T. Rowe Price Group (NASDAQ:TROW) Price Target Raised to $111.00

T. Rowe Price Group (NASDAQ:TROW) had its target price upped by stock analysts at JPMorgan Chase & Co. from $109.00 to $111.00 in a report issued on Monday,Benzinga reports. The brokerage presently has an “underweight” rating on the asset manager’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 9.05% from the company’s previous close.

TROW has been the subject of several other reports. Keefe, Bruyette & Woods raised their target price on shares of T. Rowe Price Group from $112.00 to $115.00 and gave the company a “hold” rating in a research note on Monday, October 13th. BMO Capital Markets started coverage on shares of T. Rowe Price Group in a research note on Friday, October 3rd. They set a “market perform” rating and a $108.00 price target on the stock. The Goldman Sachs Group upped their price objective on shares of T. Rowe Price Group from $91.00 to $92.00 and gave the company a “sell” rating in a report on Friday, October 3rd. TD Cowen upped their price objective on shares of T. Rowe Price Group from $103.00 to $108.00 and gave the company a “hold” rating in a report on Wednesday, October 8th. Finally, Evercore ISI upped their price objective on shares of T. Rowe Price Group from $115.00 to $118.00 and gave the company an “in-line” rating in a report on Thursday, October 9th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, T. Rowe Price Group presently has a consensus rating of “Reduce” and a consensus target price of $107.62.

T. Rowe Price Group Trading Down 0.7%

Shares of TROW traded down $0.75 during mid-day trading on Monday, hitting $101.79. The company’s stock had a trading volume of 440,183 shares, compared to its average volume of 1,730,078. The company’s 50-day moving average is $105.08 and its 200-day moving average is $100.32. T. Rowe Price Group has a 52-week low of $77.85 and a 52-week high of $125.81. The firm has a market capitalization of $22.36 billion, a price-to-earnings ratio of 11.38, a PEG ratio of 5.61 and a beta of 1.50.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings results on Friday, October 31st. The asset manager reported $2.81 earnings per share for the quarter, topping the consensus estimate of $2.55 by $0.26. T. Rowe Price Group had a net margin of 28.72% and a return on equity of 19.77%. The firm had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.88 billion. During the same quarter in the prior year, the company earned $2.57 EPS. The company’s revenue was up 6.0% compared to the same quarter last year. As a group, sell-side analysts predict that T. Rowe Price Group will post 9.29 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Robert F. Maclellan sold 3,090 shares of the firm’s stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $105.01, for a total transaction of $324,480.90. Following the sale, the director owned 47,335 shares in the company, valued at approximately $4,970,648.35. This trade represents a 6.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of TROW. Wealthfront Advisers LLC grew its holdings in T. Rowe Price Group by 109.2% during the 1st quarter. Wealthfront Advisers LLC now owns 69,326 shares of the asset manager’s stock worth $6,369,000 after acquiring an additional 36,190 shares in the last quarter. Alps Advisors Inc. increased its stake in T. Rowe Price Group by 22.9% in the 1st quarter. Alps Advisors Inc. now owns 308,837 shares of the asset manager’s stock valued at $28,373,000 after buying an additional 57,503 shares during the period. Bank of New York Mellon Corp increased its stake in T. Rowe Price Group by 1.6% in the 1st quarter. Bank of New York Mellon Corp now owns 1,716,724 shares of the asset manager’s stock valued at $157,715,000 after buying an additional 26,395 shares during the period. Commerzbank Aktiengesellschaft FI increased its stake in T. Rowe Price Group by 74.1% in the 1st quarter. Commerzbank Aktiengesellschaft FI now owns 19,905 shares of the asset manager’s stock valued at $1,829,000 after buying an additional 8,473 shares during the period. Finally, Cerity Partners LLC increased its stake in T. Rowe Price Group by 74.6% in the 1st quarter. Cerity Partners LLC now owns 127,758 shares of the asset manager’s stock valued at $11,737,000 after buying an additional 54,584 shares during the period. 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 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.