T. Rowe Price Group (NASDAQ:TROW) Stock Keeps Market Perform Rating at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reissued their market perform rating on shares of T. Rowe Price Group (NASDAQ:TROW) in a research report sent to investors on Friday morning,Benzinga reports. The brokerage currently has a $113.00 price objective on the asset manager’s stock, up from their previous price objective of $112.00.

TROW has been the topic of several other research reports. BMO Capital Markets dropped their target price on shares of T. Rowe Price Group from $120.00 to $110.00 and set a “market perform” rating on the stock in a report on Tuesday, October 13th. Weiss Ratings raised T. Rowe Price Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, September 4th. UBS Group started coverage on T. Rowe Price Group in a research note on Wednesday, October 7th. They issued a “neutral” rating and a $107.00 price objective on the stock. JPMorgan Chase & Co. cut their target price on T. Rowe Price Group from $107.00 to $106.00 and set an “underweight” rating on the stock in a research report on Tuesday, October 13th. Finally, TD Cowen decreased their target price on T. Rowe Price Group from $110.00 to $109.00 and set a “hold” rating for the company in a research note on Monday, October 12th. One analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, T. Rowe Price Group currently has an average rating of “Reduce” and a consensus target price of $103.15.

T. Rowe Price Group Stock Performance

T. Rowe Price Group stock opened at $103.90 on Friday. T. Rowe Price Group has a 52-week low of $85.22 and a 52-week high of $122.00. The firm has a 50 day moving average price of $105.65 and a two-hundred day moving average price of $103.70. The firm has a market cap of $22.16 billion, a price-to-earnings ratio of 10.26, a PEG ratio of 3.12 and a beta of 1.45.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings data on Thursday, October 29th. The asset manager reported $2.86 EPS for the quarter, beating analysts’ consensus estimates of $2.63 by $0.23. T. Rowe Price Group had a net margin of 28.40% and a return on equity of 20.71%. The company had revenue of $2 billion for the quarter, compared to analyst estimates of $1.98 billion. During the same period in the prior year, the firm posted $2.81 EPS. The company’s quarterly revenue was up 5.9% on a year-over-year basis. As a group, equities research analysts predict that T. Rowe Price Group will post 10.08 EPS for the current fiscal year.

T. Rowe Price Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th were paid a $1.30 dividend. The ex-dividend date was Tuesday, September 15th. This represents a $5.20 annualized dividend and a dividend yield of 5.0%. T. Rowe Price Group’s dividend payout ratio (DPR) is currently 52.58%.

Insider Activity at T. Rowe Price Group

In related news, VP Joshua Nelson sold 10,000 shares of the business’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $111.82, for a total value of $1,118,200.00. Following the completion of the sale, the vice president directly owned 71,328 shares of the company’s stock, valued at $7,975,896.96. The trade was a 12.30% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of T. Rowe Price Group in the 2nd quarter worth approximately $2,728,119,000. Legal & General Group Plc purchased a new stake in shares of T. Rowe Price Group during the second quarter valued at approximately $183,130,000. Bank of America Corp DE purchased a new stake in shares of T. Rowe Price Group during the second quarter valued at approximately $170,572,000. Bank of New York Mellon Corp bought a new stake in T. Rowe Price Group during the second quarter worth $167,984,000. Finally, Caisse de depot et placement du Quebec bought a new stake in shares of T. Rowe Price Group during the 2nd quarter worth $132,649,000. Institutional investors own 73.39% of the company’s stock.

Key T. Rowe Price Group News

Here are the key news stories impacting T. Rowe Price Group this week:

• Positive Sentiment: Third-quarter adjusted earnings of $2.86 per share exceeded the $2.63 consensus estimate, while revenue reached approximately $2.0 billion versus expectations of $1.98 billion. Revenue increased 5.9% year over year, supported by higher advisory fees. T. Rowe Price Q3 Earnings and Revenues Surpass Estimates
• Positive Sentiment: Keefe, Bruyette & Woods reaffirmed its “market perform” rating but raised its price target to $113 from $112, implying approximately 8.8% potential upside based on the referenced price. Keefe, Bruyette & Woods Ratings
• Neutral Sentiment: T. Rowe Price is expanding its wealth-management operation with more than 50 new roles. The initiative could diversify growth and strengthen distribution over time, although added staffing costs may weigh on near-term efficiency. T. Rowe Price Adds Over 50 Wealth Management Roles
• Negative Sentiment: The earnings beat was offset by substantial client outflows and a decline in AUM during the quarter. Persistent redemptions are a key concern for an asset manager because they reduce fee-generating assets and could limit future revenue growth. T. Rowe Price Q3 Earnings, Revenue Beat Even as AUM Dips

T. Rowe Price Group Company Profile

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland. Founded in 1937 by Thomas Rowe Price Jr., the company provides investment strategies and advisory services to individual investors, retirement plans, financial intermediaries, institutions and other clients.

The company offers a range of actively managed and multi-asset investment products, including mutual funds, exchange-traded funds, separately managed accounts and other portfolio solutions.