T. Rowe Price Group, Inc. (NASDAQ:TROW) Given Average Rating of “Reduce” by Brokerages

Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) have earned an average recommendation of “Reduce” from the ten research firms that are currently covering the company, Marketbeat reports. Three analysts have rated the stock with a sell rating and seven have issued a hold rating on the company. The average 12-month price target among brokers that have covered the stock in the last year is $113.30.

A number of equities research analysts have weighed in on TROW shares. Evercore ISI dropped their price target on shares of T. Rowe Price Group from $115.00 to $108.00 and set an “in-line” rating for the company in a research report on Thursday, September 5th. StockNews.com lowered T. Rowe Price Group from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Wells Fargo & Company assumed coverage on T. Rowe Price Group in a research note on Thursday, September 12th. They set an “equal weight” rating and a $109.00 price target on the stock. TD Cowen dropped their price objective on T. Rowe Price Group from $123.00 to $118.00 and set a “hold” rating for the company in a research note on Monday, July 29th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on T. Rowe Price Group from $112.00 to $113.00 and gave the stock a “hold” rating in a research note on Thursday, August 15th.

T. Rowe Price Group Stock Down 2.0 %

TROW stock opened at $108.29 on Monday. T. Rowe Price Group has a 52-week low of $87.43 and a 52-week high of $122.27. The stock has a market cap of $24.11 billion, a price-to-earnings ratio of 12.86, a price-to-earnings-growth ratio of 1.69 and a beta of 1.41. The business has a fifty day moving average of $108.80 and a two-hundred day moving average of $113.25.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings data on Friday, July 26th. The asset manager reported $2.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.27 by ($0.01). The business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.79 billion. T. Rowe Price Group had a return on equity of 19.90% and a net margin of 28.66%. The firm’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period in the previous year, the business posted $2.02 earnings per share. As a group, sell-side analysts anticipate that T. Rowe Price Group will post 9 EPS for the current year.

T. Rowe Price Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be issued a dividend of $1.24 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $4.96 annualized dividend and a yield of 4.58%. T. Rowe Price Group’s dividend payout ratio (DPR) is 58.91%.

Insider Buying and Selling at T. Rowe Price Group

In other T. Rowe Price Group news, insider Jessica M. Hiebler sold 1,401 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $115.85, for a total transaction of $162,305.85. Following the completion of the transaction, the insider now owns 14,198 shares in the company, valued at approximately $1,644,838.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Jessica M. Hiebler sold 484 shares of the company’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $104.73, for a total transaction of $50,689.32. Following the completion of the transaction, the insider now directly owns 13,939 shares of the company’s stock, valued at approximately $1,459,831.47. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Jessica M. Hiebler sold 1,401 shares of the firm’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $115.85, for a total value of $162,305.85. Following the sale, the insider now directly owns 14,198 shares in the company, valued at approximately $1,644,838.30. The disclosure for this sale can be found here. Insiders have sold 13,854 shares of company stock valued at $1,443,767 in the last quarter. Corporate insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On T. Rowe Price Group

Several hedge funds have recently added to or reduced their stakes in the stock. Lynx Investment Advisory acquired a new position in shares of T. Rowe Price Group in the 2nd quarter valued at $29,000. Family Firm Inc. acquired a new position in T. Rowe Price Group in the second quarter valued at $36,000. Versant Capital Management Inc grew its holdings in shares of T. Rowe Price Group by 660.5% during the second quarter. Versant Capital Management Inc now owns 327 shares of the asset manager’s stock worth $38,000 after purchasing an additional 284 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in shares of T. Rowe Price Group by 93.6% during the first quarter. EverSource Wealth Advisors LLC now owns 331 shares of the asset manager’s stock worth $40,000 after purchasing an additional 160 shares in the last quarter. Finally, Riverview Trust Co lifted its holdings in shares of T. Rowe Price Group by 136.4% in the 2nd quarter. Riverview Trust Co now owns 357 shares of the asset manager’s stock valued at $41,000 after purchasing an additional 206 shares during the last quarter. 73.39% of the stock is currently owned by hedge funds and other institutional investors.

About T. Rowe Price Group

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.