T. Rowe Price Group (NASDAQ:TROW) Stock Price Target Raised at Evercore

T. Rowe Price Group (NASDAQ:TROW) had its price objective lifted by Evercore from $113.00 to $121.00 in a research report sent to investors on Monday morning.

Several other equities research analysts have also recently weighed in on the company. BMO Capital Markets upped their target price on T. Rowe Price Group from $110.00 to $120.00 and gave the stock a “market perform” rating in a report on Monday, August 3rd. Morgan Stanley decreased their price objective on T. Rowe Price Group from $116.00 to $110.00 and set an “equal weight” rating for the company in a report on Friday. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $109.00 price objective on shares of T. Rowe Price Group in a research note on Monday, August 3rd. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $115.00 target price (down from $120.00) on shares of T. Rowe Price Group in a report on Monday, August 3rd. Finally, TD Cowen increased their target price on shares of T. Rowe Price Group from $108.00 to $110.00 and gave the stock a “hold” rating in a report on Monday, August 31st. One equities research analyst has rated the stock with a Buy rating, nine have given a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat, T. Rowe Price Group presently has a consensus rating of “Reduce” and a consensus price target of $105.92.

T. Rowe Price Group Stock Performance

Shares of NASDAQ TROW opened at $103.81 on Monday. The firm has a market capitalization of $22.14 billion, a price-to-earnings ratio of 10.41, a PEG ratio of 3.50 and a beta of 1.46. The stock has a 50 day moving average price of $110.88 and a 200 day moving average price of $105.31. T. Rowe Price Group has a 52-week low of $85.22 and a 52-week high of $122.00.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings data 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. The company had revenue of $1.91 billion for the quarter, compared to analysts’ expectations of $1.89 billion. T. Rowe Price Group had a return on equity of 20.91% and a net margin of 29.26%.T. Rowe Price Group’s revenue was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.24 earnings per share. 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 business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 5.0%. The ex-dividend date of this dividend is Tuesday, September 15th. T. Rowe Price Group’s payout ratio is presently 52.16%.

Insider Buying and Selling at T. Rowe Price Group

In related news, VP Joshua Nelson sold 10,000 shares of the company’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 completion of the sale, the vice president directly owned 71,328 shares in the company, valued at $7,975,896.96. This represents a 12.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 1.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On T. Rowe Price Group

A number of large investors have recently added to or reduced their stakes in TROW. BlackRock Inc. purchased a new position in shares of T. Rowe Price Group in the 2nd quarter worth approximately $2,728,119,000. Goldman Sachs Group Inc. raised its stake 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 worth $897,880,000 after acquiring an additional 6,740,172 shares in the last quarter. Legal & General Group Plc purchased a new stake in T. Rowe Price Group during the second quarter valued at approximately $183,130,000. Bank of America Corp DE purchased a new stake in T. Rowe Price Group during the second quarter valued at approximately $170,572,000. Finally, Bank of New York Mellon Corp purchased a new stake in T. Rowe Price Group during the second quarter valued at approximately $167,984,000. 73.39% of the stock is currently owned by institutional investors.

T. Rowe Price Group Company Profile

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland. Founded in 1937 by Thomas Rowe Price Jr., the company provides investment management, advisory and related services to individual investors, retirement plans, institutions, financial intermediaries and other clients.

The company offers a broad range of investment products and strategies, including mutual funds, exchange-traded funds, separately managed accounts and institutional portfolios.