T. Rowe Price Group (NASDAQ:TROW) Price Target Lowered to $89.00 at TD Cowen

T. Rowe Price Group (NASDAQ:TROW) had its price target decreased by TD Cowen from $112.00 to $89.00 in a report released on Wednesday morning,Benzinga reports. TD Cowen currently has a hold rating on the asset manager’s stock.

TROW has been the subject of a number of other reports. Morgan Stanley lowered their price target on T. Rowe Price Group from $126.00 to $121.00 and set an “equal weight” rating for the company in a research note on Monday, February 24th. Barclays dropped their price objective on T. Rowe Price Group from $113.00 to $105.00 and set an “underweight” rating on the stock in a research note on Thursday, February 6th. StockNews.com downgraded T. Rowe Price Group from a “buy” rating to a “hold” rating in a report on Sunday, February 2nd. Wells Fargo & Company cut their price objective on shares of T. Rowe Price Group from $116.00 to $98.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Finally, Citigroup dropped their target price on T. Rowe Price Group from $120.00 to $100.00 and set a “neutral” rating on the stock in a report on Monday, March 31st. Five equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. According to MarketBeat, T. Rowe Price Group currently has an average rating of “Hold” and a consensus price target of $104.75.

T. Rowe Price Group Stock Down 6.5 %

TROW traded down $5.90 during trading on Wednesday, hitting $84.26. The company’s stock had a trading volume of 893,353 shares, compared to its average volume of 1,424,504. T. Rowe Price Group has a 12 month low of $77.85 and a 12 month high of $125.81. The stock has a market capitalization of $18.73 billion, a price-to-earnings ratio of 9.20, a price-to-earnings-growth ratio of 2.86 and a beta of 1.50. The firm’s 50 day moving average price is $99.10 and its two-hundred day moving average price is $109.45.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings data on Wednesday, February 5th. The asset manager reported $2.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.20 by ($0.08). T. Rowe Price Group had a net margin of 29.61% and a return on equity of 20.83%. During the same quarter in the prior year, the firm earned $1.72 earnings per share. On average, sell-side analysts forecast that T. Rowe Price Group will post 9.29 earnings per share for the current year.

T. Rowe Price Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were given a dividend of $1.27 per share. This is a boost from T. Rowe Price Group’s previous quarterly dividend of $1.24. The ex-dividend date was Friday, March 14th. This represents a $5.08 annualized dividend and a yield of 6.03%. T. Rowe Price Group’s dividend payout ratio is currently 55.46%.

Insider Buying and Selling at T. Rowe Price Group

In other T. Rowe Price Group news, Director Robert F. Maclellan sold 3,955 shares of the business’s stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $91.56, for a total transaction of $362,119.80. Following the completion of the transaction, the director now owns 42,979 shares of the company’s stock, valued at approximately $3,935,157.24. The trade was a 8.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Arif Husain sold 4,112 shares of the firm’s stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $109.27, for a total transaction of $449,318.24. Following the completion of the sale, the vice president now owns 36,800 shares in the company, valued at approximately $4,021,136. The trade was a 10.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On T. Rowe Price Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in shares of T. Rowe Price Group by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 26,063,837 shares of the asset manager’s stock valued at $2,947,559,000 after acquiring an additional 135,203 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of T. Rowe Price Group by 5.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,187,176 shares of the asset manager’s stock worth $812,798,000 after purchasing an additional 346,369 shares during the last quarter. Fayez Sarofim & Co grew its holdings in shares of T. Rowe Price Group by 7.6% during the fourth quarter. Fayez Sarofim & Co now owns 6,052,469 shares of the asset manager’s stock worth $684,474,000 after purchasing an additional 425,142 shares during the last quarter. Geode Capital Management LLC boosted its position in T. Rowe Price Group by 2.1% during the 4th quarter. Geode Capital Management LLC now owns 5,631,429 shares of the asset manager’s stock worth $635,260,000 after buying an additional 116,231 shares during the period. Finally, Provident Trust Co. grew its holdings in T. Rowe Price Group by 8.9% during the 4th quarter. Provident Trust Co. now owns 2,611,294 shares of the asset manager’s stock worth $295,311,000 after acquiring an additional 213,566 shares during the last quarter. Institutional investors own 73.39% 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.