T. Rowe Price Group (NASDAQ:TROW) Stock Rated Neutral in New Coverage at UBS Group

UBS Group started coverage on shares of T. Rowe Price Group (NASDAQ:TROW) in a research note released on Wednesday morning, MarketBeat reports. The firm issued a neutral rating and a $107.00 price objective on the asset manager’s stock.

A number of other brokerages have also weighed in on TROW. BMO Capital Markets increased their price target 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 upgraded T. Rowe Price Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, September 4th. TD Cowen increased their target price on T. Rowe Price Group from $108.00 to $110.00 and gave the stock a “hold” rating in a research report on Monday, August 31st. Barclays decreased their price target on T. Rowe Price Group from $108.00 to $103.00 and set an “underweight” rating on the stock in a research note on Monday, August 3rd. Finally, Evercore lifted their price target on T. Rowe Price Group from $113.00 to $121.00 in a report on Monday, September 28th. One equities 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 stock. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and an average target price of $104.77.

T. Rowe Price Group Price Performance

NASDAQ:TROW opened at $105.16 on Wednesday. The firm has a market cap of $22.43 billion, a PE ratio of 10.55, a P/E/G ratio of 4.51 and a beta of 1.45. The firm has a 50 day simple moving average of $108.56 and a 200-day simple moving average of $106.23. 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 announced its earnings results on Friday, July 31st. The asset manager reported $2.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.52 by $0.05. The firm had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.89 billion. T. Rowe Price Group had a net margin of 29.26% and a return on equity of 20.91%. T. Rowe Price Group’s revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the business earned $2.24 earnings per share. As a group, sell-side analysts expect that T. Rowe Price Group will post 10.13 earnings per share for the current fiscal year.

T. Rowe Price Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th were paid a dividend of $1.30 per share. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $5.20 annualized dividend and a dividend yield of 4.9%. T. Rowe Price Group’s payout ratio is currently 52.16%.

Insider Activity

In other 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 transaction was disclosed in a filing with the SEC, which is available at this link. 1.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of TROW. Elevation Wealth Partners LLC increased its holdings in T. Rowe Price Group by 173.0% in the 3rd quarter. Elevation Wealth Partners LLC now owns 273 shares of the asset manager’s stock valued at $28,000 after purchasing an additional 173 shares in the last quarter. Motiv8 Investments LLC acquired a new position in shares of T. Rowe Price Group during the fourth quarter worth about $35,000. Bank & Trust Co lifted its stake 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 purchasing an additional 108 shares in the last quarter. Keating Financial Advisory Services Inc. acquired a new position in shares of T. Rowe Price Group during the second quarter worth about $39,000. Finally, Clearstead Trust LLC purchased a new stake in shares of T. Rowe Price Group in the second quarter worth about $41,000. 73.39% of the stock is owned by institutional investors and hedge funds.

About T. Rowe Price Group

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.