StockNews.com Lowers T. Rowe Price Group (NASDAQ:TROW) to Hold

StockNews.com downgraded shares of T. Rowe Price Group (NASDAQ:TROWFree Report) from a buy rating to a hold rating in a research report released on Friday.

Several other equities analysts also recently weighed in on the stock. TD Cowen started coverage on shares of T. Rowe Price Group in a report on Thursday, January 4th. They set an underperform rating and a $88.00 price target on the stock. Morgan Stanley boosted their target price on shares of T. Rowe Price Group from $101.00 to $106.00 and gave the company an equal weight rating in a research note on Friday, January 19th. UBS Group boosted their target price on shares of T. Rowe Price Group from $86.00 to $102.00 and gave the company a sell rating in a research note on Wednesday, January 10th. Citigroup raised shares of T. Rowe Price Group from a sell rating to a neutral rating and lowered their target price for the company from $100.00 to $95.00 in a research note on Tuesday, October 31st. Finally, Wells Fargo & Company reaffirmed an underweight rating and issued a $105.00 price objective (up from $95.00) on shares of T. Rowe Price Group in a research note on Monday, January 8th. Six investment analysts have rated the stock with a sell rating and five have issued a hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of Reduce and a consensus target price of $97.30.

Read Our Latest Stock Report on TROW

T. Rowe Price Group Stock Up 3.4 %

Shares of TROW stock opened at $109.99 on Friday. The company has a 50 day moving average price of $107.20 and a 200-day moving average price of $105.34. T. Rowe Price Group has a 52 week low of $87.43 and a 52 week high of $132.76. The firm has a market capitalization of $24.54 billion, a PE ratio of 14.17, a P/E/G ratio of 2.39 and a beta of 1.40.

T. Rowe Price Group (NASDAQ:TROWGet Free Report) last posted its quarterly earnings data on Thursday, February 8th. The asset manager reported $1.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.60 by $0.12. The company had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.63 billion. T. Rowe Price Group had a net margin of 27.69% and a return on equity of 18.50%. The firm’s revenue was up 6.5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.74 earnings per share. Analysts anticipate that T. Rowe Price Group will post 7.41 earnings per share for the current year.

T. Rowe Price Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 28th. Stockholders of record on Friday, March 15th will be issued a $1.24 dividend. This is a boost from T. Rowe Price Group’s previous quarterly dividend of $1.22. This represents a $4.96 dividend on an annualized basis and a dividend yield of 4.51%. The ex-dividend date is Thursday, March 14th. T. Rowe Price Group’s dividend payout ratio (DPR) is currently 63.92%.

Insider Activity

In related news, insider William J. Stromberg sold 10,000 shares of the stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $98.48, for a total value of $984,800.00. Following the completion of the transaction, the insider now directly owns 49,000 shares of the company’s stock, valued at approximately $4,825,520. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other T. Rowe Price Group news, insider William J. Stromberg sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $98.48, for a total transaction of $984,800.00. Following the completion of the transaction, the insider now directly owns 49,000 shares of the company’s stock, valued at approximately $4,825,520. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Robert C.T. Higginbotham sold 40,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $96.52, for a total transaction of $3,860,800.00. Following the transaction, the vice president now directly owns 30,855 shares of the company’s stock, valued at $2,978,124.60. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 74,458 shares of company stock worth $7,359,792. Corporate insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On T. Rowe Price Group

Several institutional investors have recently made changes to their positions in the company. Bank of Nova Scotia increased its holdings in shares of T. Rowe Price Group by 1,278.0% during the 4th quarter. Bank of Nova Scotia now owns 252,055 shares of the asset manager’s stock valued at $27,143,000 after purchasing an additional 233,763 shares in the last quarter. Dorsey & Whitney Trust CO LLC grew its stake in T. Rowe Price Group by 16.1% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 4,088 shares of the asset manager’s stock valued at $440,000 after acquiring an additional 567 shares during the period. TFO Wealth Partners LLC grew its stake in T. Rowe Price Group by 10,863.6% in the 4th quarter. TFO Wealth Partners LLC now owns 3,618 shares of the asset manager’s stock valued at $390,000 after acquiring an additional 3,585 shares during the period. Treasurer of the State of North Carolina grew its stake in T. Rowe Price Group by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 97,874 shares of the asset manager’s stock valued at $10,540,000 after acquiring an additional 960 shares during the period. Finally, Elevatus Welath Management acquired a new stake in T. Rowe Price Group during the 4th quarter worth $308,000. 75.85% of the stock is owned by hedge funds and other institutional investors.

About T. Rowe Price Group

(Get Free Report)

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

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