Evercore Lowers T. Rowe Price Group (NASDAQ:TROW) Price Target to $104.00

T. Rowe Price Group (NASDAQ:TROW) had its target price decreased by stock analysts at Evercore from $106.00 to $104.00 in a report released on Monday,MarketScreener reports. Evercore’s price target points to a potential downside of 1.26% from the company’s previous close.

Several other equities research analysts have also recently issued reports on TROW. Argus raised T. Rowe Price Group to a “hold” rating in a report on Thursday, February 5th. The Goldman Sachs Group raised their target price on shares of T. Rowe Price Group from $85.00 to $90.00 in a report on Friday, May 1st. Weiss Ratings restated a “hold (c)” rating on shares of T. Rowe Price Group in a report on Friday. Deutsche Bank Aktiengesellschaft reduced their price target on shares of T. Rowe Price Group from $106.00 to $100.00 and set a “hold” rating on the stock in a research note on Thursday, February 5th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of T. Rowe Price Group from $106.00 to $103.00 and set an “underweight” rating for the company in a research report on Friday, April 24th. Ten analysts have rated the stock with a Hold rating and five have issued a Sell rating to the company. Based on data from MarketBeat.com, T. Rowe Price Group presently has a consensus rating of “Reduce” and a consensus target price of $99.54.

T. Rowe Price Group Stock Performance

TROW opened at $105.33 on Monday. T. Rowe Price Group has a fifty-two week low of $85.22 and a fifty-two week high of $118.22. The firm’s fifty day moving average is $93.48 and its 200 day moving average is $99.20. The stock has a market cap of $22.57 billion, a price-to-earnings ratio of 11.29, a price-to-earnings-growth ratio of 4.61 and a beta of 1.51.

T. Rowe Price Group (NASDAQ:TROW) last issued its earnings results on Thursday, April 30th. The asset manager reported $2.52 earnings per share for the quarter, topping the consensus estimate of $2.37 by $0.15. The company had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.85 billion. T. Rowe Price Group had a net margin of 28.28% and a return on equity of 20.60%. T. Rowe Price Group’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.23 EPS. On average, equities research analysts predict that T. Rowe Price Group will post 9.61 earnings per share for the current year.

Institutional Trading of T. Rowe Price Group

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Goldman Sachs Group Inc. increased its holdings in shares of T. Rowe Price Group by 332.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 8,770,071 shares of the asset manager’s stock valued at $897,880,000 after acquiring an additional 6,740,172 shares during the period. First Trust Advisors LP lifted its stake in shares of T. Rowe Price Group by 126.5% during the 4th quarter. First Trust Advisors LP now owns 3,280,854 shares of the asset manager’s stock worth $335,894,000 after purchasing an additional 1,832,231 shares during the last quarter. Norges Bank purchased a new stake in shares of T. Rowe Price Group during the 4th quarter worth $128,283,000. PFA Pension Forsikringsaktieselskab bought a new stake in T. Rowe Price Group during the fourth quarter valued at about $61,073,000. Finally, Caisse de depot et placement du Quebec boosted its position in T. Rowe Price Group by 81.0% during the third quarter. Caisse de depot et placement du Quebec now owns 1,306,922 shares of the asset manager’s stock valued at $134,142,000 after purchasing an additional 584,949 shares in the last quarter. Institutional investors own 73.39% of the company’s stock.

T. Rowe Price Group Company Profile

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland, founded by Thomas Rowe Price Jr. in 1937. The company provides a broad range of investment products and services for individual investors, financial intermediaries, retirement plan sponsors and institutional clients. Its offerings are built around active investment management and in-house research across equity, fixed income and multi-asset strategies, reflecting a long history as a research-driven asset manager.

The firm’s product lineup includes mutual funds, separate accounts, collective investment trusts, target-date and target-risk funds, and managed account solutions, as well as services for defined contribution and defined benefit retirement plans.