T. Rowe Price Group (NASDAQ:TROW) Price Target Cut to $107.00 by Analysts at Morgan Stanley

T. Rowe Price Group (NASDAQ:TROW) had its target price lowered by equities research analysts at Morgan Stanley from $115.00 to $107.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the asset manager’s stock. Morgan Stanley’s price objective would indicate a potential upside of 18.70% from the stock’s current price.

A number of other brokerages have also recently commented on TROW. TD Cowen cut their price target on shares of T. Rowe Price Group from $109.00 to $97.00 and set a “hold” rating on the stock in a research report on Thursday, February 5th. Keefe, Bruyette & Woods cut their target price on T. Rowe Price Group from $115.00 to $110.00 and set a “market perform” rating on the stock in a research report on Thursday, February 5th. JPMorgan Chase & Co. decreased their target price on T. Rowe Price Group from $108.00 to $106.00 and set an “underweight” rating for the company in a research note on Thursday, February 5th. BMO Capital Markets lowered their target price on T. Rowe Price Group from $110.00 to $104.00 and set a “market perform” rating for the company in a report on Thursday, February 12th. Finally, Argus upgraded T. Rowe Price Group to a “hold” rating in a report on Thursday, February 5th. Twelve research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $101.08.

T. Rowe Price Group Stock Performance

T. Rowe Price Group stock opened at $90.14 on Wednesday. T. Rowe Price Group has a 52-week low of $77.85 and a 52-week high of $118.22. The firm has a 50 day moving average price of $94.55 and a two-hundred day moving average price of $100.52. The firm has a market cap of $19.62 billion, a price-to-earnings ratio of 9.74, a PEG ratio of 3.73 and a beta of 1.54.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings data on Wednesday, February 4th. The asset manager reported $2.44 EPS for the quarter, missing analysts’ consensus estimates of $2.47 by ($0.03). T. Rowe Price Group had a net margin of 28.53% and a return on equity of 20.29%. The firm had revenue of $1.93 billion during the quarter, compared to the consensus estimate of $1.92 billion. During the same period in the prior year, the company posted $2.12 earnings per share. The company’s revenue for the quarter was up 6.0% compared to the same quarter last year. As a group, equities research analysts predict that T. Rowe Price Group will post 9.29 EPS for the current fiscal year.

Hedge Funds Weigh In On T. Rowe Price Group

Several institutional investors have recently added to or reduced their stakes in TROW. Goldman Sachs Group Inc. grew its position in shares of T. Rowe Price Group by 332.0% during 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 position in shares of T. Rowe Price Group by 137.7% during the 2nd quarter. First Trust Advisors LP now owns 3,441,458 shares of the asset manager’s stock valued at $332,101,000 after buying an additional 1,993,920 shares during the last quarter. Norges Bank purchased a new stake in T. Rowe Price Group in the 4th quarter worth about $128,283,000. PFA Pension Forsikringsaktieselskab purchased 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 increased its stake in shares of T. Rowe Price Group by 81.0% in the third quarter. Caisse de depot et placement du Quebec now owns 1,306,922 shares of the asset manager’s stock worth $134,142,000 after purchasing an additional 584,949 shares in 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 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.