T. Rowe Price Group (NASDAQ:TROW) Price Target Raised to $110.00

T. Rowe Price Group (NASDAQ:TROW) had its target price increased by TD Cowen from $108.00 to $110.00 in a research note published on Monday morning, MarketBeat reports. The firm currently has a hold rating on the asset manager’s stock.

Other equities research analysts also recently issued research reports about the company. BMO Capital Markets raised their target price on T. Rowe Price Group from $110.00 to $120.00 and gave the company a “market perform” rating in a report on Monday, August 3rd. Morgan Stanley set a $116.00 price target on T. Rowe Price Group in a report on Wednesday, July 29th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $109.00 price objective on shares of T. Rowe Price Group in a research report on Monday, August 3rd. Barclays reduced their price objective on T. Rowe Price Group from $108.00 to $103.00 and set an “underweight” rating on the stock in a research note on Monday, August 3rd. Finally, Zacks Research cut T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 13th. Ten research analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus target price of $106.15.

T. Rowe Price Group Trading Up 0.4%

Shares of T. Rowe Price Group stock opened at $109.38 on Monday. The company has a 50 day moving average of $114.56 and a 200-day moving average of $103.72. T. Rowe Price Group has a 1-year low of $85.22 and a 1-year high of $122.00. The company has a market cap of $23.33 billion, a PE ratio of 10.97, a price-to-earnings-growth ratio of 3.61 and a beta of 1.46.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings results on Friday, July 31st. The asset manager reported $2.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.52 by $0.05. T. Rowe Price Group had a net margin of 29.26% and a return on equity of 20.91%. The business had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.89 billion. During the same quarter last year, the business posted $2.24 EPS. The firm’s revenue for the quarter was up 10.7% on a year-over-year basis. Research analysts forecast that T. Rowe Price Group will post 10.15 earnings per share for the current year.

T. Rowe Price Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be issued a dividend of $1.30 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $5.20 annualized dividend and a dividend yield of 4.8%. T. Rowe Price Group’s dividend payout ratio (DPR) is 52.16%.

Insiders Place Their Bets

In related news, VP Joshua B. Nelson sold 10,000 shares of the business’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $111.82, for a total transaction of $1,118,200.00. Following the sale, the vice president owned 71,328 shares in the company, valued at $7,975,896.96. The trade was a 12.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.60% of the stock is owned by corporate insiders.

Institutional Trading of T. Rowe Price Group

Hedge funds have recently made changes to their positions in the company. Woodline Partners LP boosted its position in T. Rowe Price Group by 41.0% during the 1st quarter. Woodline Partners LP now owns 18,809 shares of the asset manager’s stock worth $1,728,000 after buying an additional 5,467 shares during the period. Focus Partners Wealth increased its position in T. Rowe Price Group by 10.6% in the 1st quarter. Focus Partners Wealth now owns 13,054 shares of the asset manager’s stock valued at $1,199,000 after acquiring an additional 1,250 shares during the period. EverSource Wealth Advisors LLC increased its position in T. Rowe Price Group by 44.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,546 shares of the asset manager’s stock valued at $149,000 after acquiring an additional 478 shares during the period. Jump Financial LLC bought a new position in shares of T. Rowe Price Group during the second quarter valued at $931,000. Finally, Daiwa Securities Group Inc. raised its stake in shares of T. Rowe Price Group by 5.4% during the second quarter. Daiwa Securities Group Inc. now owns 33,245 shares of the asset manager’s stock valued at $3,208,000 after acquiring an additional 1,703 shares during the last quarter. 73.39% of the stock is owned by institutional investors and hedge funds.

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.