Evercore Forecasts Strong Price Appreciation for T. Rowe Price Group (NASDAQ:TROW) Stock

T. Rowe Price Group (NASDAQ:TROW) had its price target increased by research analysts at Evercore from $113.00 to $121.00 in a research note issued to investors on Monday. Evercore’s target price suggests a potential upside of 15.78% from the stock’s current price.

Other research analysts have also issued reports about the company. Barclays reduced their target price on T. Rowe Price Group from $108.00 to $103.00 and set an “underweight” rating on the stock in a research report on Monday, August 3rd. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $109.00 price target on shares of T. Rowe Price Group in a research note on Monday, August 3rd. TD Cowen increased their price objective on shares of T. Rowe Price Group from $108.00 to $110.00 and gave the company a “hold” rating in a research report on Monday, August 31st. Zacks Research lowered T. Rowe Price Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 13th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $115.00 price target (down from $120.00) on shares of T. Rowe Price Group in a research report on Monday, August 3rd. One investment analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Reduce” and an average target price of $105.92.

T. Rowe Price Group Stock Up 0.7%

Shares of TROW opened at $104.51 on Monday. The company has a market cap of $22.29 billion, a price-to-earnings ratio of 10.48, a price-to-earnings-growth ratio of 3.44 and a beta of 1.46. T. Rowe Price Group has a twelve month low of $85.22 and a twelve month high of $122.00. The company has a 50 day moving average of $110.62 and a two-hundred day moving average of $105.41.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings results on Friday, July 31st. The asset manager reported $2.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.52 by $0.05. The business had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.89 billion. T. Rowe Price Group had a return on equity of 20.91% and a net margin of 29.26%.The business’s quarterly revenue was up 10.7% on a year-over-year basis. During the same period in the prior year, the firm posted $2.24 earnings per share. On average, sell-side analysts expect that T. Rowe Price Group will post 10.15 EPS for the current year.

Insiders Place Their Bets

In other T. Rowe Price Group news, VP Joshua Nelson sold 10,000 shares of T. Rowe Price Group stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $111.82, for a total transaction of $1,118,200.00. Following the completion of the transaction, the vice president owned 71,328 shares in the company, valued at approximately $7,975,896.96. This trade represents a 12.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 1.60% of the company’s stock.

Institutional Trading of T. Rowe Price Group

A number of hedge funds have recently modified their holdings of TROW. BlackRock Inc. purchased a new position in T. Rowe Price Group during the second quarter valued at approximately $2,728,119,000. Goldman Sachs Group Inc. boosted its position in T. Rowe Price Group by 332.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 8,770,071 shares of the asset manager’s stock worth $897,880,000 after purchasing an additional 6,740,172 shares in the last quarter. Legal & General Group Plc purchased a new stake in T. Rowe Price Group in the 2nd quarter worth approximately $183,130,000. Bank of America Corp DE acquired a new stake in shares of T. Rowe Price Group during the 2nd quarter worth approximately $170,572,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of T. Rowe Price Group during the 2nd quarter worth approximately $167,984,000. Hedge funds and other institutional investors own 73.39% of the company’s stock.

T. Rowe Price Group Company Profile

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland. The company provides investment strategies and related services to individual investors, retirement plans, financial intermediaries, institutions, and other clients.

Its offerings include actively managed mutual funds, exchange-traded funds, separately managed accounts, collective investment trusts, and other portfolio solutions. T. Rowe Price invests across equity, fixed-income, multi-asset, and alternative strategies, and also provides retirement planning, asset allocation, advisory, and investment research services.

Founded in 1937 by Thomas Rowe Price Jr., the company serves clients through operations and distribution relationships in the United States and international markets.