T. Rowe Price Group (NASDAQ:TROW) Stock Price Target Cut by JPMorgan Chase & Co.

T. Rowe Price Group (NASDAQ:TROW) had its price target lowered by equities researchers at JPMorgan Chase & Co. from $107.00 to $106.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has an “underweight” rating on the asset manager’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 4.54% from the stock’s current price.

TROW has been the topic of several other research reports. TD Cowen cut their price objective on shares of T. Rowe Price Group from $110.00 to $109.00 and set a “hold” rating on the stock in a research report on Monday. UBS Group began coverage on shares of T. Rowe Price Group in a research note on Wednesday, October 7th. They issued a “neutral” rating and a $107.00 price objective for the company. Morgan Stanley decreased their price objective on shares of T. Rowe Price Group from $116.00 to $110.00 and set an “equal weight” rating for the company in a report on Friday, September 25th. The Goldman Sachs Group increased their target price on shares of T. Rowe Price Group from $90.00 to $92.00 and gave the stock a “sell” rating in a research report on Tuesday, June 30th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $109.00 target price on shares of T. Rowe Price Group in a report on Monday, August 3rd. One research analyst has rated the stock with a Buy rating, ten have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, T. Rowe Price Group has an average rating of “Reduce” and a consensus target price of $104.15.

T. Rowe Price Group Trading Down 2.5%

TROW stock traded down $2.59 during midday trading on Tuesday, reaching $101.40. The company had a trading volume of 1,393,289 shares, compared to its average volume of 2,060,342. The company has a 50 day moving average of $108.37 and a two-hundred day moving average of $106.47. The company has a market capitalization of $21.63 billion, a P/E ratio of 10.17, a PEG ratio of 4.56 and a beta of 1.45. T. Rowe Price Group has a 1 year low of $85.22 and a 1 year high of $122.00.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings results on Friday, July 31st. The asset manager reported $2.57 EPS for the quarter, beating the consensus estimate of $2.52 by $0.05. T. Rowe Price Group had a net margin of 29.26% and a return on equity of 20.91%. The business had revenue of $1.91 billion for the quarter, compared to analysts’ expectations of $1.89 billion. During the same period in the previous year, the company posted $2.24 EPS. T. Rowe Price Group’s revenue was up 10.7% on a year-over-year basis. On average, sell-side analysts anticipate that T. Rowe Price Group will post 10.13 earnings per share for the current year.

Insider Activity at T. Rowe Price Group

In other news, VP Joshua Nelson sold 10,000 shares of the business’s stock in a transaction on Tuesday, August 25th. The shares were 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 in the company, valued at approximately $7,975,896.96. The trade was a 12.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Elevation Wealth Partners LLC boosted its position in shares of T. Rowe Price Group by 173.0% during the 3rd quarter. Elevation Wealth Partners LLC now owns 273 shares of the asset manager’s stock valued at $28,000 after acquiring an additional 173 shares in the last quarter. Motiv8 Investments LLC bought a new position in T. Rowe Price Group during the fourth quarter worth about $35,000. Bank & Trust Co lifted its stake in T. Rowe Price Group by 52.4% during the second quarter. Bank & Trust Co now owns 314 shares of the asset manager’s stock worth $36,000 after purchasing an additional 108 shares during the period. Keating Financial Advisory Services Inc. acquired a new stake in T. Rowe Price Group during the second quarter valued at approximately $39,000. Finally, Clearstead Trust LLC acquired a new stake in T. Rowe Price Group during the second quarter valued at approximately $41,000. Institutional investors own 73.39% of the company’s stock.

About T. Rowe Price Group

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland. The company provides investment strategies and related services to individual investors, retirement plans, financial intermediaries, institutions, and other clients.

Its offerings include actively managed mutual funds, exchange-traded funds, separately managed accounts, collective investment trusts, and other portfolio solutions. T. Rowe Price invests across equity, fixed-income, multi-asset, and alternative strategies, and also provides retirement planning, asset allocation, advisory, and investment research services.

Founded in 1937 by Thomas Rowe Price Jr., the company serves clients through operations and distribution relationships in the United States and international markets.