T. Rowe Price Group (NASDAQ:TROW) Stock Gets Price Target Trim from JPMorgan Chase & Co.

T. Rowe Price Group (NASDAQ:TROW) had its price target trimmed by JPMorgan Chase & Co. from $107.00 to $106.00 in a research report sent to investors on Tuesday morning,Benzinga reports. The brokerage currently has an underweight rating on the asset manager’s stock.

Several other equities research analysts also recently weighed in on TROW. TD Cowen reduced their price objective on shares of T. Rowe Price Group from $110.00 to $109.00 and set a “hold” rating for the company in a report on Monday. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $115.00 target price (down from $120.00) on shares of T. Rowe Price Group in a report on Monday, August 3rd. Morgan Stanley cut their price target on shares of T. Rowe Price Group from $116.00 to $110.00 and set an “equal weight” rating on the stock in a report on Friday, September 25th. The Goldman Sachs Group increased their price objective on T. Rowe Price Group from $90.00 to $92.00 and gave the stock a “sell” rating in a research note on Tuesday, June 30th. Finally, Evercore set a $109.00 price target on shares of T. Rowe Price Group in a report on Friday, October 9th. One research analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average target price of $104.08.

T. Rowe Price Group Trading Up 1.8%

Shares of NASDAQ TROW opened at $101.37 on Tuesday. The company has a market cap of $21.62 billion, a price-to-earnings ratio of 9.63, a price-to-earnings-growth ratio of 4.33 and a beta of 1.45. T. Rowe Price Group has a 12-month low of $85.22 and a 12-month high of $122.00. The stock’s 50 day simple moving average is $107.53 and its 200 day simple moving average is $106.71.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings results on Friday, July 31st. The asset manager reported $2.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.52 by $0.05. The company 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 company posted $2.24 earnings per share. As a group, equities analysts forecast that T. Rowe Price Group will post 10.10 earnings per share for the current fiscal year.

T. Rowe Price Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th were issued a $1.30 dividend. This represents a $5.20 annualized dividend and a yield of 5.1%. The ex-dividend date was Tuesday, September 15th. T. Rowe Price Group’s dividend payout ratio (DPR) is 52.16%.

Insider Activity at T. Rowe Price Group

In related news, VP Joshua Nelson sold 10,000 shares of the business’s stock in a transaction dated 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 completion of the transaction, the vice president owned 71,328 shares of the company’s stock, valued at approximately $7,975,896.96. The trade was a 12.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On T. Rowe Price Group

Several large investors have recently bought and sold shares of the stock. Elevation Wealth Partners LLC grew its position in T. Rowe Price Group by 173.0% in the third quarter. Elevation Wealth Partners LLC now owns 273 shares of the asset manager’s stock valued at $28,000 after acquiring an additional 173 shares during the period. Motiv8 Investments LLC bought a new stake in shares of T. Rowe Price Group during the fourth quarter worth $35,000. Bank & Trust Co raised its holdings in shares of T. Rowe Price Group by 52.4% during the second quarter. Bank & Trust Co now owns 314 shares of the asset manager’s stock worth $36,000 after acquiring an additional 108 shares during the period. Keating Financial Advisory Services Inc. bought a new position in T. Rowe Price Group during the 2nd quarter worth about $39,000. Finally, Clearstead Trust LLC acquired a new position in T. Rowe Price Group during the second quarter worth $41,000. 73.39% of the stock is currently owned by institutional investors and hedge funds.

Key Stories Impacting T. Rowe Price Group

Here are the key news stories impacting T. Rowe Price Group this week:

• Positive Sentiment: T. Rowe Price’s latest reported quarter showed solid operating momentum, with earnings and revenue exceeding analyst expectations and revenue rising year over year. That performance may be supporting investor confidence ahead of the next results. T. Rowe Price Beats Stock Market Upswing: What Investors Need to Know
• Positive Sentiment: The company is expanding field-sales coverage and strengthening its wealth-leadership and product-specialist teams. The moves could improve distribution and support asset gathering over time. T. Rowe Price Expands Sales and Wealth Teams
• Neutral Sentiment: Multiple earnings previews indicate that the upcoming report is the main near-term catalyst. Investors will likely focus on earnings, revenue, net flows, fee trends and management’s outlook. T. Rowe Price Earnings Preview: What to Expect
• Neutral Sentiment: Analysts were described as neutral on T. Rowe Price among selected financial stocks, suggesting limited consensus about the shares’ next direction. Analysts Are Neutral on Top Financial Stocks
• Negative Sentiment: Barclays lowered its price target from $103 to $102 and kept an “underweight” rating, implying limited upside from the referenced share price. BMO Capital Markets Cuts T. Rowe Price Price Target
• Negative Sentiment: JPMorgan issued a pessimistic forecast, adding to concerns about valuation, asset flows or the broader outlook for active asset managers. JPMorgan Issues Pessimistic Forecast for T. Rowe Price

T. Rowe Price Group Company Profile

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland. The company provides investment strategies and related services to individual investors, retirement plans, financial intermediaries, institutions, and other clients.

Its offerings include actively managed mutual funds, exchange-traded funds, separately managed accounts, collective investment trusts, and other portfolio solutions. T. Rowe Price invests across equity, fixed-income, multi-asset, and alternative strategies, and also provides retirement planning, asset allocation, advisory, and investment research services.

Founded in 1937 by Thomas Rowe Price Jr., the company serves clients through operations and distribution relationships in the United States and international markets.