T. Rowe Price Group (NASDAQ:TROW) Stock Gets Price Target Cut from Barclays

T. Rowe Price Group (NASDAQ:TROW) had its price objective decreased by Barclays from $103.00 to $102.00 in a research report sent to investors on Wednesday morning,Benzinga reports. Barclays currently has an underweight rating on the asset manager’s stock.

Several other analysts also recently weighed in on the stock. Evercore set a $109.00 price objective on shares of T. Rowe Price Group in a research report on Friday, October 9th. Weiss Ratings raised shares of T. Rowe Price Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, September 4th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $115.00 target price (down from $120.00) on shares of T. Rowe Price Group in a research report on Monday, August 3rd. TD Cowen dropped their target price on shares of T. Rowe Price Group from $110.00 to $109.00 and set a “hold” rating on the stock in a research report on Monday. Finally, Deutsche Bank Aktiengesellschaft reiterated 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. One analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, T. Rowe Price Group presently has an average rating of “Reduce” and a consensus price target of $104.08.

T. Rowe Price Group Stock Down 0.4%

Shares of TROW opened at $100.97 on Wednesday. The stock has a 50 day moving average price of $107.27 and a 200 day moving average price of $106.67. The company has a market capitalization of $21.54 billion, a price-to-earnings ratio of 9.80, a price-to-earnings-growth ratio of 4.41 and a beta of 1.45. T. Rowe Price Group has a 52-week low of $85.22 and a 52-week high of $122.00.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings results on Friday, July 31st. The asset manager reported $2.57 EPS for the quarter, beating the consensus estimate of $2.52 by $0.05. T. Rowe Price Group had a net margin of 29.26% and a return on equity of 20.91%. The company had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.89 billion. During the same period in the prior year, the firm posted $2.24 earnings per share. The firm’s revenue was up 10.7% on a year-over-year basis. On average, equities analysts anticipate that T. Rowe Price Group will post 10.09 EPS for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th were given a $1.30 dividend. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 5.2%. T. Rowe Price Group’s dividend payout ratio is 52.16%.

Insider Transactions at T. Rowe Price Group

In related news, VP Joshua Nelson sold 10,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the vice president owned 71,328 shares in the company, valued at $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 available through the SEC website. 1.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On T. Rowe Price Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TROW. Wealthcare Capital Partners LLC grew its position in shares of T. Rowe Price Group by 1.0% during the second quarter. Wealthcare Capital Partners LLC now owns 9,565 shares of the asset manager’s stock worth $1,087,000 after acquiring an additional 93 shares during the last quarter. Kesler Norman & Wride LLC increased its holdings in shares of T. Rowe Price Group by 0.6% in the 2nd quarter. Kesler Norman & Wride LLC now owns 15,914 shares of the asset manager’s stock valued at $1,809,000 after acquiring an additional 96 shares during the period. MassMutual Private Wealth & Trust FSB increased its holdings in shares of T. Rowe Price Group by 9.4% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 1,150 shares of the asset manager’s stock valued at $131,000 after acquiring an additional 99 shares during the period. Oregon Public Employees Retirement Fund raised its position in T. Rowe Price Group by 0.4% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 25,062 shares of the asset manager’s stock valued at $2,259,000 after purchasing an additional 100 shares during the last quarter. Finally, Concorde Asset Management LLC raised its position in T. Rowe Price Group by 3.9% in the 1st quarter. Concorde Asset Management LLC now owns 2,730 shares of the asset manager’s stock valued at $246,000 after purchasing an additional 102 shares during the last quarter. Hedge funds and other institutional investors own 73.39% of the company’s stock.

About T. Rowe Price Group

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.