T. Rowe Price Group (NASDAQ:TROW) Downgraded by Zacks Research to “Hold”

T. Rowe Price Group (NASDAQ:TROW) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Thursday,Zacks.com reports.

Other analysts have also recently issued reports about the company. Morgan Stanley set a $116.00 price target on T. Rowe Price Group in a report on Wednesday, July 29th. TD Cowen upped their price objective on T. Rowe Price Group from $107.00 to $108.00 and gave the company a “hold” rating in a report on Monday, August 3rd. BMO Capital Markets increased their price objective on T. Rowe Price Group from $110.00 to $120.00 and gave the stock a “market perform” rating in a research report on Monday, August 3rd. Weiss Ratings raised T. Rowe Price Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, July 2nd. Finally, Evercore set a $118.00 target price on shares of T. Rowe Price Group in a research report on Monday. Ten research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat, T. Rowe Price Group has an average rating of “Reduce” and a consensus price target of $105.67.

T. Rowe Price Group Stock Down 0.7%

T. Rowe Price Group stock opened at $110.56 on Thursday. The stock has a market cap of $23.58 billion, a P/E ratio of 11.09, a P/E/G ratio of 4.33 and a beta of 1.47. T. Rowe Price Group has a twelve month low of $85.22 and a twelve month high of $122.00. The company’s 50-day moving average price is $113.52 and its two-hundred day moving average price is $102.66.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings data on Friday, July 31st. The asset manager reported $2.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.52 by $0.05. T. Rowe Price Group had a return on equity of 20.91% and a net margin of 29.26%.The company had revenue of $1.91 billion during the quarter, compared to analysts’ expectations of $1.89 billion. During the same quarter in the previous year, the company posted $2.24 earnings per share. The business’s revenue was up 10.7% on a year-over-year basis. Equities analysts anticipate that T. Rowe Price Group will post 10.13 earnings per share for the current fiscal year.

Hedge Funds Weigh In On T. Rowe Price Group

Institutional investors have recently added to or reduced their stakes in the stock. Jupiter Topco LLC bought a new position in shares of T. Rowe Price Group in the 2nd quarter valued at $2,976,000. PDT Partners LLC acquired a new position in shares of T. Rowe Price Group in the second quarter worth approximately $4,388,000. Canada Pension Plan Investment Board acquired a new position in shares of T. Rowe Price Group in the 2nd quarter worth approximately $18,192,000. Kinloch Capital LLC acquired a new position in shares of T. Rowe Price Group in the 2nd quarter worth approximately $5,320,000. Finally, AFT Forsyth & Company Inc. bought a new stake in shares of T. Rowe Price Group in the 2nd quarter valued at $223,000. 73.39% of the stock is currently owned by institutional investors and hedge funds.

About T. Rowe Price Group

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.