Wells Fargo & Company Forecasts Strong Price Appreciation for T. Rowe Price Group (NASDAQ:TROW) Stock

T. Rowe Price Group (NASDAQ:TROW - Free Report) had its target price lifted by Wells Fargo & Company from $112.00 to $124.00 in a research report released on Thursday morning,Benzinga reports. The firm currently has an equal weight rating on the asset manager's stock.

A number of other equities research analysts have also issued reports on TROW. JPMorgan Chase & Co. cut their price target on shares of T. Rowe Price Group from $116.00 to $115.00 and set an "underweight" rating on the stock in a report on Monday, November 4th. The Goldman Sachs Group cut their target price on T. Rowe Price Group from $106.00 to $102.00 and set a "sell" rating on the stock in a research note on Thursday, October 3rd. TD Cowen reduced their price target on T. Rowe Price Group from $120.00 to $116.00 and set a "hold" rating on the stock in a report on Monday, November 4th. Barclays increased their price objective on T. Rowe Price Group from $110.00 to $115.00 and gave the stock an "underweight" rating in a report on Monday. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on 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 research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. According to data from MarketBeat, T. Rowe Price Group presently has a consensus rating of "Hold" and a consensus price target of $117.09.

T. Rowe Price Group Trading Down 0.6 %

Shares of TROW stock traded down $0.75 during trading hours on Thursday, hitting $120.96. 1,087,557 shares of the company's stock were exchanged, compared to its average volume of 1,268,662. The company has a market capitalization of $26.87 billion, a PE ratio of 13.32, a PEG ratio of 1.75 and a beta of 1.42. T. Rowe Price Group has a 12-month low of $98.36 and a 12-month high of $125.81. The business's 50 day simple moving average is $116.16 and its 200-day simple moving average is $113.20.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued its earnings results on Friday, November 1st. The asset manager reported $2.57 EPS for the quarter, topping analysts' consensus estimates of $2.36 by $0.21. T. Rowe Price Group had a net margin of 30.35% and a return on equity of 20.35%. The company had revenue of $1.79 billion for the quarter, compared to analysts' expectations of $1.84 billion. During the same quarter last year, the company earned $2.17 EPS. The firm's revenue was up 6.9% compared to the same quarter last year. Equities analysts anticipate that T. Rowe Price Group will post 9.39 EPS for the current year.

T. Rowe Price Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be given 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 4.10%. T. Rowe Price Group's dividend payout ratio is presently 54.27%.

Insiders Place Their Bets

In related news, insider Jessica M. Hiebler sold 484 shares of the company's stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $104.73, for a total value of $50,689.32. Following the sale, the insider now owns 13,939 shares in the company, valued at $1,459,831.47. This represents a 3.36 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Andrew Justin Mackenzi Thomson sold 4,047 shares of the firm's stock in a transaction that occurred on Tuesday, December 10th. The shares were 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 of the company's stock, valued at approximately $14,749,822.95. This trade represents a 3.27 % decrease in their position. The disclosure for this sale can be found here. 2.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On T. Rowe Price Group

A number of institutional investors have recently modified their holdings of TROW. Charles Schwab Investment Management Inc. increased its holdings in T. Rowe Price Group by 3.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,840,807 shares of the asset manager's stock worth $745,169,000 after buying an additional 231,286 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of T. Rowe Price Group by 0.5% during the 3rd quarter. Geode Capital Management LLC now owns 5,515,198 shares of the asset manager's stock valued at $598,801,000 after acquiring an additional 25,481 shares during the last quarter. Victory Capital Management Inc. grew its stake in shares of T. Rowe Price Group by 3.8% in the second quarter. Victory Capital Management Inc. now owns 3,436,019 shares of the asset manager's stock worth $396,207,000 after acquiring an additional 124,686 shares during the period. American Century Companies Inc. raised its holdings in shares of T. Rowe Price Group by 4.5% during the second quarter. American Century Companies Inc. now owns 2,512,793 shares of the asset manager's stock valued at $289,750,000 after purchasing an additional 107,086 shares during the last quarter. Finally, Provident Trust Co. lifted its position in T. Rowe Price Group by 0.3% during the third quarter. Provident Trust Co. now owns 2,397,728 shares of the asset manager's stock valued at $261,185,000 after purchasing an additional 7,905 shares during the period. 73.39% of the stock is owned by hedge funds and other 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.