T. Rowe Price Group, Inc. (NASDAQ:TROW) had its price objective boosted by Credit Suisse Group from $70.00 to $90.00 in a research note issued to investors on Wednesday, July 26th. The firm currently has a “neutral” rating on the asset manager’s stock. Credit Suisse Group’s price target indicates a potential upside of 8.71% from the company’s previous close.
A number of other equities research analysts have also commented on TROW. UBS AG reiterated a “sell” rating and set a $61.00 price target (down from $77.00) on shares of T. Rowe Price Group in a report on Wednesday, May 24th. Morgan Stanley reiterated an “underweight” rating and set a $71.00 price target (up from $70.00) on shares of T. Rowe Price Group in a report on Tuesday, July 18th. TheStreet lowered shares of T. Rowe Price Group from a “b” rating to a “c+” rating in a report on Tuesday, March 28th. BidaskClub upgraded shares of T. Rowe Price Group from a “buy” rating to a “strong-buy” rating in a report on Wednesday, June 14th. Finally, Zacks Investment Research upgraded shares of T. Rowe Price Group from a “hold” rating to a “buy” rating and set a $83.00 price objective for the company in a report on Wednesday, June 28th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $77.90.
Shares of T. Rowe Price Group (NASDAQ:TROW) opened at 82.79 on Wednesday. T. Rowe Price Group has a 52-week low of $62.97 and a 52-week high of $85.42. The firm has a market capitalization of $19.90 billion, a PE ratio of 14.22 and a beta of 1.24. The stock’s 50 day moving average is $77.24 and its 200 day moving average is $72.27.
T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings results on Tuesday, July 25th. The asset manager reported $1.28 EPS for the quarter, beating the Zacks’ consensus estimate of $1.27 by $0.01. T. Rowe Price Group had a net margin of 32.64% and a return on equity of 24.38%. The company had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.16 billion. During the same period in the prior year, the business posted $0.76 EPS. The firm’s revenue was up 12.1% compared to the same quarter last year. On average, equities research analysts forecast that T. Rowe Price Group will post $5.69 EPS for the current year.
In other news, insider David Oestreicher sold 10,394 shares of the company’s stock in a transaction dated Thursday, July 27th. The shares were sold at an average price of $83.07, for a total value of $863,429.58. Following the sale, the insider now directly owns 82,299 shares of the company’s stock, valued at approximately $6,836,577.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Anne M. Whittemore sold 8,326 shares of the company’s stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $82.03, for a total transaction of $682,981.78. Following the completion of the sale, the director now directly owns 28,982 shares in the company, valued at $2,377,393.46. The disclosure for this sale can be found here. 3.60% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in the company. Equity Investment Corp Acquisition Inc increased its stake in shares of T. Rowe Price Group by 15.7% in the second quarter. Equity Investment Corp Acquisition Inc now owns 5,045 shares of the asset manager’s stock valued at $374,000 after buying an additional 685 shares during the period. Mosaic Family Wealth LLC increased its stake in shares of T. Rowe Price Group by 7.1% in the second quarter. Mosaic Family Wealth LLC now owns 2,107 shares of the asset manager’s stock valued at $156,000 after buying an additional 140 shares during the period. iAB Financial Bank increased its stake in shares of T. Rowe Price Group by 15.6% in the second quarter. iAB Financial Bank now owns 4,935 shares of the asset manager’s stock valued at $366,000 after buying an additional 665 shares during the period. State Board of Administration of Florida Retirement System increased its stake in shares of T. Rowe Price Group by 0.5% in the second quarter. State Board of Administration of Florida Retirement System now owns 338,376 shares of the asset manager’s stock valued at $25,111,000 after buying an additional 1,634 shares during the period. Finally, BB&T Securities LLC increased its stake in shares of T. Rowe Price Group by 55.4% in the second quarter. BB&T Securities LLC now owns 46,833 shares of the asset manager’s stock valued at $3,475,000 after buying an additional 16,703 shares during the period. 71.49% of the stock is currently owned by hedge funds and other institutional investors.
About T. Rowe Price Group
T. Rowe Price Group, Inc is a financial services holding company. The Company provides global investment management services through its subsidiaries to investors across the world. The Company provides an array of Company sponsored the United States mutual funds, other sponsored pooled investment vehicles, sub advisory services, separate account management, recordkeeping, and related services to individuals, advisors, institutions, financial intermediaries and retirement plan sponsors.
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