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

Zacks Research cut shares of T. Rowe Price Group (NASDAQ:TROW) from a strong-buy rating to a hold rating in a research report sent to investors on Thursday,Zacks.com reports.

Several other research firms also recently weighed in on TROW. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $109.00 target price on shares of T. Rowe Price Group in a research report on Monday, August 3rd. BMO Capital Markets raised 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 note on Monday, August 3rd. Weiss Ratings raised T. Rowe Price Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, July 2nd. Evercore set a $118.00 price objective on T. Rowe Price Group in a research note on Monday. Finally, Morgan Stanley set a $116.00 target price on shares of T. Rowe Price Group in a report on Wednesday, July 29th. Ten investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Reduce” and an average target price of $105.67.

T. Rowe Price Group Trading Down 0.7%

TROW opened at $110.56 on Thursday. The firm’s 50 day simple moving average is $113.52 and its two-hundred day simple moving average is $102.66. The company has a market capitalization of $23.58 billion, a PE ratio of 11.09, a PEG ratio of 4.33 and a beta of 1.47. T. Rowe Price Group has a 1-year low of $85.22 and a 1-year high of $122.00.

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, beating analysts’ consensus estimates of $2.52 by $0.05. The firm had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.89 billion. T. Rowe Price Group had a net margin of 29.26% and a return on equity of 20.91%. The company’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.24 EPS. Equities analysts forecast that T. Rowe Price Group will post 10.13 earnings per share for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders 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 dividend on an annualized basis and a yield of 4.7%. T. Rowe Price Group’s dividend payout ratio (DPR) is currently 52.16%.

Hedge Funds Weigh In On T. Rowe Price Group

A number of hedge funds have recently made changes to their positions in TROW. Freestone Grove Partners LP purchased a new stake in shares of T. Rowe Price Group during the second quarter worth about $50,302,000. Caisse de depot et placement du Quebec purchased a new position in T. Rowe Price Group in the 2nd quarter worth approximately $132,649,000. Gallagher Fiduciary Advisors LLC purchased a new position in T. Rowe Price Group in the 2nd quarter worth approximately $267,000. Man Group plc bought a new position in T. Rowe Price Group in the 2nd quarter worth approximately $7,987,000. Finally, Jupiter Topco LLC purchased a new stake in T. Rowe Price Group during the 2nd quarter valued at approximately $2,976,000. 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.