T. Rowe Price Group, Inc. (TROW) Upgraded to Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) from a hold rating to a buy rating in a research note published on Tuesday. Zacks Investment Research currently has $93.00 price target on the asset manager’s stock.

According to Zacks, “T. Rowe Price’s shares outperformed the industry over the last six months. The company’s second-quarter 2017 adjusted earnings outpaced the Zacks Consensus Estimate. Higher revenues and assets under management (AUM) were positives. However, elevated expenses were a concern. Given the strategic initiatives, management estimates operating expenses to grow 10% for 2017. Also, the regulatory pressure across the investment management industry remains another key concern. However, the company’s planned strategic initiatives like investment in technology and advisory services, strengthening distribution platform, along with introduction of products, will likely stoke long-term growth. Further, the company remains debt-free with sufficient liquidity and is focused on boosting shareholders’ confidence through steady capital deployment activities. Recently, the company recorded improved AUM for July 2017.”

A number of other analysts have also recently commented on the company. Barclays PLC assumed coverage on T. Rowe Price Group in a research report on Friday, September 8th. They set an underweight rating and a $79.00 price objective for the company. Jefferies Group LLC reiterated a buy rating and set a $96.00 price objective on shares of T. Rowe Price Group in a research report on Sunday, August 20th. BidaskClub upgraded T. Rowe Price Group from a buy rating to a strong-buy rating in a research report on Monday, August 14th. ValuEngine upgraded T. Rowe Price Group from a hold rating to a buy rating in a research report on Wednesday, August 2nd. Finally, Wells Fargo & Company reiterated a market perform rating on shares of T. Rowe Price Group in a research report on Thursday, July 27th. Four analysts have rated the stock with a sell rating, six have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus price target of $81.30.

Shares of T. Rowe Price Group (TROW) opened at 84.86 on Tuesday. The company has a 50-day moving average price of $83.14 and a 200 day moving average price of $74.87. The stock has a market cap of $20.40 billion, a price-to-earnings ratio of 14.57 and a beta of 1.24. T. Rowe Price Group has a one year low of $62.97 and a one year high of $85.42.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings data on Tuesday, July 25th. The asset manager reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.27 by $0.01. The company had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.16 billion. T. Rowe Price Group had a return on equity of 24.38% and a net margin of 32.64%. T. Rowe Price Group’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.76 earnings per share. Equities research analysts expect that T. Rowe Price Group will post $5.66 earnings per share for the current year.

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The business also recently declared a quarterly dividend, which will be paid on Thursday, September 28th. Shareholders of record on Thursday, September 14th will be given a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date is Wednesday, September 13th. T. Rowe Price Group’s payout ratio is 39.18%.

In other T. Rowe Price Group news, Director Anne M. Whittemore sold 8,326 shares of the company’s stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $82.03, for a total value of $682,981.78. Following the completion of the sale, the director now owns 28,982 shares in the company, valued at $2,377,393.46. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Jessica M. Hiebler sold 1,000 shares of the company’s stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $84.29, for a total value of $84,290.00. Following the completion of the sale, the insider now owns 8,461 shares of the company’s stock, valued at approximately $713,177.69. The disclosure for this sale can be found here. In the last 90 days, insiders sold 19,720 shares of company stock valued at $1,630,701. Company insiders own 3.60% of the company’s stock.

Several large investors have recently added to or reduced their stakes in TROW. Profund Advisors LLC grew its position in shares of T. Rowe Price Group by 5.1% during the first quarter. Profund Advisors LLC now owns 7,904 shares of the asset manager’s stock worth $539,000 after purchasing an additional 383 shares in the last quarter. Russell Investments Group Ltd. grew its position in shares of T. Rowe Price Group by 11.2% during the first quarter. Russell Investments Group Ltd. now owns 40,642 shares of the asset manager’s stock worth $2,771,000 after purchasing an additional 4,086 shares in the last quarter. Chicago Equity Partners LLC grew its position in shares of T. Rowe Price Group by 4.2% during the first quarter. Chicago Equity Partners LLC now owns 6,930 shares of the asset manager’s stock worth $472,000 after purchasing an additional 280 shares in the last quarter. American Century Companies Inc. grew its position in shares of T. Rowe Price Group by 21.6% during the first quarter. American Century Companies Inc. now owns 1,529,137 shares of the asset manager’s stock worth $104,211,000 after purchasing an additional 271,593 shares in the last quarter. Finally, Flinton Capital Management LLC grew its position in shares of T. Rowe Price Group by 20.4% during the first quarter. Flinton Capital Management LLC now owns 4,160 shares of the asset manager’s stock worth $284,000 after purchasing an additional 704 shares in the last quarter. Hedge funds and other institutional investors own 74.20% of the company’s stock.

T. Rowe Price Group Company Profile

T. Rowe Price Group, Inc is a financial services holding company. The Company provides global investment management services through its subsidiaries to investors across the world. The Company provides an array of Company sponsored the United States mutual funds, other sponsored pooled investment vehicles, sub advisory services, separate account management, recordkeeping, and related services to individuals, advisors, institutions, financial intermediaries and retirement plan sponsors.

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

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