T. Rowe Price Group (NASDAQ:TROW) Price Target Raised to $90.00

T. Rowe Price Group (NASDAQ:TROW) had its target price boosted by Barclays from $85.00 to $90.00 in a research report released on Monday, MarketBeat reports. Barclays currently has an underweight rating on the asset manager’s stock.

A number of other equities research analysts have also recently weighed in on TROW. The Goldman Sachs Group dropped their price target on shares of T. Rowe Price Group from $89.00 to $80.00 and set a “sell” rating for the company in a research report on Monday, April 14th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $113.00 target price (up previously from $111.00) on shares of T. Rowe Price Group in a research report on Thursday, February 6th. Bank of America lowered their price target on T. Rowe Price Group from $90.00 to $85.00 and set an “underperform” rating for the company in a research report on Thursday, April 3rd. Morgan Stanley cut their price objective on T. Rowe Price Group from $126.00 to $121.00 and set an “equal weight” rating on the stock in a report on Monday, February 24th. Finally, Wells Fargo & Company lowered their target price on T. Rowe Price Group from $116.00 to $98.00 and set an “equal weight” rating for the company in a report on Tuesday, April 8th. Four investment analysts have rated the stock with a sell rating and nine have given a hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $94.09.

T. Rowe Price Group Stock Performance

TROW stock opened at $91.41 on Monday. The firm has a market cap of $20.31 billion, a PE ratio of 9.98, a PEG ratio of 2.86 and a beta of 1.50. T. Rowe Price Group has a one year low of $77.85 and a one year high of $125.81. The firm’s 50 day moving average price is $90.99 and its 200-day moving average price is $106.57.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings results on Friday, May 2nd. The asset manager reported $2.23 EPS for the quarter, beating the consensus estimate of $2.13 by $0.10. The business had revenue of $1.76 billion for the quarter, compared to analyst estimates of $1.80 billion. T. Rowe Price Group had a return on equity of 20.83% and a net margin of 29.61%. The company’s quarterly revenue was up .8% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.38 EPS. Equities research analysts predict that T. Rowe Price Group will post 9.29 EPS for the current fiscal year.

T. Rowe Price Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were paid a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a dividend yield of 5.56%. This is a positive change from T. Rowe Price Group’s previous quarterly dividend of $1.24. The ex-dividend date of this dividend was Friday, March 14th. T. Rowe Price Group’s dividend payout ratio is presently 57.60%.

Insider Activity at T. Rowe Price Group

In related news, Director Robert F. Maclellan sold 3,955 shares of the stock in a transaction on Monday, March 31st. The stock was sold at an average price of $91.56, for a total value of $362,119.80. Following the transaction, the director now owns 42,979 shares of the company’s stock, valued at $3,935,157.24. This represents a 8.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Arif Husain sold 4,112 shares of T. Rowe Price Group stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $109.27, for a total value of $449,318.24. Following the sale, the vice president now directly owns 36,800 shares of the company’s stock, valued at $4,021,136. This trade represents a 10.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On T. Rowe Price Group

Several hedge funds and other institutional investors have recently made changes to their positions in TROW. Norges Bank acquired a new stake in T. Rowe Price Group during the fourth quarter worth approximately $117,704,000. Marshall Wace LLP purchased a new stake in T. Rowe Price Group in the fourth quarter valued at $63,284,000. Fayez Sarofim & Co boosted its stake in T. Rowe Price Group by 7.6% in the fourth quarter. Fayez Sarofim & Co now owns 6,052,469 shares of the asset manager’s stock valued at $684,474,000 after acquiring an additional 425,142 shares in the last quarter. Amundi grew its holdings in shares of T. Rowe Price Group by 30.1% during the fourth quarter. Amundi now owns 1,717,877 shares of the asset manager’s stock worth $194,064,000 after purchasing an additional 397,278 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of T. Rowe Price Group by 28.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,762,910 shares of the asset manager’s stock worth $199,367,000 after purchasing an additional 387,604 shares in the last quarter. Institutional investors and hedge funds own 73.39% of the company’s stock.

T. Rowe Price Group Company Profile

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.