TD Cowen Cuts T. Rowe Price Group (NASDAQ:TROW) Price Target to $116.00

T. Rowe Price Group (NASDAQ:TROW) had its target price trimmed by TD Cowen from $120.00 to $116.00 in a research report released on Monday morning, Benzinga reports. The firm currently has a hold rating on the asset manager’s stock.

Other research analysts have also recently issued reports about the stock. Wells Fargo & Company boosted their price target on shares of T. Rowe Price Group from $109.00 to $112.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 9th. Barclays lifted their price target on T. Rowe Price Group from $101.00 to $110.00 and gave the stock an “underweight” rating in a report on Monday. JPMorgan Chase & Co. reduced their price objective on T. Rowe Price Group from $116.00 to $115.00 and set an “underweight” rating for the company in a research note on Monday. StockNews.com cut T. Rowe Price Group from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Finally, Evercore ISI increased their price target on shares of T. Rowe Price Group from $108.00 to $109.00 and gave the company an “in-line” rating in a research report on Friday, October 4th. Four investment analysts have rated the stock with a sell rating and eight have given a hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $114.73.

T. Rowe Price Group Stock Performance

TROW stock opened at $121.31 on Monday. T. Rowe Price Group has a fifty-two week low of $90.02 and a fifty-two week high of $122.27. The stock’s 50 day simple moving average is $108.79 and its 200 day simple moving average is $111.82. The company has a market cap of $26.95 billion, a P/E ratio of 13.27, a price-to-earnings-growth ratio of 1.73 and a beta of 1.41.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings results on Friday, November 1st. The asset manager reported $2.57 EPS for the quarter, beating analysts’ consensus estimates of $2.36 by $0.21. T. Rowe Price Group had a net margin of 30.35% and a return on equity of 20.35%. The business had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.84 billion. During the same quarter in the previous year, the business posted $2.17 EPS. T. Rowe Price Group’s quarterly revenue was up 6.9% on a year-over-year basis. Equities analysts predict that T. Rowe Price Group will post 9.27 earnings per share for the current year.

T. Rowe Price Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be issued a dividend of $1.24 per share. This represents a $4.96 dividend on an annualized basis and a yield of 4.09%. The ex-dividend date is Friday, December 13th. T. Rowe Price Group’s dividend payout ratio (DPR) is presently 54.27%.

Insiders Place Their Bets

In related news, insider Jessica M. Hiebler sold 484 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $104.73, for a total value of $50,689.32. Following the sale, the insider now owns 13,939 shares in the company, valued at approximately $1,459,831.47. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, insider Jessica M. Hiebler sold 484 shares of the business’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $104.73, for a total transaction of $50,689.32. Following the completion of the transaction, the insider now directly owns 13,939 shares in the company, valued at $1,459,831.47. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Andrew Justin Mackenzi Thomson sold 11,969 shares of the firm’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $102.83, for a total value of $1,230,772.27. Following the completion of the sale, the vice president now directly owns 123,624 shares in the company, valued at approximately $12,712,255.92. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On T. Rowe Price Group

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Norden Group LLC bought a new stake in shares of T. Rowe Price Group during the 1st quarter worth $420,000. Tokio Marine Asset Management Co. Ltd. lifted its stake in T. Rowe Price Group by 12.4% during the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 5,487 shares of the asset manager’s stock worth $669,000 after purchasing an additional 607 shares during the last quarter. Fidelis Capital Partners LLC purchased a new position in shares of T. Rowe Price Group in the 1st quarter worth about $121,000. Daiwa Securities Group Inc. increased its position in shares of T. Rowe Price Group by 9.3% during the 1st quarter. Daiwa Securities Group Inc. now owns 22,023 shares of the asset manager’s stock valued at $2,685,000 after purchasing an additional 1,880 shares during the last quarter. Finally, Paulson Wealth Management Inc. raised its holdings in shares of T. Rowe Price Group by 4.9% during the 1st quarter. Paulson Wealth Management Inc. now owns 2,028 shares of the asset manager’s stock valued at $247,000 after buying an additional 95 shares in the last quarter. Hedge funds and other institutional investors own 73.39% of the company’s stock.

T. Rowe Price Group Company Profile

T. Rowe Price Group, Inc is a publicly owned investment manager. The firm provides its services to individuals, institutional investors, retirement plans, financial intermediaries, and institutions. It launches and manages equity and fixed income mutual funds. The firm invests in the public equity and fixed income markets across the globe.