T. Rowe Price Group (NASDAQ:TROW) Price Target Raised to $132.00

T. Rowe Price Group (NASDAQ:TROW) had its target price upped by Morgan Stanley from $129.00 to $132.00 in a report issued on Friday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the asset manager’s stock.

Several other equities research analysts have also commented on TROW. Keefe, Bruyette & Woods upped their price objective on T. Rowe Price Group from $114.00 to $116.00 and gave the stock a “market perform” rating in a research note on Friday. Barclays raised their price objective on T. Rowe Price Group from $110.00 to $115.00 and gave the stock an “underweight” rating in a research note on Monday, December 9th. TD Cowen cut their price objective on T. Rowe Price Group from $120.00 to $116.00 and set a “hold” rating for the company in a research note on Monday, November 4th. JPMorgan Chase & Co. decreased their target price on shares of T. Rowe Price Group from $116.00 to $115.00 and set an “underweight” rating on the stock in a research note on Monday, November 4th. Finally, Wells Fargo & Company upped their price target on shares of T. Rowe Price Group from $112.00 to $124.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 12th. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $117.00.

T. Rowe Price Group Stock Performance

T. Rowe Price Group stock opened at $116.12 on Friday. The stock has a market cap of $25.80 billion, a PE ratio of 12.70, a price-to-earnings-growth ratio of 1.73 and a beta of 1.42. The stock has a fifty day moving average of $117.50 and a 200 day moving average of $113.22. T. Rowe Price Group has a one year low of $100.49 and a one year high of $125.81.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings data on Friday, November 1st. The asset manager reported $2.57 earnings per share for the quarter, topping the consensus estimate of $2.36 by $0.21. T. Rowe Price Group had a net margin of 30.35% and a return on equity of 20.35%. The firm had revenue of $1.79 billion for the quarter, compared to analysts’ expectations of $1.84 billion. During the same quarter in the prior year, the business earned $2.17 EPS. The business’s quarterly revenue was up 6.9% on a year-over-year basis. As a group, sell-side analysts predict that T. Rowe Price Group will post 9.39 EPS for the current fiscal year.

T. Rowe Price Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be paid a $1.24 dividend. This represents a $4.96 annualized dividend and a yield of 4.27%. The ex-dividend date is Friday, December 13th. T. Rowe Price Group’s payout ratio is currently 54.27%.

Insider Activity

In other news, VP Andrew Justin Mackenzi Thomson sold 4,047 shares of the stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $123.35, for a total transaction of $499,197.45. Following the completion of the transaction, the vice president now directly owns 119,577 shares in the company, valued at approximately $14,749,822.95. This represents a 3.27 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On T. Rowe Price Group

A number of hedge funds have recently bought and sold shares of TROW. Charles Schwab Investment Management Inc. grew its position in T. Rowe Price Group by 3.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,840,807 shares of the asset manager’s stock worth $745,169,000 after acquiring an additional 231,286 shares in the last quarter. Geode Capital Management LLC lifted its position in T. Rowe Price Group by 0.5% in the third quarter. Geode Capital Management LLC now owns 5,515,198 shares of the asset manager’s stock worth $598,801,000 after buying an additional 25,481 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of T. Rowe Price Group by 3.8% during the 2nd quarter. Victory Capital Management Inc. now owns 3,436,019 shares of the asset manager’s stock worth $396,207,000 after purchasing an additional 124,686 shares during the period. American Century Companies Inc. grew its holdings in T. Rowe Price Group by 4.5% during the 2nd quarter. American Century Companies Inc. now owns 2,512,793 shares of the asset manager’s stock valued at $289,750,000 after purchasing an additional 107,086 shares during the last quarter. Finally, Provident Trust Co. lifted its stake in T. Rowe Price Group by 0.3% in the third quarter. Provident Trust Co. now owns 2,397,728 shares of the asset manager’s stock worth $261,185,000 after purchasing an additional 7,905 shares during the last quarter. 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 publicly owned investment manager. The firm provides its services to individuals, institutional investors, retirement plans, financial intermediaries, and institutions. It launches and manages equity and fixed income mutual funds. The firm invests in the public equity and fixed income markets across the globe.