T. Rowe Price Group (NASDAQ:TROW) Price Target Cut to $85.00 by Analysts at Bank of America

T. Rowe Price Group (NASDAQ:TROW - Free Report) had its price objective cut by Bank of America from $90.00 to $85.00 in a research note issued to investors on Thursday,Benzinga reports. They currently have an underperform rating on the asset manager's stock.

A number of other analysts have also recently weighed in on TROW. StockNews.com cut shares of T. Rowe Price Group from a "buy" rating to a "hold" rating in a research note on Sunday, February 2nd. Wells Fargo & Company dropped 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 report on Thursday, February 6th. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $113.00 price target (up previously from $111.00) on shares of T. Rowe Price Group in a research note on Thursday, February 6th. Barclays lowered their price target on T. Rowe Price Group from $113.00 to $105.00 and set an "underweight" rating on the stock in a research report on Thursday, February 6th. Finally, Morgan Stanley cut their price objective on T. Rowe Price Group from $126.00 to $121.00 and set an "equal weight" rating for the company in a report on Monday, February 24th. Five 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 has an average rating of "Hold" and a consensus target price of $108.50.

Remove Ads

T. Rowe Price Group Stock Up 0.1 %

T. Rowe Price Group stock traded up $0.07 during mid-day trading on Thursday, reaching $81.73. The company had a trading volume of 1,363,442 shares, compared to its average volume of 1,403,771. The firm has a market cap of $18.16 billion, a price-to-earnings ratio of 8.88, a PEG ratio of 2.86 and a beta of 1.50. The company has a 50 day moving average of $101.54 and a 200-day moving average of $110.12. T. Rowe Price Group has a 52 week low of $77.85 and a 52 week high of $125.81.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last announced its quarterly earnings data on Wednesday, February 5th. The asset manager reported $2.12 earnings per share for the quarter, missing the consensus estimate of $2.20 by ($0.08). T. Rowe Price Group had a return on equity of 20.83% and a net margin of 29.61%. During the same period last year, the business posted $1.72 EPS. On average, analysts predict that T. Rowe Price Group will post 9.29 earnings per share for the current fiscal year.

T. Rowe Price Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were given a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a dividend yield of 6.22%. This is a positive change from T. Rowe Price Group's previous quarterly dividend of $1.24. The ex-dividend date of this dividend was Friday, March 14th. T. Rowe Price Group's dividend payout ratio is presently 55.46%.

Insider Activity at T. Rowe Price Group

In other news, Director Robert F. Maclellan sold 3,955 shares of the firm's stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $91.56, for a total value of $362,119.80. Following the transaction, the director now owns 42,979 shares of the company's stock, valued at approximately $3,935,157.24. This trade represents a 8.43 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Arif Husain sold 4,112 shares of the business's stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $109.27, for a total transaction of $449,318.24. Following the sale, the vice president now directly owns 36,800 shares of the company's stock, valued at approximately $4,021,136. This trade represents a 10.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On T. Rowe Price Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. Norges Bank acquired a new position in shares of T. Rowe Price Group in the 4th quarter valued at $117,704,000. Marshall Wace LLP bought a new stake in T. Rowe Price Group in the fourth quarter valued at about $63,284,000. Fayez Sarofim & Co lifted its stake in T. Rowe Price Group by 7.6% in the fourth quarter. Fayez Sarofim & Co now owns 6,052,469 shares of the asset manager's stock valued at $684,474,000 after buying an additional 425,142 shares during the period. Amundi boosted its holdings in T. Rowe Price Group by 30.1% during the fourth quarter. Amundi now owns 1,717,877 shares of the asset manager's stock worth $194,064,000 after buying an additional 397,278 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of T. Rowe Price Group by 28.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,762,910 shares of the asset manager's stock worth $199,367,000 after buying an additional 387,604 shares during the period. 73.39% of the stock is owned by institutional investors.

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.