JPMorgan Chase & Co. Cuts T. Rowe Price Group (NASDAQ:TROW) Price Target to $108.00

T. Rowe Price Group (NASDAQ:TROW) had its price objective cut by JPMorgan Chase & Co. from $111.00 to $108.00 in a research note published on Tuesday, MarketBeat Ratings reports. They currently have an underweight rating on the asset manager’s stock.

Other research analysts have also recently issued research reports about the stock. Morgan Stanley raised their price target on shares of T. Rowe Price Group from $126.00 to $128.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 17th. Bank of America upped their price target on T. Rowe Price Group from $85.00 to $86.00 in a research report on Wednesday, January 14th. Deutsche Bank Aktiengesellschaft cut their price objective on T. Rowe Price Group from $113.00 to $106.00 and set a “hold” rating for the company in a report on Wednesday, December 17th. Zacks Research downgraded shares of T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 9th. Finally, Jefferies Financial Group increased their target price on shares of T. Rowe Price Group from $104.00 to $106.00 and gave the stock a “hold” rating in a research report on Tuesday, October 7th. Eleven investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus price target of $107.31.

T. Rowe Price Group Price Performance

Shares of TROW stock opened at $107.10 on Tuesday. The stock has a market cap of $23.37 billion, a P/E ratio of 11.67, a price-to-earnings-growth ratio of 2.57 and a beta of 1.52. T. Rowe Price Group has a one year low of $77.85 and a one year high of $118.32. The stock has a fifty day moving average price of $103.85 and a 200 day moving average price of $104.47.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings data on Friday, October 31st. The asset manager reported $2.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.55 by $0.26. T. Rowe Price Group had a net margin of 28.89% and a return on equity of 19.95%. The company had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.88 billion. During the same quarter in the prior year, the company posted $2.57 EPS. The business’s revenue was up 6.0% on a year-over-year basis. Equities research analysts anticipate that T. Rowe Price Group will post 9.29 EPS for the current year.

T. Rowe Price Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 30th. Investors of record on Monday, December 15th were given a dividend of $1.27 per share. The ex-dividend date was Monday, December 15th. This represents a $5.08 annualized dividend and a yield of 4.7%. T. Rowe Price Group’s dividend payout ratio is 55.34%.

Insider Buying and Selling

In other T. Rowe Price Group news, VP Arif Husain sold 4,260 shares of the firm’s stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $101.96, for a total value of $434,349.60. Following the completion of the sale, the vice president owned 47,102 shares in the company, valued at approximately $4,802,519.92. This trade represents a 8.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.00% of the stock is currently owned by corporate insiders.

Institutional Trading of T. Rowe Price Group

Several hedge funds have recently modified their holdings of TROW. TD Waterhouse Canada Inc. raised its position in T. Rowe Price Group by 66.7% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 250 shares of the asset manager’s stock worth $25,000 after purchasing an additional 100 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. boosted its position in T. Rowe Price Group by 540.9% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 282 shares of the asset manager’s stock valued at $29,000 after buying an additional 238 shares during the last quarter. Root Financial Partners LLC acquired a new stake in shares of T. Rowe Price Group in the 3rd quarter valued at $30,000. Vermillion & White Wealth Management Group LLC raised its position in shares of T. Rowe Price Group by 120.0% during the second quarter. Vermillion & White Wealth Management Group LLC now owns 319 shares of the asset manager’s stock worth $31,000 after acquiring an additional 174 shares during the last quarter. Finally, Canton Hathaway LLC acquired a new position in shares of T. Rowe Price Group during the fourth quarter valued at $31,000. 73.39% of the stock is owned by institutional investors.

T. Rowe Price Group Company Profile

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland, founded by Thomas Rowe Price Jr. in 1937. The company provides a broad range of investment products and services for individual investors, financial intermediaries, retirement plan sponsors and institutional clients. Its offerings are built around active investment management and in-house research across equity, fixed income and multi-asset strategies, reflecting a long history as a research-driven asset manager.

The firm’s product lineup includes mutual funds, separate accounts, collective investment trusts, target-date and target-risk funds, and managed account solutions, as well as services for defined contribution and defined benefit retirement plans.