TD Cowen Raises T. Rowe Price Group (NASDAQ:TROW) Price Target to $123.00

T. Rowe Price Group (NASDAQ:TROW) had its target price upped by TD Cowen from $121.00 to $123.00 in a research report released on Monday morning, Benzinga reports. TD Cowen currently has a hold rating on the asset manager’s stock.

TROW has been the subject of several other reports. Morgan Stanley lifted their price objective on T. Rowe Price Group from $114.00 to $125.00 and gave the stock an equal weight rating in a research report on Wednesday, April 17th. JPMorgan Chase & Co. boosted their target price on T. Rowe Price Group from $94.00 to $103.00 and gave the stock an underweight rating in a research note on Tuesday, April 16th. Evercore ISI dropped their price objective on T. Rowe Price Group from $110.00 to $107.00 and set an in-line rating on the stock in a research note on Tuesday, April 30th. Citigroup upped their price objective on T. Rowe Price Group from $110.00 to $125.00 and gave the company a neutral rating in a research note on Friday, April 5th. Finally, Keefe, Bruyette & Woods upgraded T. Rowe Price Group from an underperform rating to a market perform rating and upped their price objective for the company from $106.00 to $120.00 in a research note on Thursday, April 11th. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus target price of $113.00.

T. Rowe Price Group Stock Performance

Shares of TROW stock opened at $116.08 on Monday. T. Rowe Price Group has a fifty-two week low of $87.43 and a fifty-two week high of $132.76. The company has a market cap of $25.92 billion, a PE ratio of 13.79, a P/E/G ratio of 1.96 and a beta of 1.42. The stock’s fifty day moving average price is $115.59 and its two-hundred day moving average price is $113.32.

T. Rowe Price Group (NASDAQ:TROW) last announced its earnings results on Friday, April 26th. The asset manager reported $2.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.04 by $0.34. The business had revenue of $1.75 billion during the quarter, compared to analyst estimates of $1.71 billion. T. Rowe Price Group had a return on equity of 19.70% and a net margin of 29.09%. T. Rowe Price Group’s revenue for the quarter was up 13.8% compared to the same quarter last year. During the same period last year, the company earned $1.69 EPS. On average, equities analysts predict that T. Rowe Price Group will post 8.84 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Friday, June 14th were issued a $1.24 dividend. The ex-dividend date was Friday, June 14th. This represents a $4.96 annualized dividend and a dividend yield of 4.27%. T. Rowe Price Group’s payout ratio is currently 58.91%.

Insider Transactions at T. Rowe Price Group

In other news, insider Jessica M. Hiebler sold 1,401 shares of the company’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $115.85, for a total value of $162,305.85. Following the transaction, the insider now owns 14,198 shares of the company’s stock, valued at $1,644,838.30. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, VP Dorothy C. Sawyer sold 2,000 shares of the company’s stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $117.00, for a total value of $234,000.00. Following the completion of the transaction, the vice president now directly owns 34,710 shares in the company, valued at $4,061,070. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jessica M. Hiebler sold 1,401 shares of the company’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $115.85, for a total transaction of $162,305.85. Following the completion of the transaction, the insider now owns 14,198 shares of the company’s stock, valued at $1,644,838.30. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,444 shares of company stock valued at $740,408. 2.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. L. Roy Papp & Associates LLP boosted its position in T. Rowe Price Group by 5.8% during the fourth quarter. L. Roy Papp & Associates LLP now owns 158,875 shares of the asset manager’s stock valued at $17,109,000 after buying an additional 8,773 shares during the period. Nomura Asset Management Co. Ltd. boosted its position in T. Rowe Price Group by 15.8% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 344,889 shares of the asset manager’s stock valued at $37,141,000 after buying an additional 47,043 shares during the period. Nordea Investment Management AB boosted its position in T. Rowe Price Group by 3.5% during the fourth quarter. Nordea Investment Management AB now owns 317,349 shares of the asset manager’s stock valued at $34,299,000 after buying an additional 10,680 shares during the period. Ashton Thomas Private Wealth LLC purchased a new stake in T. Rowe Price Group during the first quarter valued at about $1,008,000. Finally, Vest Financial LLC boosted its position in T. Rowe Price Group by 48.8% during the fourth quarter. Vest Financial LLC now owns 280,552 shares of the asset manager’s stock valued at $30,213,000 after buying an additional 92,059 shares during the period. 73.39% of the stock is currently owned by hedge funds and other institutional investors.

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.