T. Rowe Price Group (NASDAQ:TROW) Cut to “Sell” at Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell

Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell downgraded shares of T. Rowe Price Group (NASDAQ:TROW) from a neutral rating to a sell rating in a research note published on Wednesday morning, PriceTargets.com reports. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell currently has $157.00 price target on the asset manager’s stock.

Other research analysts also recently issued reports about the stock. Barclays upped their target price on shares of T. Rowe Price Group from $145.00 to $150.00 and gave the company an underweight rating in a research report on Monday, January 25th. Wells Fargo & Company upped their target price on shares of T. Rowe Price Group from $170.00 to $200.00 in a research note on Thursday, January 14th. Credit Suisse Group lowered T. Rowe Price Group from an outperform rating to a neutral rating and boosted their price objective for the company from $179.00 to $181.00 in a research report on Tuesday, March 30th. They noted that the move was a valuation call. Morgan Stanley increased their target price on T. Rowe Price Group from $169.00 to $181.00 and gave the stock an equal weight rating in a report on Thursday, April 8th. Finally, The Goldman Sachs Group upgraded T. Rowe Price Group from a sell rating to a neutral rating and increased their price objective for the stock from $134.00 to $170.00 in a report on Tuesday, January 5th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $158.50.

NASDAQ:TROW opened at $177.82 on Wednesday. The firm has a market cap of $40.53 billion, a PE ratio of 19.91, a price-to-earnings-growth ratio of 1.19 and a beta of 1.15. T. Rowe Price Group has a 12 month low of $96.42 and a 12 month high of $183.05. The company’s 50-day moving average price is $173.12 and its two-hundred day moving average price is $154.66.

T. Rowe Price Group (NASDAQ:TROW) last announced its earnings results on Thursday, January 28th. The asset manager reported $2.89 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.68 by $0.21. T. Rowe Price Group had a return on equity of 30.52% and a net margin of 35.92%. The company had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.69 billion. During the same period last year, the company posted $2.03 earnings per share. The firm’s quarterly revenue was up 18.0% compared to the same quarter last year. Analysts expect that T. Rowe Price Group will post 9.23 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 30th. Shareholders of record on Tuesday, March 16th were issued a $1.08 dividend. The ex-dividend date was Monday, March 15th. This is a boost from T. Rowe Price Group’s previous quarterly dividend of $0.90. This represents a $4.32 annualized dividend and a yield of 2.43%. T. Rowe Price Group’s payout ratio is currently 53.53%.

In other T. Rowe Price Group news, President W. Sharps Robert sold 6,000 shares of T. Rowe Price Group stock in a transaction dated Monday, March 29th. The stock was sold at an average price of $176.75, for a total value of $1,060,500.00. Following the transaction, the president now owns 472,138 shares in the company, valued at $83,450,391.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO William J. Stromberg sold 9,000 shares of the company’s stock in a transaction that occurred on Thursday, March 11th. The stock was sold at an average price of $173.78, for a total transaction of $1,564,020.00. 1.00% of the stock is owned by insiders.

A number of large investors have recently bought and sold shares of the stock. Montag A & Associates Inc. bought a new stake in shares of T. Rowe Price Group in the 4th quarter valued at about $25,000. CVA Family Office LLC bought a new position in T. Rowe Price Group during the first quarter worth $27,000. Ellevest Inc. lifted its stake in shares of T. Rowe Price Group by 435.0% in the 4th quarter. Ellevest Inc. now owns 214 shares of the asset manager’s stock valued at $32,000 after purchasing an additional 174 shares during the period. Peconic Partners LLC bought a new stake in shares of T. Rowe Price Group during the 4th quarter valued at about $35,000. Finally, Bogart Wealth LLC boosted its holdings in shares of T. Rowe Price Group by 260.0% during the 1st quarter. Bogart Wealth LLC now owns 216 shares of the asset manager’s stock worth $37,000 after buying an additional 156 shares in the last quarter. Institutional investors and hedge funds own 69.48% of the company’s stock.

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.

Further Reading: Equal Weight Rating

Analyst Recommendations for T. Rowe Price Group (NASDAQ:TROW)

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