T. Rowe Price Group (NASDAQ:TROW) Price Target Raised to $116.00

T. Rowe Price Group (NASDAQ:TROW) had its price target hoisted by Keefe, Bruyette & Woods from $114.00 to $116.00 in a research report sent to investors on Friday,Benzinga reports. The firm currently has a market perform rating on the asset manager’s stock.

A number of other analysts have also issued reports on TROW. Evercore ISI raised their price target on T. Rowe Price Group from $112.00 to $113.00 and gave the stock an “in-line” rating in a research note on Thursday, November 7th. Deutsche Bank Aktiengesellschaft raised their target price on shares of T. Rowe Price Group from $115.00 to $120.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. Morgan Stanley upped their price target on shares of T. Rowe Price Group from $127.00 to $129.00 and gave the stock an “equal weight” rating in a research report on Monday, November 4th. The Goldman Sachs Group decreased their price target on shares of T. Rowe Price Group from $106.00 to $102.00 and set a “sell” rating on the stock in a report on Thursday, October 3rd. Finally, Wells Fargo & Company upped their price objective on T. Rowe Price Group from $112.00 to $124.00 and gave the stock an “equal weight” rating in a report on Thursday, December 12th. Four investment analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat, T. Rowe Price Group has an average rating of “Hold” and a consensus target price of $117.00.

T. Rowe Price Group Price Performance

Shares of NASDAQ TROW opened at $116.12 on Friday. The company has a market cap of $25.80 billion, a PE ratio of 12.70, a price-to-earnings-growth ratio of 1.73 and a beta of 1.42. The company has a 50-day simple moving average of $117.50 and a 200-day simple moving average of $113.22. T. Rowe Price Group has a 12 month low of $100.49 and a 12 month high of $125.81.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings results on Friday, November 1st. The asset manager reported $2.57 earnings per share for the quarter, beating the consensus estimate of $2.36 by $0.21. T. Rowe Price Group had a return on equity of 20.35% and a net margin of 30.35%. The company had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.84 billion. During the same period in the previous year, the firm posted $2.17 EPS. T. Rowe Price Group’s revenue was up 6.9% on a year-over-year basis. On average, analysts anticipate that T. Rowe Price Group will post 9.39 EPS for the current year.

T. Rowe Price Group Dividend Announcement

The business 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. The ex-dividend date is Friday, December 13th. This represents a $4.96 annualized dividend and a dividend yield of 4.27%. T. Rowe Price Group’s payout ratio is currently 54.27%.

Insiders Place Their Bets

In related news, VP Andrew Justin Mackenzi Thomson sold 4,047 shares of T. Rowe Price Group stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $123.35, for a total transaction of $499,197.45. Following the sale, the vice president now owns 119,577 shares of the company’s stock, valued at $14,749,822.95. The trade was a 3.27 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.00% of the stock is owned by company insiders.

Institutional Trading of T. Rowe Price Group

Large investors have recently modified their holdings of the business. Principal Financial Group Inc. lifted its stake in shares of T. Rowe Price Group by 2.8% in the third quarter. Principal Financial Group Inc. now owns 275,978 shares of the asset manager’s stock worth $30,062,000 after acquiring an additional 7,503 shares in the last quarter. Franklin Resources Inc. raised its position in shares of T. Rowe Price Group by 45.1% in the 3rd quarter. Franklin Resources Inc. now owns 490,155 shares of the asset manager’s stock valued at $53,760,000 after purchasing an additional 152,430 shares in the last quarter. Synovus Financial Corp raised its position in shares of T. Rowe Price Group by 15.7% in the 3rd quarter. Synovus Financial Corp now owns 11,476 shares of the asset manager’s stock valued at $1,250,000 after purchasing an additional 1,559 shares in the last quarter. Tidal Investments LLC boosted its stake in shares of T. Rowe Price Group by 8.5% during the 3rd quarter. Tidal Investments LLC now owns 6,541 shares of the asset manager’s stock valued at $713,000 after buying an additional 513 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB grew its position in shares of T. Rowe Price Group by 191.1% during the third quarter. Wilmington Savings Fund Society FSB now owns 11,404 shares of the asset manager’s stock worth $1,242,000 after buying an additional 7,486 shares in the last quarter. 73.39% of the stock is currently owned by institutional investors and hedge funds.

About T. Rowe Price Group

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.