T. Rowe Price Group (NASDAQ:TROW) Stock Price Expected to Rise, Evercore Analyst Says

T. Rowe Price Group (NASDAQ:TROW) had its target price hoisted by research analysts at Evercore from $106.00 to $111.00 in a report issued on Monday,MarketScreener reports. Evercore’s price objective would indicate a potential upside of 4.63% from the stock’s previous close.

A number of other research firms have also recently commented on TROW. Jefferies Financial Group cut their price target on shares of T. Rowe Price Group from $107.00 to $91.00 and set a “hold” rating on the stock in a report on Wednesday, April 8th. Weiss Ratings reissued a “hold (c)” rating on shares of T. Rowe Price Group in a report on Friday, May 8th. Keefe, Bruyette & Woods boosted their target price on shares of T. Rowe Price Group from $95.00 to $107.00 and gave the company a “market perform” rating in a research report on Friday, May 1st. Morgan Stanley set a $105.00 price objective on T. Rowe Price Group in a research note on Monday, April 27th. Finally, Barclays increased their price objective on shares of T. Rowe Price Group from $87.00 to $89.00 and gave the stock an “underweight” rating in a research note on Friday, May 1st. Eleven equities research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Reduce” and an average target price of $100.08.

T. Rowe Price Group Price Performance

Shares of NASDAQ:TROW opened at $106.09 on Monday. The business has a fifty day moving average price of $99.06 and a 200-day moving average price of $99.32. The company has a market capitalization of $22.73 billion, a PE ratio of 11.37, a PEG ratio of 5.42 and a beta of 1.50. T. Rowe Price Group has a 1-year low of $85.22 and a 1-year high of $118.22.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings results on Thursday, April 30th. The asset manager reported $2.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.37 by $0.15. T. Rowe Price Group had a net margin of 28.28% and a return on equity of 20.60%. The company had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.85 billion. During the same quarter in the previous year, the business posted $2.23 EPS. T. Rowe Price Group’s revenue was up 5.3% compared to the same quarter last year. On average, sell-side analysts anticipate that T. Rowe Price Group will post 9.63 earnings per share for the current fiscal year.

Insider Activity

In other news, VP Stephon A. Jackson sold 3,000 shares of T. Rowe Price Group stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $102.56, for a total value of $307,680.00. Following the sale, the vice president directly owned 83,883 shares of the company’s stock, valued at approximately $8,603,040.48. The trade was a 3.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. TD Private Client Wealth LLC increased its holdings in shares of T. Rowe Price Group by 91.8% in the 4th quarter. TD Private Client Wealth LLC now owns 257 shares of the asset manager’s stock worth $26,000 after buying an additional 123 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in shares of 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 worth $29,000 after purchasing an additional 238 shares during the period. Canton Hathaway LLC bought a new position in shares of T. Rowe Price Group during the 4th quarter valued at approximately $31,000. Sound Income Strategies LLC lifted its position in T. Rowe Price Group by 170.3% in the fourth quarter. Sound Income Strategies LLC now owns 300 shares of the asset manager’s stock worth $32,000 after buying an additional 189 shares during the last quarter. Finally, DV Equities LLC bought a new stake in T. Rowe Price Group in the fourth quarter worth $32,000. 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 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.