The Goldman Sachs Group Cuts T. Rowe Price Group (NASDAQ:TROW) Price Target to $89.00

T. Rowe Price Group (NASDAQ:TROW) had its target price dropped by equities research analysts at The Goldman Sachs Group from $103.00 to $89.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a “sell” rating on the asset manager’s stock. The Goldman Sachs Group’s price target would suggest a potential upside of 1.76% from the company’s previous close.

Other research analysts have also issued reports about the stock. Bank of America cut their target price on shares of T. Rowe Price Group from $90.00 to $85.00 and set an “underperform” rating on the stock in a research note on Thursday. Wells Fargo & Company reduced their target price on T. Rowe Price Group from $118.00 to $116.00 and set an “equal weight” rating for the company in a research note on Thursday, February 6th. Barclays reduced their price objective on T. Rowe Price Group from $113.00 to $105.00 and set an “underweight” rating for the company in a research note on Thursday, February 6th. Morgan Stanley lowered their target price on T. Rowe Price Group from $126.00 to $121.00 and set an “equal weight” rating on the stock in a research report on Monday, February 24th. Finally, Citigroup reduced their price target on shares of T. Rowe Price Group from $120.00 to $100.00 and set a “neutral” rating for the company in a research report on Monday. Five equities research analysts have rated the stock with a sell rating and eight have given a hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $108.50.

T. Rowe Price Group Stock Performance

Shares of NASDAQ:TROW traded down $6.44 during midday trading on Thursday, reaching $87.46. The company’s stock had a trading volume of 1,830,149 shares, compared to its average volume of 1,370,505. T. Rowe Price Group has a fifty-two week low of $85.76 and a fifty-two week high of $125.81. The firm has a 50 day moving average price of $103.36 and a two-hundred day moving average price of $110.62. The firm has a market capitalization of $19.44 billion, a price-to-earnings ratio of 9.55, a PEG ratio of 2.86 and a beta of 1.46.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings results on Wednesday, February 5th. The asset manager reported $2.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.20 by ($0.08). T. Rowe Price Group had a net margin of 29.61% and a return on equity of 20.83%. During the same period last year, the business earned $1.72 earnings per share. As a group, research analysts anticipate that T. Rowe Price Group will post 9.29 earnings per share for the current year.

Insider Transactions at T. Rowe Price Group

In other news, Director Robert F. Maclellan sold 3,955 shares of the firm’s stock in a transaction on Monday, March 31st. The stock was sold at an average price of $91.56, for a total value of $362,119.80. Following the completion of the transaction, the director now directly owns 42,979 shares of the company’s stock, valued at $3,935,157.24. This trade represents a 8.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Arif Husain sold 4,112 shares of T. Rowe Price Group stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $109.27, for a total value of $449,318.24. Following the transaction, the vice president now directly owns 36,800 shares of the company’s stock, valued at $4,021,136. The trade was a 10.05 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of TROW. Cullen Investment Group LTD. raised its position in shares of T. Rowe Price Group by 0.9% during the 1st quarter. Cullen Investment Group LTD. now owns 13,554 shares of the asset manager’s stock valued at $1,245,000 after buying an additional 117 shares in the last quarter. Wellington Management Group LLP boosted its holdings in shares of T. Rowe Price Group by 30.9% in the 4th quarter. Wellington Management Group LLP now owns 72,092 shares of the asset manager’s stock worth $8,153,000 after purchasing an additional 16,999 shares in the last quarter. Thoma Capital Management LLC purchased a new position in shares of T. Rowe Price Group during the 4th quarter valued at about $684,000. Wealth Enhancement Advisory Services LLC boosted its stake in T. Rowe Price Group by 2.8% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 96,265 shares of the asset manager’s stock worth $10,887,000 after buying an additional 2,579 shares in the last quarter. Finally, Lansforsakringar Fondforvaltning AB publ purchased a new position in shares of T. Rowe Price Group during the fourth quarter worth approximately $11,875,000. 73.39% of the stock is currently owned by 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.