders’ confidence through steady capital deployment activities. Recently, the company recorded improved AUM for July 2017.”

Other research analysts have also issued research reports about the company. ValuEngine raised T. Rowe Price Group from a “hold” rating to a “buy” rating in a research report on Wednesday, August 2nd. BidaskClub lowered T. Rowe Price Group from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, August 1st. Jefferies Group LLC set a $83.00 price objective on T. Rowe Price Group and gave the company a “buy” rating in a research report on Tuesday, June 20th. Wells Fargo & Company reissued a “market perform” rating on shares of T. Rowe Price Group in a report on Thursday, July 27th. Finally, Citigroup Inc. lifted their target price on T. Rowe Price Group from $73.50 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, July 26th. Four investment analysts have rated the stock with a sell rating, seven have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $81.30.

Shares of T. Rowe Price Group (NASDAQ:TROW) opened at 86.69 on Wednesday. The company has a market capitalization of $20.84 billion, a PE ratio of 14.88 and a beta of 1.24. T. Rowe Price Group has a 1-year low of $62.97 and a 1-year high of $86.77. The company’s 50-day moving average price is $83.46 and its 200-day moving average price is $75.43.

T. Rowe Price Group (NASDAQ:TROW) last released its earnings results on Tuesday, July 25th. The asset manager reported $1.28 EPS for the quarter, beating the Zacks’ consensus estimate of $1.27 by $0.01. The company had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.16 billion. T. Rowe Price Group had a return on equity of 24.38% and a net margin of 32.64%. The firm’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.76 EPS. On average, equities analysts expect that T. Rowe Price Group will post $5.65 earnings per share for the current fiscal year.

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In other T. Rowe Price Group news, Director Anne M. Whittemore sold 8,326 shares of the company’s stock in a transaction on Thursday, July 27th. The stock was sold at an average price of $82.03, for a total transaction of $682,981.78. Following the completion of the sale, the director now owns 28,982 shares in the company, valued at $2,377,393.46. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Jessica M. Hiebler sold 1,000 shares of the company’s stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $84.29, for a total value of $84,290.00. Following the sale, the insider now owns 8,461 shares of the company’s stock, valued at approximately $713,177.69. The disclosure for this sale can be found here. Insiders have sold 19,720 shares of company stock worth $1,630,701 over the last three months. 3.60% of the stock is currently owned by insiders.

A number of institutional investors have recently bought and sold shares of the business. W. E. Donoghue & Co. LLC purchased a new stake in T. Rowe Price Group during the second quarter worth $16,264,000. Farmers National Bank purchased a new stake in T. Rowe Price Group during the second quarter worth $331,000. WFG Advisors LP lifted its holdings in T. Rowe Price Group by 25.9% during the second quarter. WFG Advisors LP now owns 7,575 shares of the asset manager’s stock worth $562,000 after buying an additional 1,557 shares during the period. Toronto Dominion Bank lifted its holdings in T. Rowe Price Group by 24.2% during the second quarter. Toronto Dominion Bank now owns 82,404 shares of the asset manager’s stock worth $6,115,000 after buying an additional 16,076 shares during the period. Finally, Tandem Investment Advisors Inc. lifted its holdings in T. Rowe Price Group by 3.4% during the second quarter. Tandem Investment Advisors Inc. now owns 87,994 shares of the asset manager’s stock worth $6,530,000 after buying an additional 2,918 shares during the period. Institutional investors own 73.62% of the company’s stock.

T. Rowe Price Group Company Profile

T. Rowe Price Group, Inc is a financial services holding company. The Company provides global investment management services through its subsidiaries to investors across the world. The Company provides an array of Company sponsored the United States mutual funds, other sponsored pooled investment vehicles, sub advisory services, separate account management, recordkeeping, and related services to individuals, advisors, institutions, financial intermediaries and retirement plan sponsors.

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