Wells Fargo & Co Boosts T. Rowe Price Group (NASDAQ:TROW) Price Target to $78.00

T. Rowe Price Group (NASDAQ:TROW) had its price target increased by Wells Fargo & Co from $72.00 to $78.00 in a research report released on Thursday, The Fly reports.

Several other equities analysts have also commented on TROW. BidaskClub lowered T. Rowe Price Group from a buy rating to a hold rating in a research note on Saturday, June 13th. JPMorgan Chase & Co. lifted their price target on shares of T. Rowe Price Group from $101.00 to $110.00 and gave the company an underweight rating in a research report on Wednesday, April 29th. Morgan Stanley increased their price objective on shares of T. Rowe Price Group from $142.00 to $150.00 and gave the stock an equal weight rating in a research report on Wednesday, July 15th. ValuEngine downgraded T. Rowe Price Group from a hold rating to a sell rating in a report on Thursday, July 2nd. Finally, Citigroup boosted their price target on shares of T. Rowe Price Group from $100.00 to $112.00 and gave the stock a neutral rating in a research note on Wednesday, April 29th. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $116.17.

Shares of T. Rowe Price Group stock opened at $138.10 on Thursday. The stock has a market cap of $31.42 billion, a P/E ratio of 16.60, a P/E/G ratio of 2.30 and a beta of 1.15. The stock’s 50 day simple moving average is $127.11 and its 200-day simple moving average is $119.76. T. Rowe Price Group has a 1-year low of $82.51 and a 1-year high of $139.82. The company has a debt-to-equity ratio of 0.02, a current ratio of 3.24 and a quick ratio of 4.55.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings data on Wednesday, July 29th. The asset manager reported $2.29 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.04 by $0.25. The firm had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.41 billion. T. Rowe Price Group had a net margin of 35.05% and a return on equity of 29.65%. T. Rowe Price Group’s quarterly revenue was up 1.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.03 earnings per share. As a group, research analysts expect that T. Rowe Price Group will post 8.3 EPS for the current fiscal year.

In other T. Rowe Price Group news, Director Mary K. Bush sold 1,851 shares of the firm’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $115.34, for a total transaction of $213,494.34. Following the transaction, the director now directly owns 15,955 shares of the company’s stock, valued at approximately $1,840,249.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP W. Sharps Robert sold 3,500 shares of T. Rowe Price Group stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $117.50, for a total transaction of $411,250.00. Following the completion of the transaction, the vice president now owns 476,176 shares in the company, valued at $55,950,680. The disclosure for this sale can be found here. Over the last three months, insiders sold 8,851 shares of company stock valued at $1,047,719. Insiders own 1.00% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TROW. Sawgrass Asset Management LLC increased its position in T. Rowe Price Group by 1.4% in the 2nd quarter. Sawgrass Asset Management LLC now owns 5,828 shares of the asset manager’s stock valued at $720,000 after acquiring an additional 80 shares during the period. Nicolet Bankshares Inc. grew its stake in shares of T. Rowe Price Group by 2.3% in the 2nd quarter. Nicolet Bankshares Inc. now owns 4,363 shares of the asset manager’s stock valued at $539,000 after purchasing an additional 100 shares during the last quarter. Harvest Fund Management Co. Ltd grew its stake in shares of T. Rowe Price Group by 36.3% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 398 shares of the asset manager’s stock valued at $38,000 after purchasing an additional 106 shares during the last quarter. GW Henssler & Associates Ltd. increased its holdings in shares of T. Rowe Price Group by 3.4% in the second quarter. GW Henssler & Associates Ltd. now owns 3,225 shares of the asset manager’s stock valued at $398,000 after purchasing an additional 106 shares during the period. Finally, National Asset Management Inc. raised its stake in shares of T. Rowe Price Group by 4.0% during the first quarter. National Asset Management Inc. now owns 2,863 shares of the asset manager’s stock worth $280,000 after purchasing an additional 109 shares during the last quarter. 70.63% of the stock is currently owned by hedge funds and other institutional investors.

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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