T. Rowe Price Group (NASDAQ:TROW - Free Report) had its target price boosted by Morgan Stanley from $129.00 to $132.00 in a research note issued to investors on Friday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the asset manager's stock.
Several other research analysts have also issued reports on TROW. Keefe, Bruyette & Woods raised their target price on T. Rowe Price Group from $114.00 to $116.00 and gave the stock a "market perform" rating in a research report on Friday. JPMorgan Chase & Co. lowered 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 report on Monday, November 4th. Wells Fargo & Company upped their target price on T. Rowe Price Group from $112.00 to $124.00 and gave the company an "equal weight" rating in a report on Thursday, December 12th. Evercore ISI increased their target price on shares of T. Rowe Price Group from $112.00 to $113.00 and gave the company an "in-line" rating in a research report on Thursday, November 7th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target 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. Four analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. According to MarketBeat, T. Rowe Price Group has a consensus rating of "Hold" and an average target price of $117.00.
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T. Rowe Price Group Stock Performance
Shares of T. Rowe Price Group stock traded up $3.15 on Friday, hitting $116.12. The stock had a trading volume of 4,136,218 shares, compared to its average volume of 1,290,846. The stock has a 50 day moving average of $117.50 and a 200 day moving average of $113.24. The firm has a market capitalization of $25.80 billion, a P/E ratio of 12.70, a PEG ratio of 1.73 and a beta of 1.42. T. Rowe Price Group has a twelve month low of $100.49 and a twelve month high of $125.81.
T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last announced its quarterly earnings results on Friday, November 1st. The asset manager reported $2.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.21. The firm had revenue of $1.79 billion during the quarter, compared to analysts' expectations of $1.84 billion. T. Rowe Price Group had a net margin of 30.35% and a return on equity of 20.35%. The company's revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the company posted $2.17 EPS. Equities analysts expect that T. Rowe Price Group will post 9.39 earnings per share for the current year.
T. Rowe Price Group Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be paid a $1.24 dividend. This represents a $4.96 annualized dividend and a yield of 4.27%. The ex-dividend date of this dividend is Friday, December 13th. T. Rowe Price Group's dividend payout ratio (DPR) is currently 54.27%.
Insider Activity
In related news, VP Andrew Justin Mackenzi Thomson sold 4,047 shares of the stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $123.35, for a total value of $499,197.45. Following the transaction, the vice president now directly owns 119,577 shares in the company, valued at $14,749,822.95. This trade represents a 3.27 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.00% of the company's stock.
Hedge Funds Weigh In On T. Rowe Price Group
Hedge funds have recently added to or reduced their stakes in the stock. Iron Horse Wealth Management LLC lifted its holdings in shares of T. Rowe Price Group by 90.9% in the third quarter. Iron Horse Wealth Management LLC now owns 231 shares of the asset manager's stock valued at $25,000 after purchasing an additional 110 shares in the last quarter. Hexagon Capital Partners LLC raised its position in T. Rowe Price Group by 54.7% in the 3rd quarter. Hexagon Capital Partners LLC now owns 294 shares of the asset manager's stock valued at $32,000 after buying an additional 104 shares during the last quarter. Family Firm Inc. bought a new position in T. Rowe Price Group during the 2nd quarter valued at $36,000. True Wealth Design LLC bought a new position in T. Rowe Price Group during the 3rd quarter valued at $37,000. Finally, Larson Financial Group LLC boosted its holdings in T. Rowe Price Group by 866.7% during the 3rd quarter. Larson Financial Group LLC now owns 348 shares of the asset manager's stock worth $38,000 after acquiring an additional 312 shares during the last quarter. Institutional investors and hedge funds own 73.39% of the company's stock.
About T. Rowe Price Group
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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.
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