T. Rowe Price Group (NASDAQ:TROW) had its target price upped by Citigroup from $113.00 to $115.00 in a research note published on Tuesday morning, BenzingaRatingsTable reports. The firm currently has a neutral rating on the asset manager’s stock.
Several other research firms have also issued reports on TROW. Deutsche Bank upped their price objective on T. Rowe Price Group from $91.00 to $94.00 and gave the company a hold rating in a research note on Friday, March 15th. Bank of America set a $180.00 price objective on CME Group and gave the company a hold rating in a research note on Tuesday, April 9th. Zacks Investment Research upgraded IMI PLC/S from a sell rating to a hold rating in a research note on Wednesday, April 3rd. Jefferies Financial Group upped their price objective on T. Rowe Price Group from $103.00 to $119.00 and gave the company a buy rating in a research note on Monday, April 1st. Finally, UBS Group upped their price objective on T. Rowe Price Group from $109.00 to $111.00 and gave the company a neutral rating in a research note on Monday. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company. T. Rowe Price Group currently has a consensus rating of Hold and an average price target of $107.83.
NASDAQ:TROW opened at $109.32 on Tuesday. The company has a quick ratio of 3.74, a current ratio of 3.74 and a debt-to-equity ratio of 0.03. The company has a 50 day simple moving average of $106.25. The company has a market capitalization of $25.88 billion, a price-to-earnings ratio of 15.29, a price-to-earnings-growth ratio of 1.59 and a beta of 1.07. T. Rowe Price Group has a 12-month low of $84.59 and a 12-month high of $125.35.
T. Rowe Price Group (NASDAQ:TROW) last released its quarterly earnings data on Wednesday, April 24th. The asset manager reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.61 by $0.26. The firm had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.29 billion. T. Rowe Price Group had a return on equity of 28.93% and a net margin of 35.05%. The business’s revenue for the quarter was down 2.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.74 earnings per share. On average, equities research analysts forecast that T. Rowe Price Group will post 7.65 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were paid a dividend of $0.76 per share. The ex-dividend date was Thursday, June 13th. This represents a $3.04 dividend on an annualized basis and a dividend yield of 2.78%. T. Rowe Price Group’s dividend payout ratio (DPR) is currently 42.52%.
In other news, Director Mary K. Bush sold 3,500 shares of the stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $107.06, for a total transaction of $374,710.00. Following the transaction, the director now owns 19,243 shares in the company, valued at $2,060,155.58. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Scott B. David sold 45,118 shares of the stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $107.88, for a total value of $4,867,329.84. Following the transaction, the vice president now owns 48,454 shares in the company, valued at approximately $5,227,217.52. The disclosure for this sale can be found here. In the last quarter, insiders have sold 68,618 shares of company stock worth $7,400,440. 3.10% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Pacer Advisors Inc. bought a new position in shares of T. Rowe Price Group during the first quarter worth approximately $2,009,000. APG Asset Management N.V. grew its position in T. Rowe Price Group by 112.3% during the fourth quarter. APG Asset Management N.V. now owns 1,064,185 shares of the asset manager’s stock worth $85,943,000 after buying an additional 562,900 shares in the last quarter. Hendley & Co. Inc. grew its position in T. Rowe Price Group by 2.0% during the first quarter. Hendley & Co. Inc. now owns 58,031 shares of the asset manager’s stock worth $5,810,000 after buying an additional 1,125 shares in the last quarter. Sprucegrove Investment Management Ltd. grew its position in T. Rowe Price Group by 15.6% during the first quarter. Sprucegrove Investment Management Ltd. now owns 254,800 shares of the asset manager’s stock worth $25,511,000 after buying an additional 34,300 shares in the last quarter. Finally, NuWave Investment Management LLC grew its position in T. Rowe Price Group by 550.8% during the first quarter. NuWave Investment Management LLC now owns 2,382 shares of the asset manager’s stock worth $239,000 after buying an additional 2,016 shares in the last quarter. Institutional investors own 69.32% of the company’s stock.
About T. Rowe Price Group
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.
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