JPMorgan Chase & Co. Raises T. Rowe Price Group (NASDAQ:TROW) Price Target to $103.00

T. Rowe Price Group (NASDAQ:TROW) had its target price hoisted by JPMorgan Chase & Co. from $94.00 to $103.00 in a research report report published on Tuesday, Benzinga reports. JPMorgan Chase & Co. currently has an underweight rating on the asset manager’s stock.

Other analysts also recently issued reports about the company. UBS Group raised their price target on T. Rowe Price Group from $100.00 to $109.00 and gave the stock a sell rating in a research report on Friday, April 12th. Citigroup raised their price target on T. Rowe Price Group from $110.00 to $125.00 and gave the stock a neutral rating in a research report on Friday, April 5th. StockNews.com downgraded T. Rowe Price Group from a buy rating to a hold rating in a research report on Friday, February 9th. Morgan Stanley lifted their target price on T. Rowe Price Group from $101.00 to $106.00 and gave the stock an equal weight rating in a research report on Friday, January 19th. Finally, Keefe, Bruyette & Woods upgraded T. Rowe Price Group from an underperform rating to a market perform rating and lifted their target price for the stock from $106.00 to $120.00 in a research report on Thursday, April 11th. Four research analysts have rated the stock with a sell rating and six have given a hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Hold and an average target price of $112.67.

T. Rowe Price Group Stock Performance

TROW stock opened at $108.73 on Tuesday. The firm has a fifty day moving average price of $114.72 and a 200 day moving average price of $106.74. T. Rowe Price Group has a fifty-two week low of $87.43 and a fifty-two week high of $132.76. The firm has a market cap of $24.32 billion, a PE ratio of 14.01, a price-to-earnings-growth ratio of 2.15 and a beta of 1.40.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings results on Thursday, February 8th. The asset manager reported $1.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.60 by $0.12. The company had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.63 billion. T. Rowe Price Group had a return on equity of 18.41% and a net margin of 27.69%. T. Rowe Price Group’s revenue was up 6.5% on a year-over-year basis. During the same period last year, the company earned $1.74 earnings per share. On average, equities analysts predict that T. Rowe Price Group will post 8.13 EPS for the current year.

T. Rowe Price Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were issued a $1.24 dividend. This is an increase from T. Rowe Price Group’s previous quarterly dividend of $1.22. This represents a $4.96 annualized dividend and a dividend yield of 4.56%. The ex-dividend date of this dividend was Thursday, March 14th. T. Rowe Price Group’s payout ratio is presently 63.92%.

Insider Activity at T. Rowe Price Group

In related news, Director Freeman A. Hrabowski III sold 8,740 shares of T. Rowe Price Group stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $118.32, for a total value of $1,034,116.80. Following the completion of the sale, the director now directly owns 21,073 shares in the company, valued at $2,493,357.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Jessica M. Hiebler sold 1,138 shares of T. Rowe Price Group stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $107.13, for a total value of $121,913.94. Following the completion of the sale, the insider now directly owns 14,113 shares in the company, valued at $1,511,925.69. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Freeman A. Hrabowski III sold 8,740 shares of T. Rowe Price Group stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $118.32, for a total value of $1,034,116.80. Following the completion of the transaction, the director now owns 21,073 shares in the company, valued at approximately $2,493,357.36. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On T. Rowe Price Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in TROW. Norges Bank purchased a new position in T. Rowe Price Group in the fourth quarter valued at about $208,014,000. Confluence Investment Management LLC purchased a new position in T. Rowe Price Group in the first quarter valued at about $130,386,000. International Assets Investment Management LLC grew its stake in T. Rowe Price Group by 8,968.6% in the fourth quarter. International Assets Investment Management LLC now owns 902,146 shares of the asset manager’s stock valued at $97,152,000 after purchasing an additional 892,198 shares during the last quarter. UBS Group AG grew its stake in T. Rowe Price Group by 473.3% in the fourth quarter. UBS Group AG now owns 975,226 shares of the asset manager’s stock valued at $105,022,000 after purchasing an additional 805,106 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in T. Rowe Price Group by 3.2% in the first quarter. Vanguard Group Inc. now owns 20,183,563 shares of the asset manager’s stock valued at $3,051,553,000 after purchasing an additional 625,340 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.